We also enhanced our mobile app, which gives members the ability to view and amend policy information, submit claims and access the concierge services. Our members have welcomed the new concierge benefits. Travel benefits were introduced during the year. This includes a “Super Waiver” benefit for our members which means that when they rent a vehicle and an accident happens, they will not have to pay more than what their current insurance excess is with PPS Short-Term Insurance. There is, therefore, no need to purchase extra cover when renting a car. Our members now also have cover for luggage that is lost or delayed for longer than six hours. Professionals generally often have to travel, and our products are designed to assist with this. PPS Health Professions Indemnity The PPS Health Professions Indemnity is designed for healthcare professionals registered with the Health Professions Council of South Africa and working in clinical practice. PPS Health Professions Indemnity was developed in response to member demand for a PPS solution in the face of steep hikes in the cost of indemnity insurance and an increasingly litigious environment. It provides the security health professionals need to be able to focus on their clinical practice, safe in the knowledge that their indemnity needs are being met by a brand they trust. Our underwriting philosophy sets us apart as we use a risk-adjusted model. We look at the risk profile of each practice and or individual to determine the cost of indemnity insurance in that particular case. Each case is assessed factoring in clinical history, caseloads and geography; we do not make use of standard rates based on speciality. In addition, premiums are adjusted according to the risk profile of the individual member. If practitioners manage their risk well and have a lower probability of claiming, they can choose to make use of a voluntary claims deductible to lower their premiums. In 2020, PPS Short-Term Insurance was the first provider in the industry to assist medical professionals who hold the PPS Health Professions Indemnity product and who were affected by the pandemic. In 2021, we continued to take the ongoing impact of the pandemic on our members into account, helping them to ease cash flow by restructuring payment agreements where it was needed. We further reassessed the clinical risk profiles of members who were unable to work due to lockdown restrictions and offered reduced premiums for those with lower risk profiles. Prospects Notwithstanding the constrained economic environment, the business’s prospects for 2022 are good. There is scope, especially, for growth from newly qualified health professionals who have completed their training. Our association with ProAssurance, a US indemnity assurance provider, ensures that we have local knowledge and expertise while enjoying strong linkages and support from a global partner. One of the risks to businesses that operate in the healthcare space is that there is still some vaccination hesitancy in South Africa and that a relatively low percentage of the population has therefore been vaccinated, compared to first world environments. This will put operational and economic pressure on healthcare professionals. From an innovation perspective, we will be focusing on improving the self-service options we offer, both in response to client needs and to contain costs. As always, our objective remains to meet the specific short-term insurance needs of our professional members and our entire business is organised to do this. In 2021, the number of insured health professionals reached 1 732 and represents organic growth of 63% for the year. During the year, Pharmaceutical Society of South Africa Scheme (PSSA) members were also migrated bringing the total number of insured health professionals to 4 309. The bottomline financial performance of the business is well ahead of budget, mainly due to good expense management. 69 | PPS Group performance at a glance PPS Integrated Report 2021
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