Michael Pillemer

PPS Mutual, Australia’s only retail life insurance mutual exclusively serving qualified professionals, this week marks its tenth anniversary – and with it, what a decade of putting Members before shareholders actually looks like: nine consecutive Profit-Shares, $76 million in claims paid, and lapse rates a third of the industry average.^[1]

What began as a niche, purpose-built offering for Australian professionals – doctors, lawyers, engineers, dentists and others – entering a retail life insurance market long dominated by large institutional and shareholder-owned insurers, has grown into a recognised, multi-award-winning business with 17,336 Members^[2] and $131 million^[2] in-force premiums. Every one of those Members has a stake in the business that protects them and, every year since inception, they have shared in its profits.

A Profit-Share that has grown sixfold

The hallmark of PPS Mutual’s mutual model is its annual Profit-Share – a feature unique in the Australian retail life insurance market. From the very first year of operation, profits have been assigned to Members rather than distributed to external shareholders. Over the decade, the Profit-Share pool has grown almost sixfold, reaching $15 million in FY2024–25 – with the most recent assignment allocating approximately $4 million to Members.

The compounding effect is becoming tangible. More than 100 Members have accrued Profit-Share Account balances exceeding $10,000, with 17 surpassing $20,000 and nearly 400 holding balances above $5,000. Three advice firms now manage more than $1 million in client Profit-Share Account balances – a figure that would have seemed ambitious a decade ago.^[3]

As of 11 May 2026, PPS Mutual has authorised $256,037 worth of Profit-Share releases to Members – funds that Members would not have received had they been insured with any other provider in Australia.

Michael Pillemer, Chief Executive of PPS Mutual, said the anniversary was a moment to reflect on what a decade of consistent execution had built.

“When we launched in Australia in 2016, the mutual model was largely unknown in the local life insurance market. We had to earn trust – from advisers, from Members, and from the broader industry. What the last ten years have shown is that when you build a business entirely around the interests of the people it serves, and back that with a product that genuinely delivers, people stay. They refer their colleagues. They see their Profit-Share Accounts grow. Through market volatility, a global pandemic, and significant regulatory change, we have shared our profits with Members every year since inception. That consistency is the clearest signal that the model works.

“As we enter our second decade, our job is simply to keep doing what we said we would do – and to do it for more Australian professionals. The number I’m most proud of is the $76 million we’ve paid in claims.^[4] Everything else – the Profit-Share, the retention, the awards – is only meaningful if we deliver when a Member needs us most. That is what this model exists to do,” Pillemer noted.

Delivering when it matters most

Over its first decade, PPS Mutual has paid claims to Members across Life, Trauma, Income Protection, Total and Permanent Disability (TPD) and Business Expenses (BEX) insurance. The 100% claims paid rate on Life and TPD^[13] – with average payments of $762,000 and $933,000 respectively^[13] – reflects the precision of a product built exclusively for professionals. Income Protection claims total over $29 million at a 94% paid rate, with Trauma at the same rate, and Business Expenses at 97%.^[13]

The industry’s most loyal members

Perhaps no measure better reflects PPS Mutual’s first decade than retention. The company has maintained the lowest lapse rate in the Australian retail life insurance industry over ten consecutive years – a distinction that is both a commercial outcome and a statement of Member trust.

For the rolling 12 months to December 2025, PPS Mutual’s annual lapse rate stands at just 5.4% against an industry average of 14.3%^[5] – Members are only about a third as likely to let their cover lapse than the Australian average.^[6] The alignment is by design: Members who stay benefit from growing Profit-Share Account balances, while the business benefits from the premium stability that only a committed, long-term Membership base can deliver.

An adviser community built on exclusivity and trust

PPS Mutual’s products are distributed exclusively through a carefully accredited network of over 2,000^[7] independent financial advisers. This deliberate approach to limited distribution means the company can invest more deeply in each adviser relationship, and ensures Members receive advice from professionals who genuinely understand the mutual model and the clients it serves. That investment has been recognised. PPS Mutual has been named Best Retail Life Insurer by Adviser Ratings for three consecutive years – 2023, 2024 and 2025 – with an NPS of 54.8 against an industry average of 9.5, drawn from more than 3,000 adviser responses.^[8]

The 2025 Adviser Ratings Financial Advice Landscape Report placed PPS Mutual first across six adviser satisfaction measures including product range, business development support, understanding of client needs, trust and overall quality.^[9]

The feeling among advisers, a decade in, speaks for itself.

