Nine leadership questions for Lulu Rasebotsa, Bidvest Life CEO

Before joining Bidvest Life as the company’s CEO in October 2021, Lulu Rasebotsa was managing director at Liberty Life Botswana for 10 years. In all, she has over 25 years of experience in the financial services industry across life insurance and pension fund administration, having headed up fund administration services in Botswana and South Africa. She also sits on the Board of the Sir Ketumile Masire Foundation (Botswana) and the Industrial Advisory Board of the Department of Mathematics and Statistical Sciences of the Botswana International University of Science & Technology (BIUST).

1. How did you find the transition from your previous position at Liberty in Botswana to FMI-turned-Bidvest Life (corporate culture differences, adaptability, vision)?

It was certainly a big change, but I embrace change and adapt easily. I was about to turn 50, so it was the perfect time to pivot my career and continue living my legacy. My ambitions align to that of the Bidvest Group, ‘to turn ordinary companies into extraordinary companies’ – and that’s why I’m here. It’s not the first time I’ve made such a move: I previously did a three-year stint in South Africa in my 30s. The biggest transition has been that everybody assumes that because I am black, I must speak isiZulu! I’m of South African descent, but the bulk of my experience has been in a totally different environment, culture and work ethic entirely.

2. How has your academic background sharpened your skills and prepared you for this role?

I hold a BSc Honours in Mathematics & Statistics from the University of Kent and a COP in Life Insurance and an ICiBS, both from the Insurance Institute of South Africa. What this has given me is a solid foundation in the numbers and risks that underpin the insurance industry, along with a lot more insurance-specific exposure that is invaluable in driving transformation for a modern insurer.

3. What would you say are the top qualities for effective leadership in your current role?

Resilience. For me, resilience is not about how you fall, but how you get up. And the past couple of years has called on every ounce of resilience in me, the company I lead, and the insurance industry. We are all facing a multitude of challenges and complexities in our own way, but at times like this we need perspective to embrace change and see it for what it is - opportunity.

4. What would you say are Bidvest Life's top priority areas for the next year?

To entrench and grow the Bidvest Life brand amongst all stakeholders, to change the way life insurance is sold in South Africa, from traditional life cover which pays out as a lump sum to insurance that pays out monthly, and to be the product of choice for advisers when it comes to income protection (even though we are a fully-fledged life insurer).

5. As one of the leading finance and insurance companies, how do you attract and retain talent?

The events of the past three years have created a massive change in how people view work, and the meaning work brings to their lives. In the past, job security, market-related compensation and development opportunities were the primary attraction for talent. Now, people want to feel invested in the work they do, and to see their employer is invested in the same things they believe.

We do everything we can to make our people feel valued and have a sense of belonging. We give our people the potential to grow in the organisation, and give them the flexibility to integrate work with their personal lives. We are intentional about leveraging our talent management practices to engage and retain the best people.

6. How do you see technology playing a bigger part in risk management and insurance, and how risk solutions and insurance products are developed and distributed in the future?

Financial advice has traditionally been a paper-heavy, face-to-face business. The pandemic changed all that. Today, a bold new generation of financial advisers is using technology to speed up processes, create a better customer experience and scale their businesses far beyond the capability of old models. In the process, they’re making financial advice accessible to more South Africans than ever. The move towards digitisation, both on the side of insurers and advisers, is playing a major role in driving down the costs of doing business while delivering better client experiences.

7. What would you point out as key areas of concern for life insurers in the next three to five years?

• • The need to diversify. Right now, the life insurance industry is at an inflection point. Covid-19 underlined the critical role of life insurance in protecting working South Africans from life’s curveballs but it also highlighted many challenges we’re going to have to address. The only way we’re going to meet these challenges is to transform – and that transformation must start with driving greater diversity and inclusion across the industry.
  • Addressing cyber risks. As the world moves towards a digital reality, cyber security is likely top of mind for every CEO. In the insurance and financial services industries, it’s even more mission critical. We have to find ways of protecting the most sensitive personal information of our clients and our businesses. But at the same time, we have to try and make the customer experience as easy and seamless as possible when they interact with us on the channel of their choice. It’s an on-going and ever evolving journey that requires not only an expert leadership team, but adoption at every level of the business.

8. If you could go back and give your 18-year-old self - one piece of advice - what would it be?

Don’t be afraid to put yourself out there! Have and own your voice as a young, ambitious woman, and do the work you need to, to be able to take your seat at the top table.

9. What is the one book you would recommend to your audience, and why?

“Boardroom Dancing” by Nolitha Fakude. It has nuggets of wisdom and through Nolitha’s stories you see resilience come alive.