As the two-month nationwide inclusive insurance campaign gets underway around the country, a young Papua New Guinean is encouraging young people to move away from the wantok system and get insured through a life insurance policy.
Jacqueline “Jacqui” Joseph, Co-founder and Chief Executive Officer of Equal Playing Field, recently purchased BSP Life PNG’s Wantok Delite product for a period of 15 years. She is now encouraging young people to take responsibility of their own lives by getting insured so when one dies – that insurance caters for death expenses.
“In the past, the wantok system probably was a need but now a lot of things have changed and part of that change comes with understanding how life insurance works. With BSP Life insurance, the Wantok Delite product was attractive for me as it came with individual life insurance that also had a savings component.
“For me, that was really what I needed and so for a lot of young Papua new Guineans out there who are interested in taking up life insurance, that’s something I would encourage,” Joseph said.
“While I appreciate the wantok system, I want to do something for myself. I want to be able to stand and tell the future generation that this is how things are done.
“It is concerning that only 2 percent or 160,000 of the 8 million Papua New Guineans are insured.”
Joseph signed up for the Wantok Delite product three months ago.
She said: “It definitely makes you feel responsible, it makes you feel smarter as well knowing that you’ve made a choice that will help other people later on as well and that you won’t leave that responsibility to someone else.
“I looked at the options that BSP Life offered - it was both flexible in a sense that it’s what you can afford as well and I really liked that because it was able to look at people’s budget and how much you would be able to afford. It is great that after every 3 years, you get to get a return on it as well. I signed up for the 15 year period because I’m not the kind of person who wants to work till I drop,” Joseph added.
The co-founder of Equal Playing Field (EPF) and her team of EPF volunteers work in schools to prevent violence against women by helping girls and boys develop healthy, respectful relationships.
BSP Life PNG will be part of the two-month nationwide inclusive insurance campaign in the country and will focus on creating more awareness not only around its products but generally, making more Papua New Guineans aware of the benefits of having one’s life insured.
Facilitated by the Centre for Excellence in Financial Inclusion (CEFI), PNG Insurance Council, Bank South Pacific, Office of Insurance Commissioner and other insurance industry partners – this is the first insurance campaign in the country.
BSP Life PNG Limited Country Manager, Nilson Singh, said BSP Life PNG as a new competitor in the insurance sector is happy to be a part of the campaign with a sponsorship of K10,000 to support the event.
“Since the launch of BSP Life PNG’s Wantok Delite product in January 2020, over 500 customers in PNG have signed up under the package and with this two-month insurance campaign, we will see more sign up as more awareness is made around the benefits of having a life insurance,” Singh stated.
CEFI Chairman and Bank of Papua New Guinea Governor, Loi Bakani, in officiating the insurance campaign launch, said: “Although the wantok system worked in the past, it is not reliable and that is where insurance comes in. Insurance transfers the risk of paying for ‘emergencies’ to someone else – the insurer. Getting an insurance cover will go a long way in protecting you and your family.”
CEFI Executive Director Saliya Ranasinghe said the insurance industry also plays a pivotal role in taking financial inclusion forward – and BSP Life PNG, although new in the insurance industry, is already making big waves in the country.
(Jacqueline “Jacqui” Joseph, centre, with BSP Life PNG Country Manager Nilson Singh and BSP Life PNG Head of Sales, Matthew Hasu)