- Kick-starts 2022 plans with the new transformational strategy
- Bomaid declares 2022 the year of the customers
- Diversifies its products to offer lifestyle rewards
- CEO Mokgosana buoyant on sustainability
The optimistic CEO of Botswana of Medical Aid Society (Bomaid) Moraki Mokgosana says the new strategy that commences this year will propel them for growth.
In an exclusive interview this week, Mokgosana said Bomaid is transitioning from the 2016-2021 strategy which elapsed last year filled with a lot of optimism following their ability to quell Covid19 storms.
According to him, Bomaid is on transformation path from being a traditional health medical service provider to a more advanced service provider that covers all key aspect of human health.
“Our new strategy will be anchored on four (4) wellness pillars of physical, legal, financial and emotional. We want to build a well-rounded customer with good experience benefits derived from the medical aid. The strategy is based on enhancing customer experience – we have declared 2022 the year of the customer. Bomaid will influence welfare of the clients,” he said.
In addition, Mokgosana said as part of the strategy, Bomaid will be keen on funds sustainability. He indicated that as they are building from the previous 2016-2021 strategy, Bomaid has been able to find a way to stop the revenue leakages which made business to be strained financially in the past.
To that end, Mokgosana said that the medical aid is financially strong based on its balance sheet.
Mokgosana said the adoption of new technologies will be critical for Bomaid in the future. He said the company will tap into new technology as a cornerstone of its transformation.
“In 2020 we embarked on major overhaul of systems to adopt and leverage on the newer technology and this unlocked our potential for growth and efficient service delivery to clients in the area of claims administration. We will leverage on technical capability to unlock growth,” he said.
In addition, the outspoken Bomaid’s Principal Officer, Mokgosana said new technology will be important in helping them to build some of the mechanisms that will curb financial leakages.
“The rebranding exercise has also played a pivotal role in ensuring that we remain competitive and relevant to the customers. Retaining our customers’ loyalty is very core to us. Through the rebranding exercise, we have been able to enhance our customer experience,” said Mokgosana.
Asked if Bomaid, would not to consider to rebrand again to adopt to new ways of business in the midst of Covid19 pandemic, Mokgosana said Bomaid will be leveraging on the value of the brand so as to deliver on the superior customer experience improving on the turnaround times.
He also emphasized that the adoption of new technology has also assisted them to beat Covid odds.
Meanwhile, Mokgosana said the past two years of 2020-2021 presented the realities of Covid19 pandemic to the business but due to the strategic interventions, Bomaid was able to remain stable. He said the medical aid anticipates a good recovery in 2022.
“What was paramount to us first and foremost as a business was that we have been declared an essential service provider at the onset of the pandemic outbreak. We were able to work from home and thus made the business to remain resilient and sustainable. We are stable,” he said.
Mokgosana said it was not true that Bomaid is financially crippled as it had been said lately. He said the medical aid is in a strong financial position being above the solvency level as required by the regulator, Non-Banking Financial Regulatory Authority (NBFIRA).
“We are not going anywhere. The Covid19 pandemic did affect us just like any other player in the industry but we remain resilient. We will be able to issue out claims to our policy holders without fail. We are a giant with over 50 years and we defeated the past odds,” he added.
On the outlook, Mokgosana said Bomaid anticipates further growth owing to its new products. According to him, they are shifting from just being the traditional medical aid service provider.
“Our key focus for the future is to offer new medical aid benefits such as lifestyle packages. We want to promote healthy lifestyle of customers such as eating well and being active on the body at all the times. One of our core competencies is the rich hospitalisation benefits we have,” he said.
Mokgosana maintained that their big initiative in 2022 is to review all of their health policies to introduce amongst other the lifestyle rewards as part of promoting good health for members. They will continue to monitor the Covid19 pandemic situation.