“Congratulations to the ever-growing team of professionals at PPS Mutual. You have now been helping Australians for a decade. Having worked with PPS Mutual from Day 1, I am grateful for the care on all levels of the business. I appreciate how you view your members and team and the impact this has had on premiums, claims and cover offered to people that need it. I look forward to seeing many more years where PPS Mutual grows and helps more Australians in protecting what is precious to them.”

Serena West, Partner WA / Principal Adviser – MBS Insurance

“The PPS Mutual proposition is highly unique in the market place.  But a product, that is designed specifically for professionals means they are able to design for the nuances of that market.  This sets the key aspects of the product apart! And in a world where all businesses are shareholder value driven, PPS Mutual have our clients best interest at heart with their mutual model.  It helps us feel very comfortable that the three of us (ourselves, the client and the insurer) are in this together for a long term relationship. We’ve loved working with the team at PPS, the service levels, like the product are always premium!”

Paul Milbourne – Business & Personal Insurance Specialist, Milbourne Insurance Solutions

Invested in the industry and beyond

PPS Mutual’s commitment to the professional community extends well beyond its own membership. The company is a longstanding sponsor of the Australian Medical Association (AMA), Engineers Australia, and the RiskInfocus Risk Advice CPD Tour – the life insurance industry’s premier professional development series – reflecting its focus on strengthening the advice profession.

In 2025, PPS Mutual launched the inaugural Risk Practice of the Year Award, attracting more than 30 applications in its first year and recognising advice practices that are helping build a stronger, more sustainable future for life insurance in Australia. Personal Risk Professionals (Brisbane) was named the inaugural winner.

Beyond the industry, PPS Mutual has nominated Pankind – the Australian Pancreatic Cancer Foundation, as its corporate charity – engaging staff and Members in support of one of Australia’s most underfunded cancers.^[10]

Stable leadership and a foundation built to last

One of the most equally important contributors to PPS Mutual’s decade of consistency has been the stability of its leadership. Michael Pillemer has served as Chief Executive since the company’s Australian launch in 2016, and aside from the retirement of Brian Pillemer (who still serves on the board), the senior management team has remained the same across the organisation’s first ten years. In a market that has seen significant change over the past decade, PPS Mutual’s continuity of leadership has meant continuity of purpose – the same people who made commitments to advisers and Members in 2016 are still here to honour them in 2026. This consistence also applies across the PPS Mutual team. In an industry which has seen a large amount of staff turnover, PPS Mutual has had less than 5% per annum staff turnover over the past decade – something the leadership team are very proud of.

Behind the Australian operation sits PPS South Africa – the world’s largest multi-disciplinary group of graduate professionals, with over 80 years of mutual insurance experience and more than $3 billion in profit share assigned to its own Members over the last decade. It is a proven foundation from which the Australian business has drawn both confidence and credibility – and a reminder that the model PPS Mutual brought to Australia has been delivering for professionals around the world for generations.

PPS Mutual’s life insurance products are available only through accredited independent financial advisers. Members must retain some cover for 10 years to gain partial access to their Profit-Share Account, with withdrawals of up to 5% of the balance permitted each year. Full access is granted after 20 years, at age 65, or in the event of death, terminal illness or certain other qualifying conditions.

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Notes:
[1] Lapse rates referenced reflect PPS Mutual’s performance over the 10-year period to March 2026, with the most recent rolling 12-month rate of 5.4% compared to an industry average of 14.3% (Source: NMG Report, rolling 12-month rate to December 2025). Profit-Share history available at: ppsmutual.com.au/9th-profit-share/
[2] As of 30 April 2026
[3] PPS Mutual Reaches $15m Profit-Share Milestone – PPS Mutual Australia
[4] 9th Profit Share – PPS Mutual Australia
[5] NMG Report on Rolling 12-month rate to Dec 2025
[6] PPS Mutual recognised in adviser ratings report – PPS Mutual Australia
[7] As of 30 April 2026
[8] Life Insurance Adviser | Insurance Quotes | PPS Mutual
[9] Life Insurance Adviser | Insurance Quotes | PPS Mutual
[10] Partner with Pankind
[13] As of 1 July 2025
[14]  As of 14 May 2026

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Marcello Bertasso

Many insurance claims begin with a defining event. A diagnosis. A surgery. An accident. From there, there’s often a predictable path to recovery – a roadmap clients can follow with some certainty. Mental health claims often unfold very differently.

Conditions tend to develop gradually, sometimes over months or years, before a formal diagnosis is made. There’s rarely a single moment when a client moves from “well” to “unwell.” The terrain is often ambiguous, and each client’s journey is deeply individual.

Mental health has become one of the most discussed topics in life insurance – and for good reason. Billions of dollars are paid annually in mental health-related claims^[1] linked to psychological conditions, and the industry continues to see their growing role in protection portfolios.

