BSP Life PNG Limited today presented a cheque of K10,000 towards the nationwide insurance campaign facilitated by Centre for Excellence in Financial Inclusion (CEFI) - the first of such campaign in the country.
CEFI, PNG Insurance Council, Bank of Papua New Guinea, Office of the Insurance Commissioner and other insurance industry partners through this two-month campaign, will focus on educating more Papua New Guineans on the different types of insurance products available in PNG, and the processes of acquiring these insurance policies.
BSP Life PNG Limited Country Manager, Nilson Singh, in presenting the cheque said; "BSP Life PNG is pleased to partner in such campaign, which aims to improve citizen's knowledge on insurance."
"Less than 2 percent of Papua New Guineans have some form of life insurance and here at BSP Life PNG, we want to reach out to more Papua New Guineas and educate them about the benefits of having insurance cover," Singh said. "This includes BSP Life PNG's long term savings and protection insurance products such as Wantok Delite.
BSP Life PNG's Wantok Delite was developed in line with the Bank of PNG's financial inclusion efforts to spread coverage and have more Papua New Guineans insured. Since the product launch in January 2020, over 400 customers in PNG have signed up under the Wantok Delite package.
"We encourage Papua New Guineans who do not have life insurance cover, to talk to BSP Life Insurance Agents, who will guide you on a suitable insurance cover," said Mr Singh.
He added that apart from this campaign, BSP Life PNG team have also been proactive in visiting various organisations to educate them about the importance of insurance and the BSP Life PNG insurance products on offer.
"We also organise combine sessions with the BSP Bank Team in our Financial Literacy Programs so we cater for the needs of all our customers at the same time," said Singh.
The national insurance campaign will feature the industry projecting a unified voice on multiple media platforms to showcase and promote general and life insurance products, including insurance regulations in country.
CEFI Executive Director Saliya Ranasinghe in his remarks stated that, "Insurance acts as a safety net for individuals and businesses in times of loss, accidents and crisis. In such situations, insurance can provide people with much-needed funds to help them recover from insurable events and to re-establish their livelihoods and businesses."
BSP Life PNG Limited Country Manager, Nilson Singh, BSP LIfe Head of Sales Mathew Hasu, CEFI Financial Inclusion Coordinator Albert Mokis Ahabh and CEFI Executive Director Saliya Ranasinghe.