South African ICMIF member the Professional Provident Society (PPS) has launched glu, a new division designed to extend mutuality-driven benefits to a wider audience across South Africa. The new division will be live from 30 January 2025 and the aim is for glu to bring a fresh approach to financial security in South Africa, furthering PPS’s commitment to financial well-being.
The core market of PPS remains graduate professionals but the mutual says glu will open the door for more South Africans to enjoy the benefits of mutuality, hallmarked by members sharing in the annual profits of the business. PPS is proud of its mutuality and its unique business model where, unlike listed companies which share their profits with shareholders, PPS and glu share their profits with members as a reflection of their mutuality model.
glu caters to those who value straightforward, transparent financial solutions to help them plan effectively for their futures. The business’ inclusive approach, described as “Financial Togetherness™,” is inspired by ubuntu, creating a supportive financial ecosystem that empowers members to achieve their financial goals confidently, while benefiting from shared success.
Michele Jennings, Chief Executive of glu, said: “glu is more than just a financial services provider; it’s a partner in one’s financial journey. In our world, customers are more than just policyholders, they are members who form part of a community that shares in the benefits of mutuality. Our purpose is clear: to be the companion that takes the anxiety out of our members’ financial journeys. We aim to simplify financial planning and empower members to make informed financial choices.”
Launching at a time when many consumers are facing heightened financial stress, the aim is for the new division glu to address the financial anxiety impacting South Africans today. Recent research shared by PPS and glu shows that 75% of South Africans experience financial anxiety, which affects various aspects of life.
glu says it offers a simple and effective product which will meet the evolving financial planning, insurance and investments needs of members. Their range of solutions focuses on simplicity and ease of doing business. By using straightforward, concise language and focusing on practical solutions, the aim of glu is to deliver an agile value proposition, helping members to confidently navigate their financial journeys.
Izak Smit, CEO of PPS Group, said: “glu was conceived from a simple yet powerful idea within PPS – to extend the benefits of mutuality to even more South Africans. With glu, we’re building on PPS’s legacy of helping individuals lay a firm foundation for their financial futures. It’s about offering more people the opportunity to share in mutual success while creating a community where financial planning feels less overwhelming and more empowering.”
The target market for glu is South Africans, with a core focus on middle-upper income individuals aged 25 – 55 with a minimum household income of ZAR 30,000 per month, ideally with a diploma or degree, or a connection to an existing PPS member. The business offers an ecosystem where success is shared, fostering a diverse community of like-minded individuals who believe in the power of collective success.
Image shows (from left to right): Barry Pretorius – glu National Head of Distribution; Jeshan Gajathar – glu Chief Financial Officer; Nick Battersby – PPS Group Deputy Chief Executive Officer; Michele Jennings – glu Chief Executive; Izak Smit – PPS Group Chief Executive Officer; Marusha Nariansamy – glu Head of Actuarial; Thembeka Mabaso – glu Chief Marketing & PR Officer; and Sibusiso Mbingo, glu Chief Information Officer
