What we do
NIFBRA
Definition
Responsibility
Remumeration
Proliferation of insurance brokers
Insurance brokers are intermediaries acting on behalf of clients who wish to entrust the handling of their insurance to professionals. They work with a network of high-quality specialists in all the fields in which they operate, i.e. insurance in general but also in sectors closely related to company management, with all that this entails (finance, business economics, legal and regulatory structures, technical expertise, security, etc.).
For example, an insurance broker should be able to provide clients with:an analysis of the risks the individual or corporate client faces (installations, operations, IT, movable and fixed assets, human resources, personal wealth, etc.),
the best insurance cover at the best price, alternative solutions (captives, foundations, alternative risk transfer, etc.), claims prevention and how to handle any claims which arise, risk management (how to handle crisis situations, draw up disaster plans). Brokers should be impartial and independent of any supplier. They must have a solid financial basis if there is to be continuity in the relationship with the client.
No serious insurance broker would operate without professional indemnity insurance. This covers the company in the event of errors or omissions in the advisory services it provides to clients. We have substantial professional indemnity coverage from a premier insurer.
Often, it is not all too clear how insurance brokers are remunerated. Remuneration generally consists of a commission included in the insurance premium paid by the client, and it is extremely rare that clients can see at a glance exactly how much they are paying.
We pride ourselves on providing our clients with total cost transparency.
We can also carry out specific audits for clients, to work out exactly how much they are paying.
All insurance brokers in Botswana are members of the Non-Bank Financial Institutions Regulatory Authority, or NBFIRA. In order to become a member of the NBFIRA, companies must satisfy extremely stringent criteria in the above-mentioned respects. NBFIRA helps ensure the maintenance of a strict code of ethics and is instrumental in shaping the future course of the profession at the national level.
The insurance market is in the throes of deregulation, which means a proliferation of products, reduced transparency and greater differences in the premiums offered by the various insurance companies. Another phenomenon being fuelled by deregulation is the increasing number of insurance brokers in the marketplace. In such a situation, it is vital to know exactly whom you are dealing with. Don't hesitate to ask a broker for references from clients, information on their track record, their organization or the qualifications of their staff.
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