Page 29 - issue 19

Technically Speaking 29

<<< P28
for instance, accounted for 10.2% of “Only 16 to 25% of customers currently
In Botswana’s Vision 2036 National total Mauritian GDP in 2013, having engage through mobile or websites
Transformation Strategy, process grown at an annual average rate of 9.4% … but it is expected that this will
innovation results in increased during 2006 to 2013, compared to 7.9% increase to 81 to 90% in the coming
efficiencies.Deviating to the Southern growth for overall Mauritian GDP. Such years.“Creating insurance ecosystems
African Development Community services represented 5.7% of Mauritian increases an opportunity to engage with
(SADC) region Heasman explained that commercial services exports in 2012, up the customer in a traditionally low-touch
given the combined population of over from 1.2% in 2005. industry, nurtures loyalty and attracts
250 million people, important market new customers. Data, likewise, increases
opportunities are in the offering for its The United Kingdom (UK) forms another and price sensitivity reduces: but does
members. example of milestone achievements in better data price out higher risk clients?
the insurance industry. For example, South Africa provides a good example of
For instance, according to the SADC the UK Insurance Growth Action Plan vitality of this approach.”In discussing
Protocol on Trade in Services Article (UKIGAP) focused on four key areas. the knowledge-based economy the
2 Objectives comprises of: “a liberal These included overseas markets with Vision 2036 report stated:“… The
trading framework for trade in services government and private sector board protection of intellectual property rights
with a view to creating a single to targeting markets; the UK as a is a very critical component in the quest
market for trade in services. The other location for providing training packages to promote research and development
aspect involves enhancing economic and promotional materials for trade (R&D) and innovation, as well as
development, diversification, local, missions. Domestic customers enabling commercialisation.”
regional and foreign investment in informed decision making regarding
services economies of the region.”On products, and on the skills front, How might this present an opportunity
the global arena, internationalization is apprenticeships involving discovering for insurance product innovation?
a route to growth spawning innovation risk through advertising industry jobs Engaging consumers through FinTech is
in products and services is directly inter- and apprenticeships, formed the last only one way. We also need to get back to
related. two key focus areas. basics such as coverage gaps, tightening
procedures with industry-led codes of
For instance, Singapore had a What Botswana can do in the wake of practice like PFC Foods CC v Three Peaks
population of a paltry 1.65 million at Mauritian/UK success models involves Management Ltd.Standardised product
independence, but, has now ballooned taking the best bits of each strategy. summaries: the due observance and
to current estimate of 5.5 million. The There are some common factors fulfillment of the terms as far as they
country’s financial services mindset such as creating a business-friendly relate to anything to: What does this
was not simply a means of supporting environment, policy co-creation, mean to anyone be done or complied
growth of existing industries, but was conforming to the Rule of Law as well as with by the Insured and the truth of
a potential growth industry in its own employment of a skilled workforce.He the statements and answers. In the
right!n making a Value Propositions (VP) acknowledges that: “Financial services proposal shall be conditions precedent
analysis, out of a conducive pro-business are not simply a means of supporting to any liability of the Company to make
environment, cost competitiveness growth of existing industries, but a any payment under this policy.
and business infrastructure, a skilled potential growth industry in its own
workforce was considered the most right!” Imagine if it looked more like this … we
crucial. However in the Financial Sector will only pay under this Policy if:
Talent Development Scheme (FSTDS), With regard to Product & Process, he 1. You have kept to the terms of the
policy co-creation served as a network says, “it doesn´t mean millions of Pula Policy; and
of ´policy relations´ between state investment. Innovation these days is 2. The statements and answers in
and non-state actors.The Mauritius intrinsically linked to the right mix of your Pro.Since other countries have
success story emanated from a pro- FinTech (Financial Technologies). Is internationalized successfully, Botswana
business environment regulated by the it better to be a disruptor or an early is well-placed to replicate by taking the
2006 Business Facilitation Act (MBFA) mover? The Lemonade catastrophe best bits from each strategy. Innovation
streamlining of company formation to provides a marketing strategy gone doesn´t have to cost millions of Pula.
three days and liberalisation of entry wrong.“The PwC InsurTech Report 2017 Sometimes it is better to be an early
and stay of foreign professionals in the on 189 companies in 40 countries shows mover. Actively seek partnerships.
country. The discerning criteria were that partnering can assist incumbents Create new incentives for consumers,
based on engagement of qualified local to meet changing customer needs and such as new ecosystems.
workers, strict adherence to the Rule of target new segments, for example, pay
Law. The finance and insurance industry, as you go insurance.

Issue 19 Oct/Nov - 2018 www.engineermagazine.co.bw www.engineermagazine.co.bw Issue 19 Oct/Nov - 2018