BSP Life pays $94 million in benefits, highest payout in 147 years

BSP Life pays $94 million in benefits, highest payout in 147 years

By Vijay Narayan
Wednesday 28/02/2024
Photo: File

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.

$66 million, representing 70 percent of the 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 percent, was for Death and Disability benefits, providing essential financial support to surviving family members and customers with disabilities, and $17 million, representing 18 percent, 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.

BSP Life Managing Director, Michael Nacola says they take their responsibility of making a difference in their customer's lives seriously.

Nacola says it’s their singular purpose, backed by efficient systems, streamlined processes, and a dedicated team.

Last year they recorded a 13 percent increase over 2022, with 100,000 benefit applications processed, averaging 1,900 a week.

Their acceptance rate was 97 percent which means only 3 percent were declined due to non-conformance with policy terms and conditions.

Nacola says this is in line with world best practice benchmarks.

He adds as an insurer, they are obligated to pay benefits on time, all the time.

According to Nacola, their turnaround times are closely monitored to ensure they consistently meet high standards.

He says most payments are system-generated and processed on the same day they are due.

Nacola says some require documentation which can be submitted on their website through a customer portal, which is then quickly assessed for payment.

In terms of value, BSP Life 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.

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