2020 INTEGRATED REPORT

MEETING THE FINANCIAL NEEDS OF PROFESSIONALS Professionals have different needs that span the full spectrum of financial products. We at PPS meet these in a unique way, providing both advice and customised solutions that draw on a comprehensive range of products and services. FINANCIAL PLANNING AND ADVICE Research shows a strong correlation between financial security and sound advice and planning. Providing an advice and planning service is therefore always the first step when our financial advisers suggest new solutions or changes to existing ones. Our ethos of mutuality has a fundamental role to play here too, as it does in every other aspect of the business. In practice, this means foregoing a one-size-fits-all, packaged approach in favour of bespoke solutions that are tailored to meet each of our members’ specific needs. Personal financial planning spans many fields and includes areas such as risk insurance planning, business continuity planning, savings and investment planning, estate and legacy planning, tax planning, retirement planning, short-term catastrophe hedging and much more. Members are able to access financial planning services that cover all of these areas in a number of different ways. Usually – and most frequently – they do so through our large network of independent and accredited financial advisers throughout South Africa and in Namibia. Some, however, choose to access our services through an accredited PPS-employed financial adviser. The relationship between financial adviser and client is an important and special one, which often develops over time into a high-trust affiliation that allows for dreams and requirements to be shared and discussed. Good financial advisers ask the right questions, protect their clients from irrational or emotional decisions, and ensure that the necessary discipline is in place to adhere to a pre-agreed plan. A trusted financial adviser is a sounding board, a coach and a source of wisdom. The needs of our professional members are, however, often specialised and complex, and individual financial advisers are not able to be specialists in all areas across the vast spectrum of personal financial planning. This is why all of our financial advisers, whether employed at PPS or independent, are able to tap into the resources available from our Specialist Support Services (S 3 ) unit. The S 3 team, a group of highly qualified and skilled individuals, is available to assist members’ financial advisers with specialised input. They are not intended to replace financial advisers, though, and are not permitted to implement advice. Their role is to be a resource that can be drawn on for specialised interventions. In summary, our promise at PPS regarding the S 3 value proposition is twofold: firstly, professional members are able to engage with professionals when undertaking their financial planning (pro-on- pro) and, secondly, the interaction is void of any sales pressure, as implementation is not permitted. This arrangement is unique in South Africa and is fundamental to our value proposition to members. INCOME PROTECTION AND LIFE INSURANCE Income protection and life insurance are the solutions most often associated with PPS and were the first to be developed and offered by our founders. Over the past eight decades, we have continuously refined on these original offerings, exploring the ramifications of potential scenarios and developing added-value features and new products to provide additional peace of mind. The PPS Sickness and Permanent Incapacity Benefit is, for instance, a bespoke product for professionals that is unparalleled in the South African environment. It is the leading and most competitive product of its kind. The sickness cover pays out if a member falls ill for a period of time and, unlike most competitive products, without the member having to prove that they lost income or did not receive any remuneration during the period of being incapacitated. PPS also offers life, lump-sum disability, accidental death, critical illness and education products that are all intrinsically superior to similar products available in the market as members who have them qualify to benefit from a built-in Profit-Share benefit. Other differentiators include covering our members in terms of their existing products should they subsequently travel or reside outside of South Africa without additional loadings, restrictions or exclusions; no limit to the number of claims; and cover for potentially hazardous pursuits such as scuba diving, flying private airplanes and motorcycle racing at no additional premium. With our in-depth understanding of the graduate professional market, we have made allowance for the fact that many members enjoy energetic pursuits outside of their professions. Also, our members’ Profit-Share Accounts are not reduced if they claim. We believe that the so-called no-claim benefits go against the grain of what insurance is all about. WHO WE ARE AND WHAT MAKES US DIFFERENT | 9