BSP Life today announced it processed 75,000 benefits worth F$67million in 2021, averaging $250,000 each working day. Life insurance maturities and living benefits totalled $44million. Death and disability payments totalled $12million while health insurance payments totalled $11million.
The claims approval rate was 96% with only 4% declined due to breach of policy conditions. Most payments were processed the day they were due. Processing time for overseas medical claims averaged 3-5 days, once approved.
So far in 2022, 46,000 benefits worth over F$40million has been processed.
Over the last ten years, BSP Life has paid $600million in various insurance benefits and continues to play a major role in Fiji’s financial system.
BSP Life’s Managing Director Michael Nacola said, “our team takes great pride in fulfilling our promise of providing financial security for our customers. We’ve done this for 145 years. Taking out a life or health insurance policy requires foresight that the commitment you’re making will pay off in future. So, for us it is crucial that we repay this loyalty by having the financial capability, a highly skilled team, supported by efficient systems and processes to meet this obligation.” Mr Nacola further stated, “it was particularly heartening to assist customers last year. We’ve heard of many instances where the lump sum cash received from life insurance proceeds assisted families manage through the pandemic, especially those in the Tourism industry. A wise decision made many years ago paid off in a time of great need.”
Mr Nacola added, “we have a special team that proactively engages with customers to ensure they receive their benefits on the day it is due. We’ve invested in systems and processes that allow us to manage large volumes of claims and payments efficiently. We also introduced digital platforms for customers to submit claims or chat with our team on-line. This technology assisted immensely over the lockdown period last year allowing us to serve without face-to-face contact. We’re delighted to see more customers continuing to transact with us digitally.”
The ability of BSP Life to make large payouts year-on-year is underpinned by its diversified investment portfolio which now stands at F$900 million.
Mr Nacola also highlighted some worrying trends. “Our claims data over the last five years indicate the onset of chronic ailments and deaths at young ages. This correlates with the rise of NCD’s which claims 80% of deaths in Fiji. The highest number of medical claims from 2016 to 2021 was in the 30 – 39 year age group. For death claims, the highest number was in the 45 – 54 age group. These statistics remind us of the need to take physical and mental wellness seriously and reinforces the need for life and health insurance.”
Mr Nacola added, “We thank our customers for their confidence in us and assure them and prospective new customers that we will continue to deliver value for them.”
BSP Life has 100,000 customers, 150 licensed Insurance Advisors, 10 Customer Service Centres, a customer portal on its website www.bsplife.com.fj and a 24/7 Emergency Helpline.