Yet “mental health” encompasses a broad spectrum, from mood disorders and trauma-related conditions to behavioural disorders and neurodevelopmental conditions with complex comorbidities. Understanding this range provides valuable context for the experiences clients may face during a claim.

The winding road of mental health claims

If physical injury claims are like straight highways leading from diagnosis to recovery, mental health claims may resemble a winding mountain road.

Progress can be slow, unpredictable, and occasionally backtracking. Capacity can fluctuate week to week, and sometimes day to day. A client may show improvement for a period, then experience setbacks as treatment evolves or circumstances change.

Unlike a broken bone, psychological conditions cannot be seen on an X-ray or confirmed with a scan. Recovery is often assessed through a more nuanced lens: how someone manages the everyday demands of work and life.

This difference also influences claim duration.

Data from Safe Work Australia^[2] shows psychological injury claims generally involve longer periods away from work than many physical injuries. Reviews may happen in stages, with each new piece of evidence shaping the journey. Appreciating this rhythm helps explain why timelines aren’t linear and why each client’s journey can look very different.

For advisers, recognising this rhythm helps set realistic expectations for clients. Acknowledging that progress often comes in small, unexpected steps allows advisers to guide conversations empathetically, reassuring clients throughout the claims process.

How mental health claims are assessed

When assessing a mental health claim, the diagnosis is only one part of the story.

What insurers are really trying to understand is functional impact – how a client’s condition affects their ability to perform the specific duties of their role.

Think of it as the difference between knowing the weather forecast and seeing how it actually changes the commute. Diagnosis explains the condition; functional capacity explains what it means in practice.

Medical reports play a central role here. The level of detail can strongly influence how clearly a claim is assessed.

A note that a client is “not coping well” can be difficult to interpret. A report describing challenges with concentration, decision making, workload management, or client interaction provides a much clearer view of functional capacity.

Reports that link symptoms to specific tasks – handling a heavy workload, making high-stakes decisions, or engaging with clients – provide a far stronger basis for assessment than broad descriptions of distress. Insurers may also consider workplace adjustments or rehabilitation notes to build a fuller picture. The richer the detail, the easier it is for advisers to anticipate how a claim might evolve.

This is particularly important because mental health conditions often fluctuate.

Some clients respond quickly to treatment and support. Others experience periods of improvement followed by setbacks. Assessments are often conducted at multiple points in time to capture how capacity evolves.

For advisers, understanding this approach helps explain why timelines differ, and why patience is essential in supporting clients through mental health claims.

Why occupation matters more than many realise

One of the most interesting aspects of mental health claims is how strongly occupation shapes the claims journey.

Two clients can share the same diagnosis yet experience very different impacts depending on the nature of their work.

A portfolio manager making continuous investment decisions may face very different functional challenges compared with someone in a role with more structured or routine tasks.

Roles that involve sustained concentration, complex decision making, frequent client interaction, or long hours can place unique pressures on someone experiencing psychological strain.

That is why insurers assess not only the condition itself but also how it affects the duties of a client’s role.

For advisers, this perspective helps frame discussions with clients about what a claim might involve and which aspects of work may need support.

Questions such as:

• Which parts of your role currently feel most difficult to perform?
• Are there tasks that feel manageable and others that feel overwhelming?
• Has your doctor discussed what returning to work might look like for you?

help build a clearer understanding of how the condition affects day-to-day occupational demands and how advisers can support clients through the claim alongside the insurer.

Helping clients approach claims with confidence

For many clients, the claims process can feel unfamiliar and daunting. This is particularly true when mental health is involved, as the condition itself may already be affecting focus, confidence, or decision making.

In these moments, advisers play an important role in providing perspective.

Not by giving medical advice or directing the claims process, but by helping clients understand how claims are assessed and what the journey might involve.

When advisers understand the role of functional capacity, occupational demands, and the non-linear nature of recovery, they can frame conversations in ways that feel both informed and empathetic.

Even before a claim arises, this knowledge is valuable.

Mental health claims will likely continue to be an important part of the protection landscape. They are complex. Highly individual. And rarely predictable.

But when advisers understand how these claims are assessed, they are better positioned to guide conversations with clients early, helping them feel prepared, and reducing uncertainty.

Those early discussions can demystify the process, reduce uncertainty, and give clients a clearer sense of what to expect.

In many cases, that understanding alone can make the claims journey feel far less overwhelming.

And ultimately, that is what good advice aims to do: help clients navigate life’s uncertainties with greater confidence when it matters most.

