Developing innovative products, services and solutions Defining the issue: In an environment defined by the rapid emergence of innovative technologies, insurers can analyse customer data and bring new products to market rapidly. We strive to maintain a deep understanding of our members and their needs so that we can consistently 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 goals and requirements. We endeavour to develop, launch and improve our products and services based on this and existing behavioural insights. Dealing with rapid technological development Defining the issue: Large-scale digitalisation, especially since 2020, has fundamentally changed how people engage. Professionals operating in an internet-enabled, alwayson 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. They have come to expect constant multi-channel access to providers, as well as features such as remote advice, online applications, digital transactions, speed, efficiency, superior customer service, transparency and data security. PPS’s response: At PPS, we use technology to improve all aspects of our business. Our solutions include a multi-platform internet presence, several mobile apps, a member and adviser engagement platform, a customised digital dashboard for each member, an AI-enabled query facility, a tool to calculate actual and potential Profit-Share, a data analytics platform that draws on various data points, an AI-powered security platform and a robotics initiative. Analysing and responding to technological developments are fundamental to our commitment to continuous improvement. Energy crisis Defining the issue: Eskom’s inability to meet the country’s energy requirements significantly impacts all businesses. The slow approval of the mixed-energy policy also delays alternatives to Eskom being implemented. The overall energy situation in the country is disruptive and costly to PPS operations – a situation shared by other organisations. PPS’s response: We secured energy supply at our head office by installing solar panels at the end of 2022 to augment the Eskom supply shortfall. A third of the monthly electricity used at our head office will now be from solar power, reducing our reliance on Eskom. We continue to look to sustainable energy alternatives to decrease our dependency on diesel generators across all properties. 47 Material matters and risk management
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