Insurance payouts increase for NCD health and deaths in Fiji

The death benefit payouts by BSP Life continue to in­crease each year.

This after an alarming statistic revealed that a rising number of these deaths have been through non-communicable disease (NCDs) in the 40 years – 55 years age bracket.

This was revealed at the BSP Life 2018 Fiji Human Resources Insti­tute annual convention at the Sher­aton Fiji Resort , BSP Life general manager Distribution and Marketing Michael Nacola said this was a worrying factor.

In total, BSP Life has paid out total of $197.5 million (US$92.1 million) in the past three years with Living Benefits account­ing for 60 per cent of the payouts at an average rate of $1m (US$500,000) each week.

The increase in payouts continues considering BSP Life paid out $49.1 m (US$22.9 million) in 2015, $58.6m (US$27.3 million) in 2017 and $42m (US$19 million) till September this year.

In the three year period, BSP Life paid out $70 million (US$32.6 million) in benefits for retirement, mortgage clearance and holiday trips benefits to people over 50 years.

A total of $26m (US$12.1 million) was paid to those in the 41-50 age bracket in this three year period for tertiary education and other needs while

BSP Life paid out bonus allocations to its customers increased from $17.2m (US$8 million) in 2015 to $21.4m (US$9.9 million) in 2017.

Nacola also revealed that life insurance coverage was still low in both the Government and corpo­rate markets.

Only 15 per cent of civil servants are covered by life insurance while in the corporate market 70 per cent of people are uninsured.

Meanwhile Nacola said the in­crease in NCDs in workplaces was due to people not exercising enough during work hours.

“Companies should adopt well­ness programmes for staff as this would help reduce NCDs for ts workers.”

Nacola said this would also be beneficial to companies.

The conference had a Pacific flavour with representatives from the Solomon Islands, Tuvalu, Nauru and Samoa.

Siose Penitala Teo, general manager of the National Bank of Tuvalu said they have had recently sent staff on work attachment with BSP in Fiji.

“We have an arrangement where my staff come over for short term training attachments,” Teo said.

“We have a HR person presently with BSP and the FHRI Conference could not have come at a better time.

“Back in Tuvalu we are going through a learning process as far as HR goes so this conference will provide us with a lot of information.”

As for digitisation in Tuvalu, Teo said they were building that but doubted it would have any effect on employment.

“Digitisation is taking its toll throughout the world, sso there will come a time where Tuvalu will need to be on par too.”

Doris Dolaiasi said this conference was a learning curve for the Solomon Islands delegation.

“We are trying to improve HR in the Solomon Islands and we want to learn and listen to the experts and take it back home to implement,” Dolaiasi said.

“This includes improving the ser­vices of the organisation and improving the workers.”

Another Solomon Island HR per­sonnel, Salome Tashihaka, said the conference was interesting and the modern way forward in HR.

“Also the changes we as HR prac­titioners face in this continually changing world and technology,”  Tashihaka said.

“I have certainly learnt a lot and will take this back to my organisation.”

Both women said digitisation was beginning to emerge in the Solomon Islands.

“We are a beginner really in digitisation,” Tashihaka said.

On whether digitisation would see a loss in jobs for people, Dolaiasi said both technology and people should blend in with each other.

“We cannot go without the human touch so this is needed even with digitisation.”

BSP Life today is one of Fiji largest institutional investors, owning investments like the Sofitel Resort and Spa, Rooster Poultry, MIOT Pacific Hospitals, a number of large properties in the Suva CBD and shares in many more companies.

The company is one of the leaders in the market in both Life and Health Insurance businesses and expect further growth in 2018, with the recent launch of Bula Delite....

SOURCE: FIJI SUN/PACNEWS