PPS Mutual wins ‘Best Retail Life Insurer of the Year’ for second year

The advice industry and Adviser Ratings 2024 Australian Financial Advice Landscape Survey have again honoured PPS Mutual with multiple awards and accolades, reflecting a growing and esteemed reputation garnered by PPS Mutual, its adviser support, service standards and product suite amongst Australian financial advisers.

Among the high satisfaction rankings, PPS Mutual was proud to also take out the coveted ‘Best Retail Insurer of the Year’ for the second consecutive year, and the highest Net Promoter Score (NPS) amongst industry peers.

The PPS Mutual NPS score of 42.3 is a standout result against an industry average of 13.32, with a range of -27.5 to 29.9.

The Adviser Ratings annual report is a detailed overview and survey of the Australian wealth management industry, providing comprehensive insights from Australian advice practitioners and practice heads, and covering financial products, services, fees, client interactions and education.

In addition to ‘Best Retail Insurer of the Year’ and being awarded the highest Net Promoter Score (NPS) for the second consecutive year, PPS Mutual took home several key accolades in the 2024 Survey, including:

• First for Product Comprehensiveness (2nd year in a row)
• First for Online Service Quality and Adviser Support
• First for Claims Handling
• Rated second for ‘Competitiveness’, ‘Ease of Underwriting’, ‘Platform Functionality’ and ‘BDM Support’.
• Adviser satisfaction scores well ahead of the industry in the categories of ‘Reputation’, ‘Trust’, ‘Understanding Clients’ Needs’, ‘Quality of Product’, and ‘Claims Handling’
• The lowest lapse rate – i.e., highest client retention rate – in the industry, at 4.9% compared to the industry average of 15.6%

PPS Mutual chief executive Michael Pillemer said, “PPS Mutual thanks our amazing advice network for the remarkable feedback. We are delighted to have been awarded these prestigious accolades which underscore our dedication to supporting advisers, to excellence in our field, and to the interests of our valued insured Members.

“As a mutual, our focus is naturally geared towards customer retention and satisfaction, as well as sustainability in all aspects of the business. We view these achievements as a strong foundation upon which our collective efforts will continue to build trust and confidence with advisers and our professional Members.”

PPS Mutual has enjoyed significant success in the Australian risk insurance market. In the eight years since inception, it has grown its member base of high-earning and skilled professional clients to over 12,000, and its market share has grown over the past year to capture five per cent of retail advised life insurance business in Australia.

PPS Mutual is supported by PPS South Africa, the largest multi-disciplinary group of professionals in the world and the largest mutual company in South Africa. PPS Mutual is based on the proven PPS business model that has been hugely successful in South Africa since the 1940s – sharing over $2.5 billion in profits with Members over the last 10 years. PPS Mutual is owned by its Australian professional members who will share in the profits of the products that they buy.