According to McKinsey, nearly 60% of insurance policyholders say they want more personalised, long-term value from their providers. It’s a sign that times are changing. Clients want insurance to be more than just protection against something terrible, they want that money to do something. Their wish is our command.  

For glu, a new division of PPS, the answer lies in Mutuality: a model built on shared outcomes, not short-term wins. That’s the thinking behind ProfitBack™, a benefit  where glu shares it’s profits with members, allowing members to accumulate value over time, reinforcing the Mutuality model and rewarding commitment.  ProfitBack™ is glu’s way of extending the principle of Mutuality to more South Africans who are just beginning to make financial decisions that will ultimately shape their futures.

Here’s how it works: Members under 60 with qualifying cover (Life, Disability, Critical Illness, or Income Protection) are automatically included in ProfitBack™, no sign-ups or extra steps required. Each April, glu allocates a notional bonus to the member’s ProfitBack™ policy. These bonuses start vesting after 10 years, with 20% unlocking every five years until the full amount is available at 25 years, or when the member turns 65, whichever comes first.

A key differentiator is that claims have no impact on allocations or balances. Members don’t lose out on their share of value simply because they’ve accessed their cover. This embedded benefit strengthens long-term value for members, while setting glu apart with an offering that rewards loyalty and usage simultaneously.

ProfitBack™ is one of the strongest differentiators in the market, making glu the only financial services business, other than PPS in the professional space, to share profits directly with members. This unique model accelerates members’ ability to build long-term wealth.

Michele Jennings, Chief Executive of glu says, “It’s time to rethink the role insurance plays in people’s lives. It should be about more than bracing for the worst. It should help people build towards the future and share in the upside when things go well.”

For glu, simplicity is a priority. ProfitBack™ isn’t designed to complicate the product suite or rely on behavioural nudges to unlock rewards. It’s embedded in the system, a structural expression of glu’s belief in mutuality. Unlike traditional models where value is extracted, glu’s model ensures value flows back to members as part of the business itself. That’s not just philosophy, it’s a competitive advantage.

Unlike loyalty points or cash-back schemes that are often complex and less rewarding, ProfitBack™ is a true long-term wealth-building mechanism. It recognises that staying insured is not just responsible, it’s valuable. For younger members who start early, the value of ProfitBack™ after 25 years could exceed the total premiums paid. Now that’s real, tangible value.

Traditionally, one of the trickier conversations to have with clients is the “what if I never claim?” moment. While the peace of mind of insurance is its own reward, people naturally want to feel that their money is doing something more, not just disappearing into a premium sinkhole.

For financial advisers and other professionals in the insurance value chain, the ProfitBack™ model offers something rare: a built-in benefit that supports client retention and reinforces the value of long-term planning and partnership.

By rewarding commitment over claims, glu is creating a product that not only delivers meaningful financial benefits to members but also reinforces our promise to always pay valid claims. Beyond that, we’re shaping a more purposeful journey, one rooted in community and shared benefits. For advisers, this becomes an elegant bridge between protection and planning, especially when guiding clients who are new to seeing insurance as part of a wealth strategy. It’s financial services the Ubuntu way: where cover and community come together to build long-term value.

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