Responding to the latest Reserve Bank of Fiji’s Financial Services Demand-Side Survey (DSS) report released last month, leading insurers, BSP Life and Tower Insurance collaborated on a first ever joint campaign. The campaign is focused on raising awareness of insurance and its benefits as a way to encourage more Fijians to protect themselves and their assets.
The results of the survey show that the majority of Fijians have low levels of understanding about insurance, the different types of insurance and with 50 per cent thinking insurance was not needed. These results were factored into an awareness campaign where BSP Life and Tower will be leveraging the reach of their current customers to co-promote each other’s services and raise the general awareness of their insurance products.
BSP Life’s Managing Director, Mr Michael Nacola said, “From an insurance perspective, the results are quite alarming as they show how vulnerable our people are when it comes to managing their risks. Without the protection of insurance, people cannot absorb shocks and the results are often devastating with long term suffering. It also highlights how much more insurance companies need to raise the necessary awareness, so that people understand the benefits of insurance to make informed decisions.”
Tower Insurance’s Country Manager, Mr Joseph Magnus added, “This joint promotion is the first step in the partnership between Tower and BSP Life and we are looking at other ways we can help and reward each other’s customers and increase insurance uptake in Fiji.”
BSP Life customers get a 10% discount on their premiums for new Tower Insurance policies purchased between now and 31st October, 2021. We also want to reward BSP Life customers who have existing Tower Insurance policies so there is fortnightly draw to win one of two $250 shopping vouchers. There are 10 draws and to enter, BSP Life customers have to email Tower Insurance with their Tower policy numbers.
Tower Insurance customers who purchase BSP Life Insurance products during the promotion period (up to December 31, 2021), get into the draw to win $250 shopping vouchers (2 per fortnight). Both BSP Life and Tower Insurance customers are encouraged to email quoting their policy numbers when making enquiries.
Besides the results of the DSS survey, the current pandemic has forced many people to be more aware of risks and rethink their life planning and focus. People are encouraged to visit www.bsplife.com.fj and www.towerinsurnace.com.fj for further information on insurance products and its benefits and see how best they can use insurance products to support their life plans.
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About BSP Life
BSP Life is Fiji’s leading Life and Health insurance company with over 145 years’ experience. Formerly owned by the Commonwealth Bank of Australia and operating as Colonial Life & Health, the Company was acquired by BSP Financial Group in November 2009 and rebranded BSP Life in 2011. BSP Health is a wholly owned subsidiary of BSP Life.
Products and services include:
- Personal life insurance plans to cover education, retirement, mortgage protection, savings and investment, in addition to financial protection for loved ones in the event of untimely passing of the life insured. Policies are designed to suit the personal circumstances of the individual or family and take into account premium affordability.
- Key-man policies to enable business continuity in the event of untimely passing of a key person, including Directors.
- Group Medical and Term Life products. BSP Life currently provides local hospitalization, overseas evacuation, and outpatient coverage for most of Fiji’s large corporate companies.
- Family and Individual Medical policies are also available.
- Loan protection insurance inclusive of a funeral benefit on the untimely passing of the borrower, for those taking out unsecured personal loans with BSP Bank and vehicle loans with BSP Finance.
As one of Fiji’s largest institutional investors, BSP Life’s investment portfolio is now valued at over F$842 million (June 2021). The portfolio includes several landmark commercial properties in the Suva CBD, a gated high end residential property, majority shareholding in Richmond Pte Limited trading as Sofitel Fiji Resort and Spa and 100% ownership of Future Farms Pte Limited trading as Rooster Poultry and Oceania Hospitals Pte Limited. The Investment portfolio is balanced and diversified to ensure returns are optimized for customers who have a direct interest in the portfolio as Policyholders.
BSP Life is the first insurance company for the BSP Group with 10 Sales and Customer Service Centers and 140 Insurance Advisors licensed by the Reserve Bank of Fiji. BSP Life has the largest insurance customer base in Fiji with more than 90,000 customers and over 100,000 policies.
About the BSP Financial Group
The BSP Financial Group (BSP) is a leading provider of financial services including retail and business banking, life insurance and health insurance. BSP has a proud and established reputation in Papua New Guinea, and a long history of highly successful businesses in the region. BSP has become the most respected bank in PNG. Aside from PNG, BSP is represented in Fiji, Samoa, Tonga, Cook Islands, Vanuatu and Solomon Islands.
About Tower Insurance
Tower Insurance is one of Fiji’s longest-standing and most respected insurance companies, providing our customers with a truly professional service for more than 140 years. Tower Insurance started off in Fiji in 1874 as National Insurance Company of New Zealand with a local resident inspector employed by Stinsons Limited. In 1974, the National Insurance Company of Fiji was formed to take over the Fiji operations. Three years later in 1977, the company then acquired the Hartford Insurance Co. Limited portfolio followed by the Southern Pacific Insurance portfolio in 1980. In 1999 the National Insurance Company of Fiji Limited changed its name to Tower Insurance Fiji Limited in line with the demutualisation of our parent company.
Tower is a general insurance provider and our products and services include:
- Commercial Fire – covers Material Damage to business property such as buildings and their contents and Business Interruption following a property loss
- House – covers residential property damage
- Contents – covers personal property
- Motor – covers Private and Commercial Motor Vehicle including third party property damage.
- Marine – covers Private Marine, Cargo and Commercial Hull insurance. Additional underwriting restrictions were imposed on Cargo and Commercial Hull in 2020 following a product review.
- Liability – covers business accidents that result in property damage and bodily injury
- Other – covers Travel and Commercial classes that are not listed above such as Personal Accident and losses from Crime cover.
Our value proposition to customers are:
- Personalised service from friendly people who put you first.
- Policies designed to meet your needs.
- Competitive premiums and convenient payment options.
- A financially secure company with a good reputation.
Tower is Fiji’s largest provider of cyclone cover and comprehensive fire cover for homes. Tower also launched the first automated end-to-end digital insurance system in February 2021 for Motor Vehicle insurance cover and will be launching House and Contents cover on the same platform in December 2021. Tower Insurance’s parent company also has general insurance operations in PNG, Solomon Islands, Vanuatu, Samoa, Tonga, Cooks Islands and American Samoa.