BSP Life PNG Limited has placed utmost importance on its people development and empowerment, since its inception in 2018. In a recent celebration of excellence and outstanding achievements, BSP Life honored its top-performing Insurance Advisors for 2023.
Maryanne Loia, Sandra Kase, and Malele Silikara, representing the Boroko Sales Unit, stood among the top awardees, lauded for their exceptional performance at the National Sales Awards Night in Port Moresby on 10 May 2024. Additionally, Nagi Towedori from the Lae Sales Unit, Robert Toiveguwa from the Boroko Sales Unit, and Marzena Koikupa, Lois Doa, and Nemillah Maki from the Mt. Hagen Sales Unit were recognized for their significant contributions. Special accolades were bestowed upon Nagi Towedori from Lae and Moses Tomon from the Kokopo Sales Unit.
Sandra Kase, one of the awardees, emphasized the importance of training and upskilling in sales, especially in a field like life insurance where understanding and awareness are crucial. "Life insurance is an intangible product that requires a lot of awareness to understand how important it is for financial security," she stated.
Another awardee, Malele Silikara, expressed gratitude for the recognition, highlighting its role in boosting team confidence and motivation. "Knowing that our policyholders will have multiple benefits for themselves and their families motivates us to deliver better results," she shared.
BSP Life Country Manager, Nilson Singh said, “Life insurance is a challenging product to sell, as losing a family member or planning for the future, without yourself in the picture, can be an intimidating thought. However, our robust advisor distribution channel, comprising well-trained and certified insurance advisors commit to support customers on their life journey.”
Mr Singh congratulated all awardees and added that the event recognized and celebrated our Insurance Advisors who show resilience, determination and unwavering commitment to our policyholders.
“These advisors, offer personalized guidance and support, ensuring that our customers are equipped with the knowledge and resources to make informed decisions about their financial futures.” Mr. Singh added. He attributed, outstanding results to the dedication and commitment of the network of Insurance Advisors, supported by a dynamic leadership cohort. BSP Life ensures the care and development of its employees through comprehensive training programs.
BSP Group CEO, Mark Robinson, who attended the event, commended the BSP Life PNG Team for their strong performance in 2023. He reiterated the importance of customer service for the long-term success of the business. Also in attendance were BSP Group CFO, Mr. Ronesh Dayal, BSP Life PNG Chairman, Mr. Rabbie Namaliu Jnr, and BSP Life PNG Directors, Dr. Cecilia Nembou and Ms. Serena Sasingian.
In 2023, BSP Life signed 3,891 Wantok Delite policies with Annual Premium of K8.0m compared to only 1,617 policies with Annual Premium of K3.6m in 2022. This was 141% above on policy count and 121% above on Annual Premium basis compared to 2022, which is an outstanding result.
Our inforce position on policy count as at 31 Dec 2023 was 5,644 policies with Annual Premium of K12.2m, a staggering 110% increase on policy count and Annual Premium basis.
Despite economic challenges reflected in the increased lapse rate, BSP Life remains committed to diversifying its product portfolio to meet customer needs. Products such as Wantok Consumer Credit Insurance, Wantok Group Term Life Insurance, and Wantok Delite Life Insurance, launched in 2018, 2019, and 2020 respectively, exemplify BSP Life's commitment to providing comprehensive protection and savings benefits to our customers.
As BSP Life continues to innovate and excel, it remains steadfast in its commitment to empowering Papua New Guineans towards a secure and prosperous future. With a focus on integrity, professionalism, and customer-centricity, BSP Life is poised to redefine insurance standards and shape the future of the life insurance industry in Papua New Guinea.
ABOUT BSP LIFE
In a bid to provide affordable Life Insurance products for Papua New Guinea's, BSP Financial Group introduced its, BSP Life PNG Ltd in 2018.
Since its inception, BSP Life has embarked on a journey of strategic expansion and innovation, positioning itself as a formidable force in the industry. Commencing with a key strategic initiative by the BSP Group Board in 2016, BSP Life swiftly obtained approval from BPNG in 2017 to commence operations. By 2018, the company received a full license from BPNG, solidifying its status as a premier life insurance provider in the region.
Serving as the financial giant's newest business arm, BSP Life aims to provide comprehensive life insurance solutions tailored to the diverse needs of Papua New Guineans.
Our Product Offering
BSP Life's diverse product portfolio caters to a wide spectrum of customer needs:
- Wantok Consumer Credit Insurance: Providing comprehensive cover for unsecured loan balances, this product offers financial security to BSP Bank customers, with significant benefits including funeral cover and loan repayment assistance.
- Wantok Group Term Life Insurance: Catering to corporate clients, this offering ensures robust coverage for employees, with a clientele that includes reputable corporate entities.
- Wantok Delite Life Insurance: A long-term individual protection and savings solution, offering customizable policy terms and regular payouts, exemplifying BSP Life's commitment to innovation and customer empowerment.
