Bestlife Insurance is a Passion Project
Executive Exclusive: Christabel Michel, Co-Founder and CEO, BestLife Insurance Limited, Zambia
The phenomenal executive and co-founder of Bestlife Insurance Limited in Zambia, Christabel Michel with close to two decades of experience in the insurance industry had an exclusive with Africa Insurance Magazine. The conversation focused on her professional journey, the significance of leading with purpose to ensure operational resilience, her perspectives on the future of insurance in Zambia and a look into the interventions by Bestlife Insurance to increase insurance penetration and accessibility in Zambia.
Resilience and determination sums up the journey of Christabel to co-founding and being the CEO of Bestlife Insurance,
“The journey to being CEO at Bestlife Insurance, has been really interesting, punctuated with everything from joy to pain and everything in between. I believe I have now come full circle in my career. Best Life Insurance is a passion project, an embodiment of a dream that was always burning in me since I joined the Insurance Industry about 18 years ago. The Insurance penetration ratio in Zambia is still very low, and creates so much scope for growth and innovation by the Sector players. Establishing an Insurance company whose main purpose is to serve the unserved and offering unique products that suit the Zambian market is a dream come true for me and the team at Bestlife. I started out my career as a Chartered Accountant, and after Joining the Insurance market, I was hooked by the sector and I went on to become a Chartered Insurer. I am now a fellow of both the Insurance Institute of Zambia and the Zambia Institute of Chartered Accountants,” said Christabel.
In a volatile and complex business environment, coupled with transition risks, it is imperative for business executives in the insurance industry to embrace a purpose driven leadership approach to ensure operational resilience. In support of this submission, Christabel said,
“As a business executive, I believe it is crucial for insurance executives to lead with purpose to enhance operational resilience. The insurance industry operates in a dynamic environment, facing regulatory changes, economic fluctuations, and evolving customer expectations. Purpose-driven leadership ensures that executives align business strategies with long-term sustainability, ethical decision-making, and customer-centric solutions. A clear purpose in this regard fosters a culture of innovation, agility, and accountability. This in turn enables organisations to anticipate and respond effectively to disruptions. We had the COVID 19 disruption which none of us could have predicted. By prioritising resilience, insurance leaders can build trust, strengthen stakeholder confidence, and create lasting value for both the business and its policyholders.”
Insurance penetration is relatively low in Zambia and the whole African continent. Bestlife insurance is spearheading transformative initiatives aimed at improving accessibility and increasing uptake in Zambia. Speaking to AIM, Christabel says innovation and designing tailored products is central towards Bestlife’ efforts in improving insurance penetration in Zambia,
“Innovation and tailor making of products is at the core of what we do at Bestlife Insurance. Having been around the Insurance market for a while, I noted an inherent rigidity in the way we were offering products as a market, despite the regulations advancing and encouraging innovation. Bestlife has been able to work in the spaces that were previously excluded by the market. At Bestlife, we have managed to develop products that address the needs of the Small and Medium Sized Entities (SMEs). We have introduced a simplified Group Life Assurance product, targeted at SMEs, with less red tape and a simple onboarding process. This has been received well by this segment. We have also introduced covers for affinity groups which previously were being sidelined, because of their informal nature. Another interesting intervention is our partnership with our National Postal Services here in Zambia, which has allowed us to extend cover to anyone who has a post box in the country.”
Clarity on strategic priorities is essential in building a sustainable insurance organization in a dynamic environment. Bestlife insurance will be celebrating its second anniversary in 2025 and AIM asked the Chief Executive Officer, Christabel Michel to explain her top priorities.
“The company clocks two years this year. We are still building the brand, creating trust and establishing long term partnerships. My top priorities for the company include a laser focus on customer satisfaction, growth and operational excellence. I believe the company has exciting products that need to be made accessible to as many people as possible,” said Christabel.
An insight into the future is essential in building future-ready insurance organizations and Christabel strongly believes that, the future of insurance in Zambia is poised for growth.
Insurance penetration is still low in the country and this presents sustainable opportunities of insurance growth. The regulatory environment has been moving towards a more market development focus, and so the opportunities for innovation and growth for market players are there. COVID 19 also helped in raising awareness of the risks around health and mortality, so the public is now more open to discussions around protection. I believe the industry is poised for growth.
In her concluding remarks, the outstanding business executive said,
“Leading a business in the current environment feels like riding a roller coaster, with so many ups and downs, there is need to hold on to the adrenaline, to help navigate some of the lows and having the clarity to perceive and leverage the opportunities in the upswing. It is exhilarating and an honor to serve the market and industry at a time such as this.”
