5th July 2022
BSP Life today announced it processed 75,000 benefits worth F$67 million in 2021, averaging $250,000 each working day. Life insurance maturities and living benefits totalled $44 million. Death and disability payments totalled $12 million while health insurance payments totalled $11 million.
The claims approval rate was 96% with only 4% declined due to breach of policy conditions. Most payments were processed the day they were due. Processing time for overseas medical claims averaged 3-5 days, once approved.
So far in 2022, 46,000 benefits worth over F$40 million has been processed.
Over the last ten years, BSP Life has paid $600 million in various insurance benefits and continues to play a major role in Fiji’s financial system.
BSP Life’s Managing Director Michael Nacola said, “our team takes great pride in fulfilling our promise of providing financial security for our customers. We’ve done this for 145 years. Taking out a life or health insurance policy requires foresight that the commitment you’re making will pay off in future. So, for us it is crucial that we repay this loyalty by having the financial capability, a highly skilled team, supported by efficient systems and processes to meet this obligation.” Mr Nacola further stated, “it was particularly heartening to assist customers last year. We’ve heard of many instances where the lump sum cash received from life insurance proceeds assisted families manage through the pandemic, especially those in the Tourism industry. A wise decision made many years ago paid off in a time of great need.”
Mr Nacola added, “we have a special team that proactively engages with customers to ensure they receive their benefits on the day it is due. We’ve invested in systems and processes that allow us to manage large volumes of claims and payments efficiently. We also introduced digital platforms for customers to submit claims or chat with our team on-line. This technology assisted immensely over the lockdown period last year allowing us to serve without face-to-face contact. We’re delighted to see more customers continuing to transact with us digitally.”
The ability of BSP Life to make large payouts year-on-year is underpinned by its diversified investment portfolio which now stands at F$900 million.
Mr Nacola also highlighted some worrying trends. “Our claims data over the last five years indicate the onset of chronic ailments and deaths at young ages. This correlates with the rise of NCD’s which claims 80% of deaths in Fiji. The highest number of medical claims from 2016 to 2021 was in the 30 – 39 year age group. For death claims, the highest number was in the 45 – 54 age group. These statistics
remind us of the need to take physical and mental wellness seriously and reinforces the need for life and health insurance.”
Mr Nacola added, “We thank our customers for their confidence in us and assure them and prospective new customers that we will continue to deliver value for them.”
BSP Life has 100,000 customers, 150 licensed Insurance Advisors, 10 Customer Service Centres, a customer portal on its website www.bsplife.com.fj and a 24/7 Emergency Helpline.
– ENDS –
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 in November 2009 and rebranded BSP Life in 2011.
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$900 million. The portfolio includes a number of 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 Oceania Hospitals Pte Limited and Future Farms Pte Limited trading as Rooster Poultry. 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 (Fiji) is the first insurance company for the BSP Group with 10 Sales and Customer Service Centers and 150 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 Group
The BSP Group 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 business in the region. BSP has become the most respected bank in Papua New Guinea. Aside from Papua New Guinea, BSP is represented in Fiji, Samoa, Tonga, Cook Islands and Solomon Islands.