Focus...

pps launches two new products and its members attend the launch in force. Angelo Coppola was there, reporting on the business.

Mike Jackson – head of pps -speaking to intermediaries at the event, said that 2003 was a good year – with some R5bn in assets recorded and R9bn in retirement fund assets.

R294m in claims and benefits paid out to members last year, something that other assurers don’t generally comment on.

On the other hand premiums were up 16% at R527m, while member numbers climbed, where others showed declines – now pegged at 127 000 members.

Importantly on the profit distribution issue, Jackson says that R667m was paid out, up more than 300% on the previous year, due mainly to the change in performance of the markets.

Jackson says that one of the reasons for the pps success is its narrow focus and the fact that it is aimed at professionals; “While we also understand the fact that intermediaries generally wake-up in the morning and they are unemployed.

Paul Marsen, national sales manager at pps, made much of the fact the reason they can offer strong products, such as the two products unveiled, because of the nature of their risk pool.

He also touched on the questions around Profmed, and the related underwriting and service issues. “A service recovery plan was put in place in May and there have been significant improvements.

“We also discovered that some of the problems were related to a breakdown in communication, while the service and underwriting backlog has all but dissapeared.”

In terms of the product offering, more to follow elsewhere.