MUTUALITY
Beyond the premium : Unlocking the power of insurance for good
By Izak Smit , PPS Group Chief Executive Officer
Imagine a future where insurance goes beyond financial protection to actively shape a safer , more resilient , and happier society . We should strive for this vision – insurance as a cornerstone of global well-being , not just a safety net .
In the years ahead , the insurance sector has the potential to transform society , not only by mitigating risks but by fostering empowerment , education and sustainability . At PPS , we see this vision unfolding . But it requires rethinking our approach – moving beyond the traditional role of risk hedging into one that shapes a more equitable , resilient world for generations to come .
GOING BEYOND RISK HEDGING : SHAPING TOMORROW ’ S FINANCIAL LANDSCAPE The insurance industry has the power to drive positive societal change by empowering individuals to make informed financial decisions . Graduate professionals – often overlooked in financial education – are particularly vulnerable to protection shortfalls due to a lack of personal finance knowledge . Our experience at PPS is that , although professionals are highly educated in their various fields , many face the same educational gaps in personal finance as the rest of society . At PPS , we are committed to bridging this gap through accessible education . The future of insurance should protect and educate , developing financial literacy to help individuals navigate life ’ s uncertainties with confidence .
PREVENTION OVER CURE : A NEW ERA OF PROACTIVE RISK MANAGEMENT At PPS , we believe the future of insurance will focus more on prevention than ever before . The principle of “ prevention is better than cure ” is already evident in programmes promoting healthier lifestyles , safer driving and improved infrastructure .
Looking ahead , insurers could actively prevent risks before they occur , collaborating with clients to minimise losses . Innovations like wearable tech and smart home devices mark the start of this shift . By integrating proactive risk management into daily life , insurers can reduce claims , cultivate resilience and benefit society with potentially lower premiums .
MUTUALS AND COOPERATIVES : THE HEARTBEAT OF COMMUNITY RESILIENCE The cooperative and mutual insurance model is a powerful tool for addressing global challenges . With a focus on long-term sustainability and community support , mutuals prioritise members ’ needs over shortterm profits . These organisations are uniquely positioned to tackle issues like financial inclusion and the United Nations ’ s ( UN ) Sustainable Development Goals . Recognising their potential , the UN has declared 2025 the Year of Cooperatives ( which includes mutual insurance businesses ), highlighting the need for regulatory environments that support mutuals and cooperatives in driving positive change , from reducing financial exclusion to promoting environmental sustainability .
EDUCATION : THE KEY TO UNLOCKING SUSTAINABLE CHANGE Education will continue to play a central role in transforming the insurance sector . Whether it is educating individuals about the risks they face or supporting broader social initiatives through corporate social responsibility , insurers can drive longterm change .
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