BSP Life paid a total of $44 million in customer benefits for January to June 2023, equating to an average of $1.7 million per week.
The average weekly payment represented a 13% increase compared to 2022, where it was $1.5 million per week.
Of the 49,000 claims processed, 97 percent were approved. Three percent were declined “due to being outside policy terms and conditions.”
The majority of payments, totaling $30 million, were for survival benefits and maturities from life insurance policies. Death and Disability payments amounted to $6 million, and Health insurance payments accounted for $8 million.
BSP Life’s Managing Director Michael Nacola attributed the increasing trend in benefit payments to customers’ commitment to their policies, particularly investment-linked insurance policies that are long-term in nature.
“It takes commitment and financial discipline to keep policies active, and we take great pride in seeing customers benefit from the wise financial choices they make,” Nacola said, adding, “Of the total $44million in payouts so far this year, 68% were for living benefits meaning customers receive lump-sum cash to support their life goals ranging from children’s education to starting a business, purchasing an asset, retirement, or taking a family holiday.”
Nacola re-stated BSP Life’s aim to provide world-class service to customers. This includes processing high volumes of benefits within short turnaround times and maintaining an acceptance rate comparable to international standards.
