Fiji could soon see the introduction of standalone funeral insurance products for the first time.
AMA Insurance Company (AIC) chief executive officer Tarlochan Singh confirmed plans to launch a dedicated funeral cover within the next three months, following the officiation of the company earlier this week.
He said the company intends to roll out a whole-life funeral insurance policy designed specifically to cover funeral, cremation and other end-of-life expenses.
While funeral-related benefits are currently bundled within some existing insurance products, Mr Singh said this would be offered as a separate, standalone cover.
“So maybe within the next three months, we’ll have an insurance cover as well for funeral benefits, or funeral cover itself on its own,” Mr Singh said.
“It has been very successful in Samoa, and we’re going to replicate that to the Fijian context, of course with the Fijian flavour to it.”
AMA Insurance is the Fiji subsidiary of Apia Insurance Company Ltd in Samoa.
Mr Singh said Fiji’s insurance sector was already competitive, describing it as “quite a bit crowded in terms of all the insurances.”
However, he said AIC aims to differentiate its product offering rather than compete solely on standard coverage.
“For general insurance or any insurance, normally the coverage is 90 per cent or 95 per cent the same.
“What we want to do is differentiate the product, where we are able to provide better benefits to the consumers, number one.”
Beyond product features, Mr Singh said service delivery would be central to the company’s strategy, particularly in the timely processing of claims.
“It’s all about service, to provide the exceptional service, not underwriting or sales at a claims level.”
“Timely settlement of claims is going to determine our success or failure.”
Mr Singh said funeral insurance must deliver immediate support when needed.
He noted that while some claims may require additional documentation, straightforward claims with complete paperwork should be settled promptly.
Further details, including pricing and eligibility criteria, are expected to be announced closer to the product’s launch date.
