Behind this story lies the interesting tale of legendary businessman and insurance expert, Jannie Parsons.
Currently the managing director of JPF, Jannie’s fascinating story reveals his South African career journey selling insurance and developing new products for medical professionals.
Thirty-nine years ago, Jannie ventured into insurance on a part time basis. Within a few years he identified a gap in the healthcare market for final year medical students, and with some nifty manoeuvring and negotiations with the MLS Bank – Medical Leasing Service at the time – he offered financial loans to new graduates. The MLS Bank was established in 1976 by Jo Grove. Jannie brought his doctor loans into the picture in 1981. MLS Bank grew and became what is today fondly referred to and formerly known as the “Bank for Doctors”
Doctors need insurance and in 1995, optional group insurance schemes were developed for the doctors of MLS Bank – known as Future Net Insurance.
In 2001, the game changed. MLS Bank – part of ABSA – bought Jannie’s Future Net Insurance business and changed the name to MLS Financial Services (Pty) Ltd. When Barclays Bank bought a large share in Absa in 2004, MLS Bank was sadly dissolved – a huge loss to medical professionals depending on financing and banking assistance.
Astute as ever, Jannie saw the opportunity and made his strategic leap. He bought back MLS Financial Services from ABSA and changed the name to JPF – Jannie Parsons Future Financials (Pty) Ltd. and continued to sell insurance products to doctors and their staff. He developed insurance products for Breast Cancer and Accident Cover, in addition to the Life-, Funeral and Disability insurance products which were already in place.
However, market excitement revived when MediCoop was established in 2015 as a cooperative financial institution for the medical sector. MediCoop fulfils a need that was left with the tragedy when the MLS Bank was dissolved in 2004 and left medical professionals out in the cold with no bank to support their financial needs. In 2018, JPF bought shares in MediCoop and the once forgotten MLS / JPF dream from the past was reborn as the MediCoop / JPF dream. This time not only for doctors, but for the whole medical and healthcare industry and its allied professionals and staff in healthcare, offering a combination of extensive insurance product range and financing and banking services.
Join and become a part of our dream that has finally come true, almost 40 years later!
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