Business Chat – Adding Glu to Financial Products

In this episode of Business Chat on BizTech Africa, host Greg Stewart chats with Michele Jennings, CE of Glu, a division of the Provident Society PPS. Our discussion covers the inception and innovation behind the creation of Glu, highlighting its mission to extend the benefits of mutuality to a broader South African audience without detracting from PPS’s existing value proposition for professionals.

Our talk expands on Glu’s innovative approach, including the launch of the ProfitBack policy, which allows policyholders to participate in the company’s profits, akin to being shareholders. This policy accumulates profit shares over time, providing meaningful value upon retirement, and is tax-free.

The conversation also touches on the unique benefits of mutuality, where profits are shared among policyholders regardless of claims, and the potential for direct business in the future. Michele’s insights reveal a forward-thinking approach to insurance, aiming to provide substantial benefits and growth opportunities for members. The episode concludes with an optimistic outlook for Glu’s growth and impact in the market.

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Key Quotes From Michele Jennings:

• “The ProfitBack policy allows policyholders to participate in the company’s profits, akin to being shareholders.”
• “We listen, we fix, and we move forward as quickly as possible.”
• “Our preference is to use advice as a means to get people to buy their insurance.”
• “The earlier one gets in, the better it is because it accumulates year on year.”
• “The benefit of the ProfitBack policy is that these proceeds are tax-free. All taxation takes place in the fund, so when the member actually gets that money, it is net of tax. They don’t have to declare it and pay more tax on it, making it an incredible benefit. The earlier one gets in, the better it is because it accumulates year on year and grows beautifully to the point that it is meaningful when a person really needs it.”