Michele Jennings, the chief executive of glu, speaks to Moonstone Publications’ Mark Bechard about the new business division launched recently by the Professional Provident Society (PPS). Jennings believes that glu will bring a fresh approach to insurance and financial services, rooted in mutuality and digital innovation.
Jennings kicks off the interview by sharing the inspiration behind the name “glu”, which encapsulates the spirit of “sticking together” – a core principle of mutuality.
She says the idea for glu emerged during the challenges of the Covid-19 pandemic, when the need for a caring and inclusive approach in financial services became more evident. glu was born from a desire to extend PPS’s mutuality-driven model to a broader audience.
The development of glu is rooted in research and feedback from PPS members, financial advisers, and customers. Jennings said advisers emphasised the importance of:
- digital-first processes that reduce paperwork;
- straightforward products to remove anxiety for customers; and
- protecting what makes PPS unique by creating a new business.
While PPS focuses graduate professionals, glu targets a wider range of professionals aged 25 to 55, particularly those who may not meet PPS’s stricter eligibility criteria.
At the heart of glu is mutuality – a model where members are not just policyholders but integral parts of a community. Jennings draws parallels to the concept of ubuntu.
Like PPS, glu offers a profit share account model. The difference is that glu offers members earlier access to profit-sharing, whereas with PPS, the benefits are realised only upon retirement.
Jennings says glu will benefit from the distribution channels already established by PPS, including tied agents and broker consultant networks. In addition, glu is building its own regional teams and leveraging omnichannel digital strategies to ensure that its products and services meet the needs of today’s digitally savvy consumers.
Whether you’re a financial adviser, a prospective customer, or simply curious about how mutuality can reshape the insurance landscape, this interview offers valuable insights into glu.