PPS Insurance operates on the philosophy of mutuality, which means that the company exists for the benefit of their graduate professional members who are its owners and who share in all the PPS profits.
The Professional Provident Society
PPS, or Professional Provident Society of South Africa is a multidisciplinary group of graduate professionals, which was founded on July 8, 1941 at the height of the Second World War. A group of eight dentists wanted to find a better system of financial protection at the time when they were unable to practice their profession due to sickness or injury. They modeled their own Professional Provident Society on UK’s Dentists. Provident Society which was formed in 1908 and whose objectives matched the needs of the eight founding dentists. Mike Jackson has been the Chief Executive Officer of PPS Insurance since 2003 and the board positions in the company are filled with its policy holders. Surplus profits are paid to the policy holders as actual dividends.
PPS Insurance Head Office
The head office of PPS Insurance is located at 6 Anerley Road Parktown 2193. Their postal address is P.O. Box 1089 Houghton, 2041.
Services Offered by PPS Insurance
PPS offers insurance products only to graduate professionals. These services include health insurance, life insurance, business assurance, student benefits, car and household insurance. Under its car and home insurance, PPS covers the following:
- Household contents;
- Motor vehicles;
- Leisure vehicles;
- Specified personal belongings;
- Computer equipment;
- Personal liability.
PPS Home Insurance
Graduate professionals with a four-year degree are considered to be “low risk” members, which means that they are qualified to receive a reduced premium on their insurance, including PPS home contents insurance (also known as household insurance or contents insurance).
The exclusive members of PPS home insurance can enjoy the following benefits:
- Unlimited geyser cover as part of building insurance;
- Free 24/7 home assistance;
- Free asset risk surveys on home contents;
- R5 million personal liability cover;
- Excess waiver (optional) – this means that if you claim, you don’t have to pay any excess fee;
- All Risk Cover (optional) – this if for accidental damage of household contents insured for more than R500,000;
- All Risk Cover (optional) – worldwide cover for stuff taken out of your home. For example, if you go overseas with your Rolex and it gets stolen, this should be covered (assuming you declared it in the inventory list when you took out the insurance).
PPS Members are also covered up to R15,000 for the loss of following items:
- Keys, locks and remote control units;
- Guests’ and domestic employees’ belongings;
- Fridge and freezer contents;
- Hole-in-one/full house – we were unsure what this meant, but left it in just in case any of our readers knew what it meant and wanted to comment on it.
Filing a claim with PPS Insurance
On the PPS Insurance site, there are easy to follow steps for making house insurance claims. The steps include reporting to the police so they can log the incident, such as when items are stolen from your house, then notifying PPS of your claim within 24 hours of the event, or if not possible, notifying them within 30 days. There are numbers provided which one can call. A police reference or case number is needed to file your insurance claim so it is important to keep this documentation. The last step is submitting all documents to PPS Insurance and waiting for PPS to contact and inform you of the outcome of your PPS household insurance claim. To make it easier for you, there is a claims specialist who can guide you through the process.
Review of the PPS Insurance website
The PPS Insurance website has a neat and easy to use layout and has a professional look to it. There is a fair amount of information about the company background and the services they provide, but not enough specific information about their actual insurance services. For example, when it comes to PPS home insurance, the website only mentions the benefits of the coverage without much detail and they display this information along with the car insurance information which at times is a bit confusing. It would have been much more helpful if there were explanations for each benefit. Lastly, no information exists about their pricing which of course makes it impossible to compare and to make a decision as to whether it is worthwhile to join or not. Nor is there any basic indication of the prices.
Reviews of PPS Insurance
At hellopeter.com, PPS Insurance received 44 overall reports wherein 34 are complaints and 10 are compliments. Out of the 34 complaints, 29% are regarding their billing/accounts, while 15% are regarding the feedback/response time. Usually, these percentages would indicate that their level of service is not great. But in all fairness, the amount of reports is so low compared to other companies, that this really can’t give a reliable indication. Additionally, and on the upside of things, they have responded to almost all of the reports, whether complaints or compliments, indicating an awareness to their clients – this is not something that all companies do.
The Bottom Line
PPS Insurance is distinguished from other insurance providers in the insurance industry by the fact that its policy holders are also its owners. It means that the profits gained by PPS Insurance are shared mutually by members who have qualifying PPS products – this is definitely unique and something that should be a plus for anyone looking for insurance (assuming that they are profitable, that they really do give out dividends and that their insurance premiums are the lower or equal to other companies). According to PPS Insurance website, they are an authorized financial service provider, and claim to have 290,000 members. PPS membership is open to graduate professionals holding at least a four-year academic degree or the equivalent thereof, in a profession that is eligible for PPS membership. And membership is at the discretion of the PPS Board.
As always, and especially seeing how we were unable to ascertain the pricing of PPS’s home insurance, we suggest that you receive a few home insurance quotes and compare between them. Luckily for you, if you fill in the above form you will receive up to 9 Free house insurance quotes from a professional agent, including a quote from PPS Insurance.