Over 600 policies worth K1.3mil

MORE than 600 policies have been sold with K1.3million in premiums since the launching of BSP Life PNG’s insurance product in January, says country manager Nilson Singh.
He said they were optimistic with the market and the endowment product Wantok Delite since the start.
“We knew there was a market with middle-class income earners looking for products that will get them insured and products that will help them save for the future,” he said.
Singh said BSP Life PNG operations had been impacted by the Covid-19, in particular “our ability to go out and sell”.
They plan to move to Lae in April 2021, and then Mt Hagen in January 2022.
Singh said there was a large demand for insurance but the challenge was the lack of awareness on its benefits.
“There’s still a large demand for insurance but one of the biggest drawbacks is most people don’t understand what insurance is and what the benefits are,” he said.
“With the website and insurance campaign going on, we expect a lot more people taking up life insurance.
BSP group chief executive officer Robin Fleming said the Wantok Delite product was a key fundamental component of the BSP Life business.
“A life business is different to many of our other financial services businesses because it does take a period of time for the business to become profitable, especially the Wantok Delite, which is the long-term investment product that requires capital and commitment from the shareholder to give the company sufficient time to return the profitability and to be able to start delivering the returns contemplated when we commenced those business cases.