$40m paid out so far in 2022
6 July, 2022, 6:15 pm
A total of 75,000 benefits worth $67 million was processed by BSP Life in 2021 and 46m this year averaging $250,000 per working day.
This year, BSP Life has rolled out 46,000 benefits worth over $40m. BSP Life managing director Michael Nacola said they had paid out $600m to various insurance benefits over the past 10 years.
He said life insurance maturities and living benefits amounted to $44m while death and disability payments settled at $12m. For health insurance payments, Mr Nacola said they had paid out $11m.
Mr Nacola said the claims approval rate was 96 per cent with only 4 per cent declined due to breach of policy conditions. He said most payments were processed the day they were due.
Mr Nacola said the processing time for overseas medical claims averaged three to five days once approved.
“Our team takes great pride in fulfilling our promise of providing financial security for our customers,” he said.
“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.
“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.
“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.”
Mr Nacola said the ability for BSP Life to make large payouts year-on-year was underpinned by its diversified investment portfolio which now stands at $900m.
Mr Nacola also highlighted that their claims data over the past five years indicated the onset of chronic ailments and deaths at young ages.
This he said correlated with the rise of non-communicable disease (NCDs) which claims 80 per cent of deaths in Fiji.
Mr Nacola said the highest number of medical claims from 2016 to 2021 was between the 30 to 39 years. For death claims, he said the number was between 45 to 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.”
“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.”