In an exclusive interview with COVER, Michelle Jennings, Chief Executive of glu, shared insights into the vision, purpose, and future of PPS’s latest venture.
With a vibrant, fun, and engaging identity, glu is more than just another financial services provider—it’s a movement to bring the benefits of mutuality to a broader audience.
The birth of glu – The idea for glu was sparked during the COVID-19 pandemic, a time that tested businesses across industries. Within PPS, a deep-rooted passion for mutuality was evident, as the company stepped up to support its members. However, PPS has traditionally been limited to graduate professionals, leaving many South Africans unable to access its benefits.
Recognising this gap, the vision for glu was born in 2020. The goal? To extend the principles of mutuality—profit sharing, financial security, and community support—to a wider audience. After overcoming various hurdles, the glu project gained momentum when Michelle Jennings joined the organisation two years ago. Since then, the team has been dedicated to building a business that makes mutuality accessible to more people.
Who is glu for? – Unlike PPS, which primarily serves professionals, glu is designed for a broader market. Michelle describes the ideal glu customer as someone between the ages of 25 and 55, with a household income of around R30,000 per month, and holding a degree or diploma.
A key group showing interest in glu are individuals who are familiar with PPS through family members—perhaps a parent or spouse—yet were previously ineligible to participate. Many of these individuals have seen firsthand how PPS’s profit-sharing model benefits its members, often witnessing substantial returns over time. Now, with glu, they too can take advantage of this model.
A Fresh approach to mutuality – At its core, glu follows the same principle as PPS: members share in the profits of the business. However, the team wanted to innovate on this concept to better suit the needs of a younger and broader audience.
One key difference is accessibility to profit share funds. Traditionally, PPS members must wait until retirement to access their accumulated profit share. glu has taken a different approach, introducing a vesting system that allows members to access portions of their profit share at regular intervals:
- After 10 years, members can access 20% of their accumulated profit share.
- Every 5 years thereafter, an additional 20% becomes available.
- By the 25-year mark, or at age 65, whichever comes first, members gain full access to their profit share.
This model blends long-term financial planning with greater flexibility, ensuring members can benefit from their profit share at different life stages.
A Comprehensive financial offering – glu isn’t just limited to one area of financial services—it spans multiple sectors. The company launched with its insurance offerings in January and has since expanded into short-term insurance, covering household and motor vehicle insurance. Fiduciary services, including wills and trusts, have also been introduced under the glu brand.
Excitingly, the glu investment business is expected to launch in April, further expanding the company’s reach and reinforcing its commitment to helping South Africans build wealth.
Technology-Driven financial services – One of the most exciting aspects of glu is its approach to technology. Rather than relying on legacy systems from PPS, the team built glu from the ground up, selecting cutting-edge technology to power the business.
The foundation of glu‘s technology strategy is a top-tier policy administration system from a global provider, enabling seamless integration with other systems. This plug-and-play approach ensures that new innovations can be easily incorporated, keeping the business agile and adaptable.
Michelle emphasised that every component, from the general ledger to product administration, has been designed to work together seamlessly. The result? A highly efficient, streamlined financial services platform that removes unnecessary complexities for customers.
Distribution and market reach – As a division of PPS, glu has access to its established distribution network, which includes intermediated sales through broker consultants and PPS agents. In addition, glu has built its own small, dedicated team to expand its market reach.
Looking ahead, the company also plans to introduce self-service capabilities, allowing digitally savvy customers to manage their insurance and financial products independently. This move aligns with glu‘s mission to provide simple, accessible financial solutions that remove anxiety and empower customers.
A Unique culture and identity – Beyond its products and services, glu is also focused on cultivating a distinctive culture. The brand’s fun, colourful, and engaging identity isn’t just for show—it reflects the company’s commitment to making financial services approachable and easy to understand.
Michelle acknowledges that many companies have struggled to maintain an innovative spirit after spinning off new business units. To prevent this, glu has been deliberately structured as a separate entity, fostering an independent, startup-like culture.
Initially, glu shared office space with PPS in Cape Town, but as the company grows, it is securing dedicated premises. In Johannesburg, glu is moving out of PPS’s offices in Rosebank to establish its own workspace. These steps are crucial in maintaining the brand’s unique identity while still benefiting from the resources and expertise of the PPS Group.
Reviving mutuality in South Africa – Mutuality, a financial model built on shared benefits and community support, has largely disappeared in South Africa, aside from PPS and AVBOB. glu seeks to change that.
By bringing profit-sharing financial services to more South Africans, glu is not only providing valuable financial products but also reviving a model that fosters long-term wealth creation and financial security.
As glu continues its rollout into new areas, it represents a fresh, innovative approach to mutuality—one that is built on modern technology, inclusive financial services, and a vibrant, engaging brand identity.
Michelle and her team are confident that glu will resonate with South Africans who value financial security, long-term planning, and the spirit of Ubuntu. As the company grows, it will be exciting to see how this bold new venture reshapes the financial landscape in South Africa.