BSP’s subsidiary conducts training for agents

BSP Life PNG Ltd (BSP Life), a subsidiary of BSP, recently concluded two weeks of training for its life insurance agents at its new Boroko sales office in preparation for the launch of its anticipated endowment product.
The bank in a statement said BSP Life commenced operations last January.
BSP Life’s country manager, Nilson Singh challenged the agents to use the training opportunity to fully understand the product, its features and benefits so that they would be able to effectively engage with customers to educate them on life insurance and tailoring plans to meet their needs.
It is licenced by the Bank of PNG to sell life insurance products and currently provides consumer credit insurance to BSP’s unsecured personal loan customers, and pays out K5,000 funeral benefit to the nominated administrator in the event the customer passes on.
BSP Life also offers group term life insurance to corporates for their employees.
It is in the process of launching an anticipated endowment product in January 2020.
The new product is tailored towards meeting the life insurance and savings needs of Papua New Guineans and will be sold to individuals through an agency network.
The training was facilitated by trainers from BSP Life Fiji.