BSP Life Pays $94 Million in Benefits

BSP Life, Fiji’s largest Life and Health insurer, and member of the BSP Financial Group, paid $94 million in various customer benefits in 2023. This is the highest recorded in its 147-year history.

Managing Director Mr. Michael Nacola stated, “We take our responsibility of making a difference in our customer’s lives seriously. It’s our singular purpose, backed by efficient systems, streamlined processes, and a dedicated team. We are delighted to report that the volumes of benefits continue to grow year on year, which means more Fijians are benefitting from their policies with us. Last year we recorded a 13% increase over 2022, with 100,000 benefit applications processed, averaging 1,900 a week. Our acceptance rate was 97% which means only 3% were declined due to non-conformance with policy terms and conditions. This is in line with world best-practice benchmarks.”

Mr Nacola added, “As an insurer, we are obligated to pay benefits on time, all the time. Our turnaround times are closely monitored to ensure we consistently meet high standards. Most payments are system-generated and processed on the same day they’re due. Some require documentation which can be submitted on our website through a customer portal, which is then quickly assessed for payment.”

“In terms of value, we disbursed an average of $1.8 million per week. These included maturity payouts for life insurance policies, death and disability payouts, and payments for expensive overseas evacuations. We ensure we have enduring financial capability to constantly meet these large cash disbursements.”

Key highlights of the payouts include:

  • $66 million, representing 70% of total payouts was for Living Benefits, empowering customers to pursue their life goals, including education expenses, home renovations, family vacations, and retirement planning.
  • $11 million, representing 12%, was for Death and Disability benefits, providing essential financial support to surviving family members and customers with disabilities.
  • $17 million, representing 18%, was for medical insurance payouts which played a critical role in supporting customers during traumatic times. BSP Life has disbursed $382 million in the last five years, with an escalating trend.

Mr Nacola thanked all their customers for their continued trust in the brand and invited new customers interested in their products and services to visit BSP Life’s website or contact their call centre on 132700.

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