Michael Pillemer
Award-winning life insurance company PPS Mutual has announced it will expand its membership eligibility criteria effective from 7 August 2023 and provide its proven model of specialist insurance cover for specialists to a number of new professional categories.
The expanded eligibility criteria will enable professionals across several new disciplines to join PPS Mutual. The changes give even more Australian professionals the opportunity to participate in the mutual model, where members share in the long-term profits of the insurance they buy.
Currently, to join PPS Mutual, Australians must be eligible to practice in one of 24 designated professional groups. PPS Mutual has expanded the eligibility criteria and now offers two pathways to membership. First, the existing Professional Organisation Pathway has been expanded, so professionals who currently are, or have ever been, registered with a designated professional body will be eligible to become PPS Mutual Members.
Secondly, a new pathway has also been introduced: a Degree Pathway. If a professional does not meet the Professional Organisation Pathway, they can still be eligible for membership through the Degree Pathway, where professionals who have completed four or more years of study and have achieved a Bachelor’s degree, Honours, Double Degree, Masters or Doctorate from a selected university within select specialities from the Medical, Commercial, Legal, Technology, Industrial and Science fields are now eligible.
CEO Michael Pillemer said that PPS Mutual has re-examined its eligibility criteria to keep up with changes in the economy, including the expanding technology, healthcare and science fields.
“What sets our insurance products apart are unique features and additional flexibility which have been designed specifically for career-minded professionals. We are expanding the professional groups that we will now insure to expand our reach and relevance in the Australian professional workplace,” he said.
“Our mutual business model has helped PPS Mutual grow its Australian Member base to almost 10,000 in just seven years. With this expansion in eligibility criteria, we expect further growth in the number of members who are seeking to take advantage of comprehensive life insurance. PPS Mutual cover provides certainty and peace of mind to professional Australians. Our member centric focus means customers’ best interests align with our own mission and values.
“As a mutual, our profits go to Members. The more we profit, the more Members profit, and the more they are likely to stay with us, as evidenced by our very low lapse rates.”
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 long-term profits of the products that they buy.