BSP Life PNG expands to Kokopo

BSP Life PNG, a subsidiary of the Bank South Pacific Financial Group Limited, has inaugurated a new sales office in Kokopo last week, marking its fourth sales office in the country.
The insurance business arm of BSP has been operating in the country since 2018, offering various life insurance products since its inception.
BSP Group Chief Financial Officer Ronesh Dayal said the new office in Kokopo will continue to reinforce BSP Group’s vision to expand its financial services across the country, and make it more accessible and affordable to its customers.
BSP Life PNG Country Manager Nilson Singh thanked the BSP Life PNG Board for supporting the setup in Kokopo, and said the office will serve corporate and individual customers.
“Kokopo is the capital of the New Guinea Islands Region; hence it was always part of our expansion strategy,” he said.
“BSP Life PNG now has a sales office in each of the four regions in PNG.
“This new office will be manned by two full-time staff, which includes our business relationship manager Steven Siminji, business relationship consultant Roland Meli and 22 independent insurance agents who will be assisting our prospective customers in signing up for our insurance products.”
“The key challenge for life insurance in PNG has been low due to a lack of market awareness and an understanding of the benefits of being insured.
“By opening our doors in Kokopo, we are committed to ensure that we also invest in awareness and educational programs on life insurance, which supports Bank of PNG’s financial inclusion programs.
“Our Kokopo sSales team has been able to sign-up close to 100 customers already.
“This demonstrates that there is a demand for a savings life insurance product in Kokopo and BSP Life is here to meet your life insurance needs.”
“Our fourth sales office represents more than just an expansion; it’s an opportunity to reach more individuals and families, to educate them about the importance of life insurance cover and the incredible potential it holds for savings.
“It’s a chance for us to make a lasting impact in their lives, guiding them towards financial stability and a better tomorrow.”