BSP Life processed 95,000 payouts last year in Fiji

BSP Life has processed 95,000 payouts in Fiji last year, helping many families navigate the financial challenges posed by the aftermath of the pandemic.

BSP Life’s Managing Director, Michael Nacola says they have a 96 percent acceptance rate for all claims, with most payments processed on the date it was due and over the last five years,they have paid over $350 million in customer benefits.

He says their purpose is to make a difference in people’s lives, and it gives them immense pride to see customers benefit from the investments they have made in their life and health insurance policies.

He says they have been doing this for over 145 years demonstrating the financial and operational resilience of their brand.

The Managing Director adds their customers place their trust in them with the hard-earned premiums that they pay, and it is their duty to deliver on that trust by providing sustainable value for them.

He further adds around 70% of the payouts were for Living Benefits meaning customers received lump sums of cash on policy maturity, or during the policy term, depending on the products chosen.

Nacola says maturity payouts were inclusive of bonuses accrued which are calculated on a compounding basis.

He also says the bonus rates on investment-linked products increased in 2020 and remained at the same level in 2021, despite the pandemic.

The Director further says customers receiving these payouts were able to supplement retirement funds, set up a business, support their children’s tertiary education or take a well-deserved family holiday.

He adds health insurance customers received support for expensive overseas evacuations as well as GP visits, medication, diagnostics, and specialist treatments in local private hospitals.

Nacola also adds evacuation claims for complex conditions like cancer exceeded $200,000 per case.

He says health insurance benefits supported all travel arrangements, medical costs, and accommodation with an accompanying person included.

The Director also says $10 million in payouts for Death and Disability Benefit provided financial support to surviving family members and to policyholders who were disabled.

He further says complex claims for overseas medical treatment averaged 3-5 days if all requirements including medical reports were available.

The introduction of digital platforms for customers to submit claims online enabled efficient claims servicing.