Developing innovative solutions and services Defining the issue: In an environment defined by the rapid emergence of innovative technologies, financial services providers can analyse customer data and bring new solutions to market quickly. PPS’s response: We maintain a deep understanding of our members’ needs, consistently designing and launching customised solutions. Through ongoing engagement, we gather insights into their goals and requirements, refining our services across various domains based on their feedback. Regulatory issues Defining the issue: A change in insurance legislation has led the PPS risk product to fall outside the classes of business in the Insurance Act. PPS is currently operating under a temporary exemption to offer this long-standing product. PPS’s response: PPS continues to engage positively with the regulators regarding legislative changes to accommodate our unique operating model as a mutual insurer. While, in the near term, we anticipate a continuation of current accommodation, our long-term expectation will be to have a globally comparable legislative environment for mutual insurers. Dealing with rapid technological development Defining the issue: Large-scale digitalisation has fundamentally changed the way in which people engage. Professionals have come to expect constant multi-channel access, as well as online applications, speed, efficiency, superior customer service, transparency and data security. PPS’s response: At PPS, analysing and responding to technological developments is fundamental to our commitment to continuous improvement. Our solutions include a multiplatform internet presence, mobile apps, member and adviser engagement platforms, a customised digital dashboard for each member, an artificial intelligence (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 process automation initiative. We have also recently introduced an enhanced workflow engine that is being used to automate many critical but routine functions within the business. This allows for claims to be submitted and tracked electronically. 47 Material matters and risk management
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