2019 Integrated Report

WHO WE ARE AND WHAT MAKES US DIFFERENT (CONTINUED) Our members access financial planning services in a number of ways. Most often, they rely on the Group’s large network of independent and accredited advisers throughout South Africa to fulfil this function. Alternatively they can use the services of a PPS- employed financial adviser. The relationship between adviser and client is an important and special one. Over time it often develops into a high-trust affiliation that allows for sharing and discussion of dreams and requirements. Good 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 often specialised and complex. Individual advisers are not able to specialise in all the areas that make up the vast spectrum of personal financial planning. To fill in any gaps, advisers – whether employed at PPS or independent – are able to tap into the resources available from the Group’s Specialist Support Services (S 3 ) unit. The S 3 team is a group of highly qualified and skilled individuals dedicated to assisting financial advisers and ultimately the members of PPS. This team is not permitted to implement advice. That should happen through the member’s adviser, who draws on input from S 3 when necessary. The S 3 consultants are not there to replace members’ advisers. They are there for specialised structuring and interventions. The PPS promise is twofold: firstly, professional members engage with professionals in financial planning (professional to professional) and, secondly, the interaction is void of any sales pressure, as implementation is not permitted. This arrangement is unique in South Africa and is part of the Group’s value proposition to members. During 2019, PPS launched a newmember and adviser platform called PRO-FiT. It is designed to complement the overall member experience with enhanced digital capabilities that provide for seamless engagement. SICKNESS COVER AND LIFE INSURANCE Sickness cover and life insurance are the solutions most often associated with PPS and were the first to be developed and offered by its founders. Over the past eight decades, the Group has continuously refined its offerings, exploring the ramifications of potential scenarios and developing added-value features that provide additional peace of mind. For example, the PPS Sickness and Permanent Incapacity Benefit is 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 is unable to work. 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 international cover without loading or exclusions. There is no limit to the number of claims, and automatic cover for potentially hazardous pursuits such as scuba diving or flying private airplanes. With its in-depth understanding of the graduate professional market, PPS has made allowance for the fact that many members enjoy energetic pursuits outside of their professions. Unlike many other products from competitors, members’ Profit-Share Accounts are not reduced if they claim. PPS believes that so-called no-claim-benefits go against the grain of what insurance is all about. SAVINGS AND INVESTMENTS Over the years, PPS members appreciated the way in which their profits had been invested and expressed a desire to be able to benefit from the Group’s investment philosophy and business acumen. In keeping with the belief that success is better shared, PPS has made savings and investment solutions available to members through PPS Investments. PPS Investments is an investment management services provider for graduate professionals and their families. PPS Investments offers the full spectrum of investment solutions that professionals require for financial security – including living and retirement annuity funds, personal pension funds, preservation funds and investment accounts – and across different risk-return fund solutions. Whether investing ultra- long-term for retirement, saving for a more specific short-term goal, or preserving existing savings, PPS Investments offers members tax-efficient savings and investment solutions for every stage of life. A major differentiator, aligned with the principle of mutuality, is that members with qualifying risk products are also eligible to share in the investment administration and investment management profits. SHORT-TERM INSURANCE Following on its success with sickness cover and life insurance – and driven by the desire expressed by some members to have all of their financial services products housed within the PPS community – the Group created PPS Short-Term Insurance to address members’ motor vehicle, home and business insurance needs. PPS Short-Term Insurance is unlike any other short- term insurance business. Firstly, since it only serves professionals, the solutions and unique added-value services it provides are exclusively tailored for the specific needs of the professional market 08 | PPS INTEGRATED REPORT 2019