In order to consolidate its own administrative and self-insurance capacity, the HGPF helped launch Borwa in 2001. Borwa is 60% owned by the Fund and administers the Fund as well as BHA and the HG Trust. Borwa operates on a cost recovery basis and tries to provide maximum efficiency at low cost to members of these organizations. Borwa is available to provide similar administrative and financial services to other funds and NGO's who, once they contract with Borwa, will automatically join Borwa’s Board of Directors and become shareholders.
Borwa Financial Service (Pty) Ltd was established by working class people mainly to serve working class people.
As a result, Borwa can offer its clients unparalleled control and transparency by:
- Giving its Retirement Fund Clients representation on its Board of Directors through its unique ownership structures
- Limiting the size of its business and number of Clients
- Maintaining a flat Management structure
- Including its staff in the ownership of the Company.
- Management and staff committed to the social upliftment of all the people of South Africa and who are also skilled in the cultural differences.
Borwa is able to offer services of a high standard and of an extensive nature in relation to reasonable administration fees due to the following;
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An administration system that is in the forefront of software technology, providing the following:
- integrated accounting (reducing the number of accounting staff)
- Automatic linking of contributions
- Flexible data exchange methods
- Flexible benefit choices
- Client “look up” facilities on – line
- Simplified and quick operation of claim payments
- In expensive Audits
- Maintenance of reserve accounts
- Instalment payments on death and disability
- In- house operation of beneficiary Trusts
- Housing loan administration
- Committed and well trained staff who can communicate with all the different peoples of SA
- Flat and inexpensive Management Structure
- Moderate accommodation in keeping with the membership that it serves.
- No hidden costs or fees charged,
- No commissions or other expenses paid out by Borwa
- Retirement Fund Administration (including administration of death, disability and funeral benefits)
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Communication consisting of:
- Member and Employer statements twice a year,
- Trustee Training the day prior to meetings
- Member Pamphlets
- HIV /AIDS Training
- National Service Centers
- Plant level meetings
- Guardians and beneficiary/Dependants investigations
- Legal and Contractual Services
- Benefit design
- Investment advise
- Actuarial (defined contribution funds)
- Insurance rebroking
- Retirement counselling
- In – house trust funds
Borwa sees itself as:-
- An innovative, progressive Company borne out of the new South Africa
- Having none of the bad practices of the past
- Open mindedly moving forward with the people according to their needs.
- Providing services and benefits that are based upon the different needs of retirement fund members
- Continually researching new and improved ways of servicing its clients and future clients
- A non prescriptive Company
- Flexible in all aspects of its business
BORWA FINANCIAL SERVICES ADMINISTRATIVE CAPABILITIES
