Archived News 2014

  1. BSP Life Announces Million Dollar Round Table Achievements


    BSP Life today announced that two of their sales advisors are members of the Million Dollar Round Table (MDRT), the international premier association of financial professionals.

    Formed in 1927, the MDRT is an international, independent association of successful life insurance and financial services professionals. MDRT membership is recognized internationally as the highest standard of sales excellence in the life insurance and financial services business with over 38,000 members from 450 companies in 74 countries.

    The Managing Direct of BSP Life, Mr Malakai Naiyaga said, "We are delighted to have two sales advisors who are of the MDRT caliber."

    Mr Bipin Patel, BSP Life's Champion Sales Advisor for 2013 has been a member of the MDRT for the last 19 years and is also a life member. In 2013 he enhanced his membership to a "Top of the Table" member, the highest tier of membership in the MDRT.

     Mr Naiyaga said, "We congratulate Bipin for this outstanding achievement. He is a legendary performer and his work and service excellence is and has been recognized locally and internationally for the last 19 years. This year Bipin celebrates 35 years of outstanding service as an insurance sales advisor and his qualifying to the Top of the Table is evident of his continued development, professionalism and proficiency in the insurance sector."

    BSP Life's second MDRT member is Mr Pradeep Kumar who qualified after an exceptional performance in 2013 which saw him achieve the BSP Life, Quality Business Award for 2013. Pradeep also qualified for the additional tier membership to the "Court of the Table" of the MDRT.


    "We congratulate Pradeep and are really delighted that he has now joined the MDRT. Pradeep has been a consistent high performer since 2000 and has many more successful years to come," Said Mr Naiyaga.


    Mr Naiyaga further added that all BSP Life sales advisors hold an insurance sales license from the Reserve Bank of Fiji to adhere to strict standards and undergo various trainings.


    BSP Life has over 50,000 policyholders, 150 licensed Insurance Advisors and ten Customer Service centres Fiji-wide.

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  3. BSP Life Announces its New Vision and IT Transformation


    BSP Life announced today that they have a new vision statement "to be the leader in the markets in which we operate in".


    The Managing Director, Mr Malakai Naiyaga said, "Our new vision is more focused and emphasizes the direction we now have to deliver tangible and long term benefits for our customers. Our new vision is part of our strategic business transformation journey which aims to increase efficiency and performance internally. This will position us to produce a truly unique value proposition for our customers and to effectively compete in the markets we serve."


    Since rebranding in 2011, BSP Life has undergone much change including reviewing its operations, sales network and products and services. Today BSP Life is continuing its transformation with an investment of close to $6m in a core systems upgrade which will replace two systems that no longer meet the demands of its customers. The new system roll-out will commence in April.  Mr Naiyaga added that these changes were necessary and were confirmed by results of a recent independent market survey conducted by Tebbutt Research. Results showed BSP Life scored well with brand positioning and advocacy ratings, however, processes and service delivery could be better.


    "Taking into account these survey results and with alignment to our vision, we are continuously making the required changes to be able to enhance the internal efficiency of our operations. Our current core system upgrade for example will enable us to improve our operational risk environment with the automation of manual processes and calculation. This will bring about the internal process efficiency needed for us to significantly improve our customer service delivery at every touch point - something that we have concerns with now. The improvement of the process efficiencies will naturally affect our human resources, which is an internal issue that we are working through to ensure that the negative impact on our people is minimized,'' added Mr Naiyaga.


    BSP Life holds a distinctive place amongst insurers in Fiji in that they are the only insurer providing both life and health insurance products and services. "How we combine and offer both our life and health insurance products and services to add value to our customers' lives is the key to us fulfilling our vision "to be the leader in the markets in which we operate in.  I'd like to thank all our customers for their confidence in our brand and assure them that we will continue to explore and invest in initiatives that help us deliver consistently high levels of service and provide good value for them".


    Today BSP Life has 150 qualified Sales Advisors licensed by the Reserve Bank of Fiji and 10 Customer Service Centres Fiji wide.

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  5. BSP Life Celebrates International Women’s Day


    To mark International Women's Day, BSP Life's Managing Director, Mr Malakai Naiyaga put on a surprise afternoon tea yesterday for female staff working at BSP Life's headquarters.


    When welcoming the ladies to the afternoon tea, Mr Naiyaga said, "BSP Life is fortunate to have all of you on our team.  On behalf of your male colleagues at BSP Life, I acknowledge and thank you all for your contributions. You have been a vital component of success for us. We also recognise your contribution at home, your support towards your families, your extended families and your communities - and in this way, we recognise your collective contribution to Fiji's economy. You have a special role in balancing your work and family commitments which has direct synergies with our brand. As Fiji's leading Life and Health insurance company our core role is to promote family values and to protect those we love most so your efforts in ensuring your families welfare is looked after whilst contributing to the growth of our business is recognised and respected."


    BSP Life is an equal opportunity employer with women making up half of their total workforce. Of the total managers, 40% are women with two in executive positions. This is a significant advancement from twenty years ago where there was only one women in a managerial role.


     "The composition of women in our business at front-line, managerial and executive levels serves as a testament to the value BSP Life places on female leadership and its importance to the success of our business, "said Mr Naiyaga.


    Aligned to this year's theme of Inspiring Change, Mr Naiyaga urged the ladies to make a difference, always stand for what is right, persevere in achieving their life and family goals and contribute to ensuring that the future for girls is equal, safe and rewarding.  

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  7. BSP Life Pays Out $43M in 2013


    BSP Life has announced that it paid out F$43M to customers in 2013, $4M or 11% more than 2012. Of this, $37.2M was for Life Insurance claims and $5.8M for Health Insurance claims.