It’s all about service, says Fleming of insurance move

THE entrance of Bank South Pacific into the insurance industry is not to increase the bank’s dominance in the financial sector, says BSP Group chief executive Robin Fleming.
He said BSP Life PNG’s aim was to be able to provide useful products to more Papua New Guineans as well as the existing customer base under BSP.
“It is not a matter of BSP trying to enter a market and continue dominance in another way,” Fleming said.
“It really is to provide a product for most Papua New Guineans that’s going to benefit them, and in many cases, more importantly their family and their wantoks.”
He explained how BSP Life PNG, following its first life insurance product for BSP personal Loans, would be rolling out products through the year.
“The future products that we will continue to launch include Group Term Life, more-risk based products which are very much around loss of life and health associated, and also the endowment product,” Fleming said.
“The endowment gives people outside of formal employment, as well as those in formal employment, an opportunity to put aside a small fixed amount every month with a guaranteed principal in a five or 10-year period.
“As the digital capability improves, we also feel that micro-insurance products can be developed far more effectively then what they are at the moment.
“BSP, as a bank, feels strongly that life insurance is something which in five or 10 years’ time when some of us are no longer in active employment will be great legacy for many Papua New Guineans.”