A new player, glu, has entered the South African financial services market with an aim to extend mutuality-driven benefits to a broader audience.
The service was introduced at an exclusive event last week and officially went live today.
Glu is a division of the Professional Provident Society (PPS), a mutual financial services company that caters specifically to graduate professionals, offering insurance, investment, and healthcare solutions.
Izak Smit, CEO of PPS Group, says glu makes it possible for more South Africans to experience the benefits of mutuality, a model where members share in the company’s annual profits.
PPS describes glu as a 'digital-first' platform that usies technology, data, and AI to offer innovative financial solutions. It targets middle-to-upper income individuals aged 25-55 with a household income of at least R30 000 per month, ideally with a diploma or degree, or a connection to an existing PPS member.
Jeshan Gajathar, CFO of PPS, emphasises the importance of future-proofing their solution. “We've created a sustainable business that delivers long-term value to our customers. [...] By combining data, technology, and in-depth market insights, we've created a platform that empowers our customers to make informed financial decisions, both now and in the future.”
CIO Sibusiso Mbingo says glu is using AI, data, and innovation "to create a seamless customer experience".
"We are a digital business with a focus on customer centricity. We don’t just design systems; we deeply understand our clients’ needs and make data-driven decisions to meet them.”
Mbingo adds that glu plans to integrate AI into their smart underwriting process, too. “We're taking our smart underwriting to the next level by leveraging AI, which will enable us to extract relevant information automatically, reducing the need for lengthy questionnaires and streamlining the overall process.”
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