BIC in aggressive digital migration

Major milestones in digital transformation • Meeting changing consumer behaviour • Growth of B2C E-Commerce

BIC in aggressive digital migration
Newton Jazire, BIC CEO

Capgemini and Efma’s World Insurance Report 2020 indicates that leaders in the insurance industry have categorized their distribution into two markets – the digital market, where consumers are more inclined to purchase through digital channels, and the traditional market which prefers an intermediary process with physical interaction with a sales agent.

Newton Jazire, BIC CEO quoted Chief Executive of Cisco Systems, “At least 40 percent of all businesses will die in the next 10 years… if they don’t figure out how to change their entire company to accommodate new technologies.”

Botswana Insurance Company’s customers can now text “Hi” through the virtual platform to get in touch with the leading insurance company, request for quotes and submit their KYC documents through automated conversational workflows. “The digitization of the economy is irreversibly underway, and WhatsApp Business solution allows us to leverage on the omnichannel communications, support the ruse of the conversational commerce and bring personalization to customer conversations,” stated Jazire.

The WhatsApp based chatbot uses +267 76 115 593 – it gives immediate service for cover, quotations, requests, amongst other services. With over two billion active users monthly, across 180 countries, WhatsApp has become the leading global marketing platform. The popular messaging app has been termed the ‘communication platform of choice.’ WhatsApp provides the means and the platform for timely exchange of quality information at a large scale. Since the launch of WhatsApp Business in January 2018, statistics have revealed more than five billion businesses use the messaging application to leverage on its built-in sales and marketing capabilities. BIC says it is focusing heavily on its Digital Migration and enablement strategy. Since launching the BIC website in December 2019, the insurer says it has seen a rapid uptake and use of the service by clients.

In addition to the BIC Website, the following technologies are also in the process of development: The Customer Portal - a full self-service offering for clients to interact with BIC round-the-clock, Customer Education platform - this will offer community-based education topics around the Insurance industry, and the Intermediary Portal which provides an electronic platform to enable Banks, Brokers, and Agents to interact digitally with BIC and for the intermediaries to provide their customers with key functions and updates.

“Today’s consumers are more liberated, exposed and connected like never before. This positive business development has set in motion Botswana Insurance Company’s introduction of WhatsApp Business as an end-to-end customer solution. Prospective customers are able to easily access services, make enquiries and receive round-the-clock support. This level of expediency will ultimately lead to a higher client satisfaction rate,” concludes the short-term insurer.