Background and Timeline

Since Independence, the economy of Botswana has realized one of the highest growths in GDP in the world. As a result of this growth, the middle-class (professional, business owners and senior officials) and affluent (executives and wealthy individuals) market has multiplied. Botswana Life’s primary clientele has grown in occupational qualification, has embraced the entrepreneurship spectrum and has ultimately accumulated wealth. Thus, the financial planning needs of this clientele has become complex rendering a need for complex solutions.

As the market leader commanding 70% of the market Botswana Life is a home to the majority of the middle class and affluent clientele. The latter has driven Botswana Life to continuously innovate and develop a more efficient way of providing financial planning services, products and advise. To achieve this, Botswana Life deployed a segmentation strategy which allowed for focus on each segment and its specific needs. 

In 2016, Botswana Life therefore introduced the Affluent Segment offering to the Botswana market as a first mover in the life insurance sector. Botswana Life has segmented our Affluent segment income brackets to be P20K-49K, P50K- 99K, P+100K.

In 2023, we launched of a world class Affluent Servicing Lounge at Botswana Life Executive Wing, Block and revamped the Servicing process and approach for the Affluents clients. This included dedicated Human capital to support Affluent Segments as well as an Offshore Investment specialist.

  • 2016

    In 2016, Botswana Life introduced the Affluent Segment offering to the Botswana market as a first mover in life insurance to tap into the High Net Worth clients. At inception a dedicated business unit was created, with Executive Head, to perform end- to-end Affluent segment activities, operating from the new CBD.

  • 2019

    In 2019, under the auspices of the 2019-2023 Strategy [Se Sarona] Retail distribution was realigned to achieve focus and improved productivity.

    The following changes took place;

    1. Retail (Individual Life) portfolio was split into two, Tied Agents and Broker.
    2. Affluent business unit was dissolved and assimilated into Tied Agents and Broker to serve the Affluent segment across the country.
    3. Affluent segment income bracket was increased from 20K to 50K.
  • 2022

    In 2022, Botswana Life and BIHL Leadership agreed to revive the Affluent Segment Model and reinstate some aspects of the original model.

    Key changes include,

    1. Revising the Affluent segment income brackets to P20K-49K, P50K- 99K, P+100K.
    2. Re-establishment of Affluent Servicing Branch/Lounge at Botswana Life Executive Wing, Block A
    3. Defined Servicing process and approach for the Affluents clients.
    4. Dedicated Human capital to support Affluent Segments.
    5. Improved Loyalty Programme for Affluent Segments.
    6. Specific Affluent in come and expense targets and performance metrics.
  • 2023

    Affluent Proposition Relaunch

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