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PPS Short-Term Insurance serves members with enriched value proposition

12 July 2021 PPS

PPS Short-Term Insurance has introduced an enriched and differentiated “private client” service experience to its time-scarce members in the professional market that reduces the need for call-centre reliance.

“We are acutely aware that the short-term insurance industry locally and globally is undergoing significant shifts as the impact of COVID-19 continues to drive behaviour change and needs in the area of motor vehicle and home insurance, especially when it comes to simplicity and flexibility,” says Werner Bosman, CEO of PPS Short-Term Insurance.

The Future of Motor and Home Insurance – What do customers want? a report compiled by Deloitte following a survey conducted in October 2020 among 8 000 customers from eight countries (Australia, Canada, China, Germany, Italy, Japan, the UK and the US), identified core insights that will help the industry to grow. These include:

• Customers favour simplicity. They want products that are easy to understand, purchase and use. They also want to be confident that they are paying a fair price and that claims will be paid fairly. With this insight, insurers can use a human-centred approach to redesign products and exceed customers’ expectations.
• Insurance embedded into other services and in new product designs is strong in some customer segments but varies considerably by country.
• Internet-connected offerings, such as motor telematics and home insurance linked to home sensors, cause apprehension among many customers. They do not feel comfortable sharing data from car and home sensors with insurers.
• The COVID-19 pandemic is increasing demand for adjustable cover and pushing people towards transacting via online channels. This behaviour is unlikely to revert to pre-crisis norms for many people.

“This is also coming through more strongly among our members who are seeking value enrichment and innovative self-service options in managing their short-term insurance policies and products,” says Bosman. “We recognise that time, convenience, privacy and simplicity is important for professionals who rely on a superior value offering.

“The private client service experience is aimed at creating exceptional engagements with our members and the first of our innovations is in the area of Concierge Services, one of the key trends along with personalisation that has been identified for the industry,” adds Bosman.

“Concierge Services is the kind of differentiation that our members – the graduate professional market – expect as private clients as it places control in the hands of the user through innovative self-service offerings,” he says.

Members of PPS Group who also have short-term insurance through PPS Short-Term Insurance will have access through a bespoke app to not only view their policy information, request amendments and submit claims easily, but to also access bespoke Concierge Services. The Concierge Services include security services such as Identity Theft Alert which gives members a “heads-up” of potential breaches and a panic button that gives them 24/7 assistance if the need arises. Members also have access to a vehicle licence renewal facility and six chauffeur trips a year. More services will be added in future.

“Innovation in serving our members remains at our core and we will be keeping a close watch on shifts in the short-term insurance space locally and globally to ensure we continue to deliver unique solutions to our graduate professional members,” concludes Bosman.

PPS Short-Term Insurance which is unlike any other short-term insurance business provides its unique customers – graduate professional members – with specialised, tailored short-term insurance solutions that address the needs specific to the professional market’s needs. The edge is that, for members holding qualifying products, they get to share in the profits generated by the PPS Group, a member-based mutual company established by professionals for professionals, once valid claims are honoured and expenses are paid.

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QUESTION

South Africa’s Financial Sector Conduct Authority (FSCA) has the power to raise revenues by issuing administrative penalties and fines against non-compliant financial services providers, with this money flowing back to the Treasury… Does this, in your view, create a regulatory / government conflict of interest?

ANSWER

Absolutely, as conflicted as it gets
Maybe, I’m on the fence on this
No, the FSCA can do no wrong
The guilty must pay
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