BSP Life PNG Limited ("BSP Life"), a wholly owned subsidiary of BSP, recently concluded two weeks of training for its Life Insurance Agents ("Agents") at its new Boroko Sales office in preparation for the launch of its Anticipated Endowment Product.
BSP Life commenced operations in January 2018. It is licensed by the Bank of PNG to sell life insurance products. It currently provides Consumer Credit Insurance to BSP's unsecured personal loan customers, and pays out K5, 000 funeral benefit to the nominated administrator in the event the customer prematurely passes on. BSP Life also offers Group Term Life insurance to corporates for their employees.
BSP Life is in the process of launching an Anticipated Endowment Product in January 2020. The new product is tailored towards meeting the life insurance and savings needs of Papua New Guineans, and will be sold to individuals through an agency network.
BSP Life's Country Manager, Mr. Nilson Singh when opening the training last week challenged the Agents to use this training opportunity to fully understand the product, its features and benefits so that they will be able to effectively engage with customers, not only to sell the product, but to properly educate customers on life insurance and tailoring plans to meet their needs.
The training was facilitated by experienced trainers from BSP Life Fiji.