By Marcello Bertasso, Head of Underwriting & Claims Management, PPS Mutual

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Notes:
[1] https://content.actuaries.asn.au/resources/resource-ce6yyqn64sx3-2093352434-60314?
[2] https://data.safeworkaustralia.gov.au/insights/key-whs-statistics-australia/latest-release

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Launched by sponsor and specialist risk insurer PPS Mutual, who distribute solely through financial advisers, the Risk Practice of the Year Award was established to celebrate the vital role advisers play in achieving quality outcomes for Australians and to recognise advice practices where life insurance sits at the core of the business model, culture and client proposition. Open to firms generating more than 50 per cent of annual new business revenue from life insurance-related business, the award assessed performance across customer excellence, commercial strategy, continuous improvement, cultural strength and industry contribution.

Michael Pillemer, CEO of PPS Mutual, said Personal Risk Professionals exemplified the intent and purpose of the award.

“Risk advice has never been more complex or more important. The profession is operating under intense regulatory and operational pressure, yet advisers continue to play a critical role in protecting Australians at their most vulnerable moments.

“In that context, we congratulate Personal Risk Professionals on being named the 2026 PPS Mutual Risk Practice of the Year. While the other finalists showed notable excellence across particular dimensions – namely client and claims advocacy, adviser development and community contribution – the independent panel judged that PRP was the most complete and robust example when assessed against all criteria as a whole. The panel also placed strong weight on PRP’s active involvement in industry association committees, regulator forums, and insurer advisory boards, as well as their participation in parliamentary engagement in Canberra to explain the impact of reforms on advisers and advocate for the strengthening of the profession,” Pillemer continued.

“The judging panel also noted the high calibre of finalists, reflecting the depth of capability and commitment across the specialist risk advice profession and the high standard of advice being delivered nationally,” Pillemer noted.

Mark Everingham, Managing Director and Partner of Personal Risk Professionals, said the award was a reflection of the firm’s values and the trust placed in the team by clients and professional partners.

“Being named PPS Mutual Risk Practice of the Year is an incredibly humbling moment for our entire team. This award represents far more than professional recognition – it reflects the trust our professional partners and clients place in us, particularly at the most vulnerable moments of their lives, and the values that have guided Personal Risk Professionals since day one: hope, kindness, bravery and honesty.

“The advice industry has faced profound change over the past decade – regulatory reform, rising complexity and a growing shortage of specialist risk advisers. To be recognised in this environment reinforces our belief that high-quality life insurance advice, delivered with genuine care and strong claims advocacy, remains critical to protecting Australian families and businesses,” Everingham said.

“We’re deeply proud of our people, our culture and our contribution to strengthening the profession, and we’re excited about the future as we continue to invest in the next generation of specialist risk advisers and raise the standard of advice across our industry,” Everingham concluded.

As part of the award, PRP will participate in Q&A sessions at each event on the Riskinfocus 26 Risk Advice CPD Tour, Australia’s premier life insurance professional development program, sharing insights with advisers nationwide.

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 since the 1940s – sharing over $3 billion in profits with Members over the last 10 years. PPS Mutual is owned by its Australian Members who share in the profits of the products that they buy.

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Daniel Waller

Specialist insurer PPS Mutual has announced the appointment of Daniel Waller as Head of Distribution, marking the next phase in its national growth and adviser engagement strategy. Mr Waller succeeds Brian Pillemer, who is retiring after playing a key role in establishing and growing PPS Mutual in Australia.

In his new role, Mr Waller will lead PPS Mutual’s distribution strategy, strengthening adviser relationships and expanding the reach of its professional insurance offering. He will play a central role in driving growth through collaboration, engagement, and service excellence across the adviser network.

Mr Waller brings more than 30 years of financial services experience, with deep expertise in distribution leadership, adviser engagement, and strategic business development. He has held senior roles at leading financial institutions including Resolution Life, Asteron Life, OnePath, and ING, where he led initiatives that strengthened partnerships and supported advisers in delivering exceptional client outcomes.

He joins PPS Mutual amid a period of sustained growth and recognition. The business has now surpassed 15,000 Members, reached $106 million in total in-force premiums, and achieved a $15 million Profit-Share Pool milestone for FY2024–25. For the third consecutive year, PPS Mutual was recognised as Australia’s highest-rated insurer in the Adviser Ratings Australian Financial Advice Landscape 2025 report, achieving a Net Promoter Score of 54.8 – nearly six times higher than the average of 9.5 among insurers in the report.

Commenting on his appointment, Mr Waller said: “After taking the past three years to focus on my young family, I’m really looking forward to returning to the industry with PPS Mutual. I’ve always admired how it operates as a true mutual, where Members share directly in the success of the business. Joining at a time of record membership and Profit-Share Pool is a great opportunity to strengthen adviser partnerships and help deliver even more value to Members.”

