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PPS SHORT-TERM INSURANCE
What we do
Graduate professionals are a select risk pool of
individuals and require specifically targeted insurance
solutions. We offer car, home, business and professional
indemnity insurance, supported by skilled client
care consultants.
Performance
PPS Short-Term Insurance policyholders grew to over
14 000, with significant upside available in the PPS
member base. As a start-up business within the bigger
PPS Group, STI is building scale and profitability.
Net written premium improved by 20% and we are
proud to have maintained our lapse ratio at significantly
below industry averages.
In late 2018, we migrated our claims administration
function to a new service provider, in pursuit of
improved customer service and efficiencies.
Risks, challenges and opportunities
While the trading environment remains tough for
short-term insurers in general, emerging technologies
create opportunities that enable insurers to create
compelling value propositions for their policyholders.
There is a definite shift from ‘protection’ to ‘prevention’,
which allows STI to create additional value for our
policyholders over and above standard insurance.
We are exploring the benefits that artificial intelligence,
machine learning and robotics can bring to the industry.
Prospects
Our focus over the next two years is to create a true
private client experience for all our members and
intermediaries. We are following a phased approach,
with the roll-out of our mobile app during Q1 of
2019 being the first our members will experience.
The app places the control of their policies in the
hands of PPS members. When in a motor accident,
for example, our members can lodge a claim at the
scene with step-by-step guidance and assistance, using
features like licence disk and ID scanning, taking photos
at the accident scene and SOS assistance.
PPS Health Professions Indemnity
Designed for the South African professional registered
with the Health Professions Council of South Africa,
PPS Health Professions Indemnity offers innovative
product features to provide peace of mind to health
professionals engaged in clinical practice.
Launched in early 2019, PPS Health Professions
Indemnity is an insurance contract-based product,
developed in response to rising professional indemnity
costs and an increasingly aggressive legal environment.
The product provides the security necessary for health
professionals to focus on their clinical practice, safe
in the knowledge that their indemnity needs are well
protected by a brand they know and trust.
PPS Health Professions Indemnity is an insurance
solution for health professionals, and is designed to
tackle rising professional indemnity costs and the
increase in aggressive litigation across South Africa.
Besides offering peace of mind, it has the added
mutuality benefit of allocating profits to members’
PPS Profit-Share Accounts.
Pro-Insure Car
Pro-Insure Home
Pro-Insure Business
PPS Health Indemnity
A comprehensive vehicle
insurance offering tailored
for professional lifestyles.
Offers a range of cover
options that mitigate the
inconvenience arising from
loss or damage of personal
property.
The PPS STI Pro-Insure
Business policy protects
assets and safeguards
the smooth-running of an
enterprise in the event of
business interruption (and
other perils).
This cover provides peace
of mind to healthcare
professionals in medical
practice.
GROUP OVERVIEW
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PPS
INTEGRATED REPORT 2018
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