16 years of Prosperity

This year celebrates the 16th birthday of the Prosperity Group, says Group MD, Kobus Struwig .

“Looking back over the past 16 years one can safely say it has been quite an exciting rollercoaster ride with all its ups and downs”.

Prosperity was founded in 1994 by the two Struwig brothers and started off with a company consisting of three staff members, positioned to offer medical administration services to the Namibian market.

“To be quite honest with you, if someone told me then that in just 16 years time Prosperity will be a group trading in health care administration, short term insurance, long term insurance, paramedical services, own an air fleet and boast a substantial property portfolio, I would have taken it with a pinch of salt”

“But in all honesty, as we experienced the fruits of success over the past years, we have also learned a few hard lessons along the way.

“During the recent economic crisis we experienced a fairly difficult time in our African and South African businesses. We had to face up to the volatile and complex global market conditions that were much more evident in the other African markets than what we experienced in Namibia. As a result we had to make a number of difficult business decisions and exit those countries which were no longer feasible or those that were still being financed by the group’s holding company. The counties that were contributing to the Groups bottom line such as Tanzania and Kenya would continue as before and we would rather spend more time and energy in growing their operating profits.

“But as the saying goes, the difficulties of life are intended to make us better not bitter.

“However, back home in Namibia we experienced quite the opposite in comparison to our African portfolio. Our short term company Prosperity Insurance exceeded our 2009 expectations. The two elements that contributed to the pleasing results were the company’s shift in focus to commercial business insurance and the local broker support and backing we received.

“The long term company Prosperity Life is still the crown jewel in the Prosperity stable with products such as Oxygen Hospital Plan with the 25% cash back bonus, Complimed Gap Cover Plan and Execumed exclusive health care plan performing very well in the market place.

“Our 2010 vision for the medical aid administration company, Prosperity Health, is focused on consumer engagement. By end of February this year we will roll out direct electronic switching for hospitals in Namibia as well as in South Africa while we are already busy implementing real time claiming for GP’s. We further invested in a call centre system that will help us achieve our consumer engagement focus for this year.

“With regards to the group’s property portfolio, Prosperity expanded its portfolio by investing N$ 25 million in the group’s new Windhoek head office on the corner of Feld and Thorer Street, whilst our paramedical company E – Med Rescue 24 now owns and operate 3 aircrafts which are 100% dedicated to provide medical emergency flights not only within the borders of Namibia but across border as well.

“Although the group’s strategy for 2010 is to consolidate and focus on organic growth across existing business units, a new opportunity for the future is the expansion into the Angolan market. Of late we have started to experience more and more business interaction from our northern neighbours with regard to medical evacuation flights and the participation of Angolan members joining our medical insurance products. Although it’s an exciting prospect, we will however, still pursue the market with extreme caution.

“In conclusion I’m looking forward to the next 16 years of Prosperity, and if there is one thing I’ve learned over the years it is that progress always involves a fair amount of risk.”