$99M paid out to BSP Life customers

$99 million has been paid by the BSP Life as customer benefits which was processed over 123,000 transactions throughout 2024, which is the highest recorded in its 148-year history.

Managing Director Michael Nacola says this averages $1.9 million and over 2000 transactions weekly.

Nacola says they are indebted to their customers for the trust they place in them.

He says they service 73,000 policies covering over 100,000 lives and are grateful for the commitment customers make towards their policies, particularly when there are strains on family income.

Nacola adds that life and health insurance is extremely personal, and their team conscientiously aspires to pay benefits on time to support customers in their time of need.

He says the acceptance rate of 97 percent is in line with the world's best-practice and they strive to provide world-class service and have streamlined processes and introduced digital platforms to enable customers to engage with us easily and for us to make payments efficiently.

Nacola says of the total $99 million, $71 million comprised payouts for life insurance policies tied to products like Bula Elite, Bula Prime, Bula Scholar, and Bula Delite and these payouts assisted customers with education, business startups, purchase of assets, or well-deserved family holidays.

A core benefit of BSP Life’s products is that they meet short to medium-term financial plans, while also providing support for families in the event of the untimely passing of the life insured, covering multiple needs with the same product and the remaining $28 million, $17 million were for medical benefits including local and overseas hospitalisation, and $11 million were for death and disability claim.

Nacola says over the past 5 years, BSP Life has paid $410 million with an escalating year-on-year trend and they are delighted to see more Fijians investing with them, particularly young people joining the workforce.