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PPS Short-Term Insurance, which has been operating successfully as a brokeragefor seven years, is transforming its business model to become a short-term insurer. The companywill continue to focus on the insurance needs of the South African graduate professional market.
According to Nazeer Hoosen, Chief Executive Officer: PPS Short-Term Insurance Company,following the successful growth of the business, paired with a better understanding of the specific risks of the graduate professional market, the business has entered the next phase of its strategic roadmap.
“By becoming a short-term insurer, we will be able to design and underwrite new products that provide solutions which address the evolving needs of our members, in both their private andprofessional capacities,” says Hoosen.
“In addition, PPS is not listed on the stock exchange and allocates all its profits to its members on an annual basis, by way of allocations to members’ PPS Profit-Share Accounts. Our new short-term insurance offering will in due course also add to these profit allocations.”
Hoosen explains that in order to operate successfully as a short-term insurance company, PPS Short-Term Insurance will enter into a joint venture with Santam where Santam will assist PPSShort-Term Insurance to develop the systems required for operation as a short-term insurer and provide claims administration services. “Santam will also be taking up a shareholding in PPS Short-Term Insurance.”
We have partnered with Santam because it has a proud claims paying track record in an industry
under pressure from catastrophe claims and other factors, explains Hoosen. “Santam will also
benefit from our focus on the graduate professional market.”
“Everyone at PPS Short-Term Insurance is incredibly excited for the next phase of the business and
look forward to tailoring policies to better meet the unique needs of South Africa’s discerning
graduate professional market,” concludes Hoosen.