Fiji is on the verge of introducing standalone funeral insurance products, marking a significant development in its insurance landscape. Tarlochan Singh, the chief executive officer of AMA Insurance Company (AIC), announced plans to launch dedicated funeral coverage within the next three months during the company’s recent officiation.
The upcoming whole-life funeral insurance policy aims to cover expenses related to funerals, cremations, and other end-of-life costs. Currently, funeral-related benefits are included in some existing insurance plans, but this new offering will provide a distinct, standalone option.
Singh highlighted the success of similar funeral insurance products in Samoa, expressing the company’s intention to adapt that model to cater to the unique needs of the Fijian population. He stated, “So maybe within the next three months, we’ll have an insurance cover as well for funeral benefits, or funeral cover itself on its own.”
As a subsidiary of Apia Insurance Company Ltd in Samoa, AIC recognizes the competitiveness of Fiji’s insurance sector, which Singh describes as “quite a bit crowded.” However, he emphasized AIC’s commitment to differentiating its products rather than merely competing based on standardized offerings. “What we want to do is differentiate the product, where we are able to provide better benefits to the consumers,” he said.
Key to AIC’s strategy will be exceptional service delivery, particularly in the prompt processing of claims. Singh pointed out that timely settlement of claims is crucial to the company’s success, emphasizing that funeral insurance should provide immediate support when it is most needed. He mentioned that while some claims may need additional documentation, those with complete paperwork should be resolved quickly.
Further information, including details on pricing and eligibility, is expected to be unveiled as the product launch date approaches. This introduction of standalone funeral insurance could provide valuable support to families during difficult times, reflecting a positive advancement in Fiji’s insurance offerings.
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