The NBFIRA CEO Delivers Keynote at BIC’s 3rd Annual Thought Leadership Conference

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) participated in Botswana Insurance Company’s (BIC) 3rd Annual Thought Leadership Conference, held under the theme “Reimagining Insurance – Human First, Digital Always.” Delivering the opening remarks, NBFIRA CEO Mr. Oduetse A. Motshidisi emphasised the importance of integrating digital innovation into insurance operations while maintaining a strong focus on human-centric service delivery. The event convened stakeholders across the insurance and broader financial sectors, exploring the delicate balance between technological transformation and human values in an increasingly digital world.

In his address, Mr. Motshidisi acknowledged BIC’s 50th anniversary, commending its resilience and innovation over five decades. He discussed the impact of global economic volatility and the need for the domestic financial market to respond with agility and innovation. Cautioning against adopting technology for its own sake, he advocated for thoughtful innovation driven by clear objectives and a deep understanding of industry challenges. He highlighted the relevance of the Insurance Industry Act (2015) in promoting responsible innovation while safeguarding financial stability. Importantly, he called for the ethical use of technology especially in artificial intelligence, data mining, and customer profiling, emphasising that people must remain central to the value proposition of insurance.

Mr. Motshidisi also drew attention to the growing importance of data governance, referencing the Data Protection Act of Botswana and its implications for financial institutions operating in data-intensive environments. He urged industry players to adopt internal ethical innovation guidelines that align with regulatory standards and best practices. Concluding his remarks, Mr. Motshidisi called on industry leaders to strengthen collaboration with regulators and industry groups, invest in high-quality data systems, and take proactive steps to assess climate risks. Mr. Motshidisi expressed appreciation to the organisers for the opportunity to contribute to this pivotal discourse and for enabling such high-level engagement on issues of great importance to the future of the financial services sector.