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.