BSP Life, a leading life and health insurer, has made headlines with a record payout of $99 million in customer benefits for the past year, the largest sum in its 148-year history. This impressive achievement corresponds to over 123,000 transactions, resulting in an average payout of about $1.9 million weekly. Managing Director Michael Nacola extended his gratitude to the company’s 73,000 policyholders, who together safeguard more than 100,000 lives, emphasizing that their trust is vital for the company’s accomplishments.
The breakdown of payouts reveals that $71 million was disbursed for life insurance policies under various products like Bula Elite, Bula Prime, Bula Scholar, and Bula Delite. These benefits empower customers in various pursuits, from education and business ventures to family holidays. Additionally, $28 million was allocated to medical benefits covering both local and overseas hospitalizations, while $11 million went toward death and disability claims.
Demonstrating a high claim acceptance rate of 97 percent, BSP Life meets global benchmarks in ensuring reliable and timely assistance to its clients. Nacola pointed out that enhancements in processes and the adoption of digital platforms have significantly improved customer interaction and benefit disbursements, reflecting the company’s commitment to world-class service.
In the last five years, BSP Life has cumulatively paid out $410 million, averaging $82 million annually — a clear indication of a consistent upward trend. Nacola expressed pleasure in witnessing an increasing number of Fijians, particularly younger individuals, engaging with insurance policies, highlighting the long-term benefits of instilling savings habits early in life.
Moving forward, BSP Life aims to further its mission of promoting financial planning, intending to introduce new products that will broaden their coverage across Fiji.
This outstanding financial performance not only underscores the effectiveness of BSP Life’s customer engagement strategies but also emphasizes the critical role of insurance in supporting individuals and families during difficult times. With ongoing growth and sustained customer trust, BSP Life appears well-equipped to make a positive difference within the community.
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