Developing innovative products, services, and solutions Defining the issue: In an environment defined by the rapid emergence of new technologies, insurers can analyse customer data and bring new products to market quickly. We strive to maintain a deep understanding of our members and their needs so that we are consistently able to design and launch customised and relevant products, services, and solutions. PPS’s response: We continuously engage with our members to maintain an understanding of and insight into their dreams, goals, concerns and requirements. Drawing on this, we endeavour to develop, launch and improve our products and services. Details of recent innovations are given in the Innovations section of this report. By enhancing our Innovation culture and capability, PPS is reviewing our Innovation process, people and systems as a strategic focus. As part of this strategic imperative, this year, some of our leaders will visit the Plug and Play Tech Center, located in Silicon Valley, California, US. Plug and Play Tech Center is an innovation platform that pairs global corporations with vetted start-ups where we can interact with innovators and identify relevant innovations that PPS and its members can benefit from. From previous visits, we have successfully identified and implemented innovations such as Ushur, which is being leveraged across the business. Digital transformation Defining the issue: Large-scale digitalisation has fundamentally changed how people engage. Professionals operating in an internet-enabled 24/7 information-sharing and transacting environment measure the standard of the services offered by their financial services provider against the standard of service they can or could receive from all other providers, including their banks and online retailers like Amazon. The COVID-19 pandemic has accelerated the pace of digitalisation across the world. Professionals have come to expect constant multi-channel access to providers, as well as features such as paperless transactions, speed, efficiency, transparency and remote advice. PPS’s response: At PPS, we use technology to improve all aspects of our business. Our technologies include a multiplatform internet presence, several mobile apps, a member engagement platform that will be rolled out to include advisers during 2022, a tool to calculate actual and potential Profit-Share, a data analytics platform that draws on various data points, a security platform powered by AI and a robotics initiative. Analysing and responding to technological developments is a fundamental aspect of our commitment to continued personal development. Employee satisfaction Defining the issue: In a country characterised by a pervasive shortage of skills, the ability to attract, develop and retain talent is vital. More than that, we believe that how we treat our employees ultimately determines how they treat our members. Managing employee satisfaction is, therefore, a very important material matter of the business. PPS’s response: Our response to this challenge is outlined in more detail in the Human Capital section of this report. As in 2020, employee engagement and satisfaction improved during 2021, partly due to the introduction of several different digital engagement platforms. Our Employee Engagement score, measured through the annual employee satisfaction survey, continued to improve in 2021. This is a major milestone for us; a knock-on effect resulting from our efforts to ensure that employees are more connected, involved and informed even as they worked remotely. Regulatory issues Defining the issue: As a financial institution, we endeavour to comply will all laws and regulations governing the industry. There should, however, be a balance between protecting customers, supporting the stability of the financial system and onerous, voluminous legislative requirements which are constantly changing. PPS’s response: PPS follows internationally recognised compliance principles concerning regulatory compliance. We actively engage with government and regulators on matters that can or do influence our members and the professional community as a whole. 79 | Material matters and risk management PPS Integrated Report 2021
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