Botswana Life has launched a unique prepaid card called Liferewards. The card, which is underwritten by BancABC and supported by Visa, enables Botswana Life clients to be paid their claims and benefits into the card, then transact with it in the same way as a debit card. The aptly-named Liferewards also has a built-in rewards programme. This is the first product of its kind to be launched by an insurance company in Botswana. The card was launched to Botswana Life clients and stakeholders at an event held at Phakalane Golf Estate on Tuesday 25th June 2013.
Speaking at the launch, the Chief Executive Officer of Botswana Life, Catherine Lesetedi-Letegele, stated that Botswana Life is proud to once again be leading the insurance industry with this cutting-edge innovation, which aims to enhance the company’s customer value proposition and support its objective of being the benchmark life insurer by 2014. “We are excited to be launching this unique product. It is one way in which we’re positioning ourselves to be the benchmark life insurer by 2014. Liferewards affirms our position in the market and demonstrates our commitment to continue setting the trend for the benefit of our clients and shareholders,” Lesetedi-Letegele said.
“When the idea came to us, we identified BancABC as a suitable strategic partner. We have spent the last year or so working hard to ensure that this is something that can work. As Botswana Life, we are thrilled to have a dynamic partner like BancABC, whose expertise in banking was invaluable during the development phase of this product. We are also honoured to have the endorsement of a global electronics company, Visa, as this demonstrates that this is a viable product for us and our clients,” she added.
For his part, the Managing Director of BancABC, Jitto Kurian, said “As BancABC we are extremely proud of this partnership with Botswana Life as we together bring to life a first-of-its-kind, unique product within the insurance sector in Botswana. Through this innovative initiative, Botswana Life, using the BancABC Visa prepaid card platform, is able to offer its customers a secure and convenient benefit payment channel. The launch today goes to demonstrate what can be achieved through partnerships if one is willing to think outside the box, which underpins BancABC’ s ethos of Fresh Thinking - Smart Banking”.
Liferewards will be offered to Botswana Life clients as an alternative payment mode to cheque and Electronic Funds Transfer (EFT) for their claims and benefits. The card can be reloaded with amounts up to P50, 000 and be used to transact at Automated Teller Machines (ATMs), Point-of-Sale (PoS) machines and for Internet transactions. Liferewards also has a rewards programme linked to it, which enables the card holders to enjoy discounts with an array of retailers all over Botswana. To date, Botswana Life has partnered with Avis Botswana, BIHLSure, Seabelo’s Transport and SefCash (Sefalana Cash and Carry, Shoppers and Sefalana Hyper). Negotiations with other merchants are underway and the rewards programme will be continuously refreshed.
Botswana Life is the largest by market share and most experienced life insurer in Botswana. The company has been in operation for over 38 years and has a market share in excess of 80%. It is a subsidiary of Botswana Insurance Holdings Limited (BIHL), which is listed on the Botswana Stock Exchange. Botswana Life provides life insurance products that include life cover, retirement, investment and funeral cover.
BancABC Botswana is a 100% subsidiary of ABC Holdings Limited and provides a wide range of innovative financial products and services including Treasury Services, Corporate and Retail Banking. Besides Botswana, the bank also has presence in Zimbabwe, Zambia, South Africa, Tanzania and, Mozambique.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories, enabling them to use electronic payments instead of cash and cheques.
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