Looking ahead Having recorded low attrition rates, an increase in new sales and improved efficiencies in 2022, PPS Short-Term Insurance’s prospects for 2023 are good. As well as concentrating on our product offering, we will focus on continuous improvements to our value proposition, greater efficiencies and cost management. There is scope, in particular, for cross-solutioning established PPS members with lower risk profiles, especially retired members who can now use their Vested PPS Profit-Share Accounts to pay for short-term insurance. There is scope for growth among newly qualified health professionals who have completed their university training and require indemnity insurance. Our association with ProAssurance, a US indemnity assurance provider, ensures that we can offer our members local knowledge and expertise while also providing them with the support of a global partner. Further opportunities exist for developing innovations that will reach younger graduates and make them more aware of the long-term benefits of both the PPS mutual model and the PPS Profit-Share Cross-Holdings Booster. We will continue to maintain a strong focus on providing competitive pricing and superior levels of customer service to our existing members, as well as timeously paying out all valid claims. PPS SHORT-TERM INSURANCE (HEALTH PROFESSIONS INDEMNITY) PPS Health Professions Indemnity is a product designed for healthcare professionals who are registered with the Health Professions Council of South Africa and working in clinical practice. It was developed in response to member demand for a solution to steep hikes in the cost of indemnity insurance due to an increasingly litigious environment. The product provides the security health professionals need to allow them to focus on their clinical practices, safe in the knowledge that their indemnity needs are in the hands of 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 individual and/or practice to determine the cost of their indemnity insurance. We do not use standard rates based on either location or speciality, each case is assessed by considering clinical history, caseloads and geography. 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 use a voluntary claims-deductible feature to lower their premiums. In 2022, we continued to absorb the pandemic’s ongoing impact on our members, helping them to ease cash flow by restructuring payment agreements where needed. We further reassessed the clinical risk profiles of members unable to work due to lockdown restrictions and offered reduced premiums for those with lower risk profiles. Gross written premiums of R89.6 million 6 640 insured health professionals Profit before interest and tax (PBIT) R4.2 million UP 200% 39 PPS Group performance at a glance
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