BSP Life PNG Country Manager Nilson Singh (standing 10th from left), BSP Life PNG Chairman Jimmy Longbut and BSP Group Chief Financial Officer Ronesh Dayal are with the BSP Life Agents, BSP Retail NGI Regional Manager Ruby Patu (standing 7th from left) and Kokopo Branch Manager Kalat Tiriman (standing 9th from left) soon after the sale office opening.
BSP Life PNG expands to Kokopo
BSP Life PNG, a subsidiary of the BSP Financial Group Limited has inaugurated a new sales office in Kokopo on Thursday 12th October, 2023, opening its fourth Sales Office in the country.
The insurance business arm of BSP has been operating in the country since 2018, offering various Life Insurance products since its inception. BSP Group Chief Financial Officer Ronesh Dayal in congratulating BSP Life on its fourth sales office said the new office in Kokopo will continue to reinforce BSP Group’s vision to expand its financial services across the country, and make it more accessible and affordable to its customers – in this instance for Kokopo customers’ Life Insurance needs.
BSP Life PNG Country Manager Nilson Singh thanked the BSP Life PNG Board for supporting the setup in Kokopo, and said this new office located on Level 1 of Agmark Haus will give access to both Corporate and Individual Customers.
“Kokopo is the capital of the New Guinea Islands Region; hence it was always part of our expansion strategy. Post this launch in Kokopo, BSP Life PNG has a sales office in each of the four regions in PNG. “
“This new office will be manned by 2 full time staff, which includes our Business Relationship Manager, Mr. Steven Siminji, Business Relationship Consultant Mr. Roland Meli and 22 independent insurance agents who will be assisting our prospective customers in signing up for our Insurance Products,”
“The key challenge in increasing uptake of life Insurance in PNG is that Insurance penetration has been generally very low due to lack of market awareness and understanding the benefits of being insured. By opening our doors in Kokopo, we are committed to ensure that we also invest in awareness and educational programs on life insurance, which supports Bank of PNG’s financial inclusion programs.
“Furthermore, having a life insurance cover is more of a need now due to the high risk of early deaths due to non-communicable diseases in PNG. Over 60% of the death claims we pay out are due to Cardiac / Heart related issues, Cancer and Diabetes with average age of the deceased between 48 to 52 years. These are quite alarming statistics! We can reduce the number of deaths if we are more physically active and lead a healthy lifestyle, “said Mr. Singh.
“I am happy to share that post our soft launch in August this year, our Kokopo Sales team has been able to sign-up close to 100 customers already. This demonstrates that there is a demand for a savings life insurance product in Kokopo and BSP Life is here to meet your life insurance needs” Mr. Singh added.
BSP Life is the only life insurer in PNG that offers a Life Insurance product where you can save for the future and at the same time have life insurance protection. “Our Wantok Delite insurance product enables customers to have a disciplined approach to savings, which is beneficial for the long term,” he went on to say.
“Our fourth sales office represents more than just an expansion; it’s an opportunity to reach more individuals and families, to educate them about the importance of life insurance cover and the incredible potential it holds for savings. It’s a chance for us to make a lasting impact in their lives, guiding them towards financial stability and a better tomorrow”, Mr. Singh added.
BSP Life offers the Group Term Life insurance product to the corporate market mainly targeting employer based groups and associations. In January 2020, BSP Life launched its Wantok Delite insurance product for individuals which is a long term savings and protection insurance product where one can choose a policy term of 15, 18, 21 or 24 years. BSP Life offers regular cash payouts every 3 years called ‘Survival Benefit’ and bonuses on maturity. The bonuses are declared every year based on investments performance and added to the sum insured on a compounding basis.
LEFT: BSP Life PNG Kokopo Sales Office is now open. Pictured are some of the agents with BSP Life PNG Country Manager Nilson Singh, BSP Life PNG Head of Sales Mathew Hasu and BSP Life PNG Chairman Jimmy Longbut outside the sales office. RIGHT: Pictured (from left to right) is BSP Group Chief Financial Officer Ronesh Dayal, BSP Life PNG Chairman Jimmy Longbut and BSP Life PNG Country Manager Nilson Singh cut a cake to signify the opening of the BSP Life Kokopo Sales Office.