BSP Life PNG Limited ("BSP Life") announced today the rollout of its new insurance administration computer system called BSP Life Insurance System (BLIS) for the benefit of its customers. This system will enable BSP Life to provide fast and superior customer experience.
In launching the system, Group Chief Executive Officer of BSP, Robin Fleming, said that BLIS is a replica of the BSP Life Fiji Insurance system rolled out in 2014 with some minor changes, initially deployed to support BSP Life PNG's Group Term Life Insurance Business.
"BLIS provides functionalities that easily manage groups and policy applications, such as an automated assessment and pricing function, policy administration which includes tracking and electronic delivery and filing of all communications, automated billing, claims and commission processing. It is very user-friendly with intuitive wizards which require minimal user training."
Mr Fleming added: "We are excited about the market potential in PNG and also happy that we are able to leverage off the knowledge and capabilities out of our Fiji business to benefit our market. I would like to thank our project team at BSP Life for this successful system implementation.
BSP Life opened its doors for business in Papua New Guinea on 02 January, 2018, with the launch of its Consumer Credit Insurance product, which is distributed as an added feature and benefit of the BSP Personal Loan Product. In March, 2019, BSP Life launched its Wantok Group Term Life Insurance product in the market to be sold via Broker and Direct channel. This product provides Term Life insurance coverage for Group Schemes only where a pre-agreed sum insured is paid out on demise of insured members. The cause of demise can be either through natural or accidental causes and claim pay-out is subject to terms and conditions of the policy document.
Current business focus is to grow the Wantok Group Term Life portfolio through the acquisition of business through Insurance Brokers and Direct channel, for Companies that provide term life insurance benefits to their employees.
BSP Life anticipates bringing more exciting products to the market soon including a savings insurance product offering for the individual market.
BSP Life Business Development Manager, Matthew Hasu (seated) and Acting Country Manager, Nilson Singh, demonstrating the use of the newly launched system at its Waigani Office.