BSP Life, a prominent life and health insurer, reported a remarkable payout of $99 million in customer benefits for the previous year, marking the highest in its 148-year history. The processing of over 123,000 transactions translates to an impressive average payout of approximately $1.9 million each week. Managing Director Michael Nacola expressed gratitude towards their 73,000 policyholders, who collectively cover more than 100,000 lives, stating that their trust is essential to the company’s success.
The payouts included $71 million for life insurance policies associated with diverse products such as Bula Elite, Bula Prime, Bula Scholar, and Bula Delite. These benefits support customers in various endeavors ranging from education and business start-ups to asset acquisitions and family holidays. Additionally, $28 million was allocated for medical benefits, including local and overseas hospitalizations, alongside $11 million for death and disability claims.
With a claim acceptance rate of 97 percent, BSP Life aligns with global best practices, reinforcing its reliability in providing timely support to clients in need. Nacola emphasized the company’s commitment to world-class service, attributing improvements to streamlined processes and the introduction of digital platforms which enhance customer engagement and benefit payments.
Over the past five years, BSP Life has cumulatively paid out $410 million, averaging $82 million a year, showcasing a consistent upward trend. Nacola expressed delight in seeing a growing number of Fijians, especially young individuals entering the workforce, investing in insurance policies. He believes that fostering savings habits early on can yield significant benefits later in life.
In line with their mission, BSP Life plans to continue advocating for financial planning and intends to introduce new products to expand their coverage across Fiji.
Overall, this positive financial performance illustrates not only the effectiveness of BSP Life’s customer engagement strategies but also highlights the importance of insurance in supporting individuals and families during challenging times. With continued growth and customer commitment, BSP Life is well-positioned for future success and a positive impact in the community.
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