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BSP PNG| “Despite Covid-19 hitting hard in 2020 resulting in lockdowns and affecting businesses, BSP Life PNG met targets, issuing 650 policies with an annual premium of K1.6m, a result that would not be achievable without our insurance agents,” said BSP Life PNG Country Manager Nilson Singh.
BSP Life PNG on the evening of Thursday 18th February, 2021, recognised the efforts of its agents through its first Annual Sales Awards where top agents Daisy Joke Gabriella, Robert Toiveguwa and Valentine Morububun were awarded accordingly.
“On 29th January, 2020, that’s 22 days after we launched our Wantok Delite Endowment Insurance product, Daisy issued the first policy. While we issued a further 30 policies in February, 2020, we started having other challenges, then Covid-19 hit. Not the best of times to sell an insurance product as many businesses had stopped visitors to their premises,” Nilson said.
“Fast forward to 31st December, 2020, we have issued 650 polices with annual premium of K1.6m, on target on an annual premium basis. From the issued policies, the inforce position as at 31st December was 604 policies with annual premium of K1.5m. This means we only lost 46 policies during 2020 which is a reflection of right-selling and this would have not been possible without our agents,” he added. “Our policies are long term within minimum policy term of 15, 18, 21 and 24 years. The premiums we received in 2020 will continue for the term of the policy.”
BSP Group CEO Robin Fleming in congratulating the agents who received awards, said while many businesses that had offered life insurance have exited the market in PNG, BSP Life PNG has entered the market and is building on the capability that the BSP Group has in Fiji – BSP Life Fiji, and he is confident of continued success and profitability the next 10-15 years.
“In 10 to 15 years, BSP Life will be contributing significantly to BSP’s performance in PNG. We are not selling a product that will deliver immediate benefits today but one, which provides longer-term financial rewards to our customers. When you are talking to your clients and your customers about their future needs, you are helping them plan to achieve their future financial goals and objectives. It is also most pleasing to see that we have a great mixture of agents, male and female here tonight,” Mr Fleming added.
2020 saw Daisy issue 108 insurance policies, while Robert and Valentine issued 87 and 83 policies respectively.
“It’s been a challenging year but we all look forward to another year and we hope this awards we received tonight motivates you to do better,” Valentine Morububun told his fellow 46 agents.
Pic 1: BSP Life PNG Head of Sales Mathew Hasu, Valentine Morububun (agent), BSP Life PNG Board member Rabbie Namaliu (Junior), Robert Toiveguwa, Daisy Joke Gabriella, BSP Group CEO Robin Fleming, BSP Life PNG Country Manager Nilson Singh and BSP Life PNG Business Relationship Manager Paulus Mane.
Pic 2: BSP Life PNG 2020 Top Insurance Agent Daisy Joke Gabriella with her award, is pictured with BSP Group CEO Robin Fleming, BSP Life PNG Country Manager Nilson Singh.
Pic 3: BSP Life PNG Agent Valentine Morububun with his third placed award standing with BSP Life PNG Board member Rabbie Namaliu (Junior) and BSP Life PNG Country Manager Nilson Singh.
About BSP Life PNG Limited
BSP Life PNG Limited is a licensed life insurance company which commenced operations in PNG in January 2018. It is the youngest subsidiary of the BSP Group.
BSP Life PNG currently offers 2 insurance products:
- Wantok Secure is a consumer credit insurance product and is exclusively bundled with BSP’s Unsecured Personal Loan product. This product was rolled out in January, 2018, and provides payment of outstanding loan balance and K5,000 in funeral benefits on the demise of the borrower.
As of end of 2019, BSP Life PNG has paid out over 200 claims totaling K3.5m; of this K1m was for funeral benefits and K2.5m for repayment of borrowers outstanding loan balance. The K5,000 funeral benefit assists the family of the deceased with funeral expense, something that is very expensive in PNG. The cost of premium is fully borne by BSP which is a great benefit to all borrowers.
- Wantok Group Term Life was launched in March, 2019. This product is mainly targeted towards employer based groups and associations who want to provide life insurance cover to their employees or members.
- Wantok Delite was launched in January, 2020, and is a long term insurance product where one can choose a policy term of 15, 18, 21 or 24 years. BSP Life PNG offers regular payouts every 3 years called ‘Survival Benefit’.
BSP Life PNG is well-supported by BSP Group, and BSP Life Fiji who has over 140 years of experience in dealing with Life Insurance products.
FOR MORE INFORMATION CONTACT:
Gorethy Semi | Head of Marketing and PR | Email: firstname.lastname@example.org