Chief Executive Michael Pillemer said the appointment marks an important next step in the firm’s growth story: “Daniel’s depth of experience across distribution, partnerships, and business integration makes him an outstanding addition to our leadership team. As PPS Mutual continues to expand its national presence and deepen adviser engagement, Daniel’s strategic insight and leadership will be instrumental in shaping our next phase of growth. He brings a strong understanding of what drives success in this industry: trust, collaboration, and long-term value for Members.”

Reflecting on his tenure, outgoing Director of Distribution Brian Pillemer said: “Having been part of PPS Mutual from its inception, it has been incredibly rewarding to see the mutual model thrive and make a tangible difference to our Members and the advice community. I am proud to pass the baton to Daniel, who brings the right mix of experience, energy, and alignment with our values.”

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 since the 1940s – sharing over $3 billion in profits with Members over the last decade. In Australia, PPS Mutual is owned by its Members, who share in the profits of the products they hold.

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Despite the challenges, this remains a profession defined by purpose, resilience and an enduring commitment to clients

The irony isn’t lost on anyone. The people who help Australians prepare for life’s worst shocks are themselves battling to survive.

Between rising levies, endless paperwork, and fewer peers to share the load, many risk advisers are wondering if the profession they’ve built their lives around still has a future.

And that matters – because when life throws its worst at people, through illness, injury, or loss of income, good advice can be the difference between resilience and ruin. The FAAA Value of Advice Index 2025^[1] proves it: 96% of advised Australians felt more confident through turbulent times thanks to their adviser.

That’s why, despite the pressure, there still lies a chance to rebuild – to design a system that rewards integrity, supports sustainability and still protects the clients who rely on advice when life goes sideways. Because, without a strong, sustainable risk-advice profession, that consumer safety net frays. The challenge, and opportunity, is to rebalance the system, so advisers can run viable businesses and keep doing what they do best – ensuring Australians are supported when life doesn’t go to plan.

Getting the balance right on regulation

Reform has done a lot to rebuild trust in financial advice – and rightly so. But for many risk advisers, the economic fallout of that progress hasn’t been shared evenly.

Smaller, risk-focused practices often face the same levies as large, diversified firms. A one-size-fits-all approach sounds simple on paper but drives up costs, squeezes margins, and makes advice less accessible for clients who need it most, while forcing already-stretched businesses to absorb the impact.

The two key levies – ASIC and the Compensation Scheme of Last Resort (CSLR) – illustrate the challenge. The ASIC levy has more than doubled^[2] from around $900 to $2,300 per adviser. The new CSLR levy has grown from $20 million in its first year to $67 million this year^[3], with further increases projected as investment-related claims rise. These costs are shared across all advisers, even though most compensation claims stem from investment products rather than life-insurance advice.

The intent behind both levies is sound: maintain consumer confidence and protect clients from misconduct. The opportunity now is to make them more proportionate. Tailored levies and streamlined compliance could support a fairer model, recognising the lower risk profile of pure risk advisers. That kind of fine-tuning would help preserve diversity in advice businesses without diluting consumer safeguards.

And for advisers, contributing to discussions about how levies could be better calibrated for their specialisations, is an opportunity to help shape reform in a way that directly impacts their businesses.

Revitalising the talent pipeline

While regulation remains one of the biggest hurdles for the advice profession, an equally urgent challenge is attracting and retaining the next generation of advisers. Adviser numbers have fallen from 26,000 to about 15,000 nationwide,^[4] with few new entrants choosing risk advice as a career.

Education reform has boosted professional credibility but created practical barriers. The professional-year model is costly for small firms, which invest in training only to see new advisers leave for higher-paying roles. Meanwhile, degree requirements have prompted many experienced and strategically skilled risk advisers – often in their 50s and 60s – to exit the industry.

That exodus has taken more than numbers with it. It’s stripped the profession of lived experience – the mentors who once guided new entrants through the real human side of advice. Risk advice isn’t just about products or premiums; it’s about empathy and judgement – understanding family needs and knowing when to have the right conversations. It’s a profession that requires the kind of wisdom that comes only from sitting across the table from clients in tough moments, not in lecture halls.

To rebuild the pipeline, we need education pathways that reflect industry realities – practical, risk-specific training supported by structured mentoring. A dedicated diploma-level qualification, with hands-on learning, would attract new talent and give experienced advisers a meaningful way to pass on their craft. The Government’s Delivering Better Financial Outcomes (DBFO) legislation provides a clear opportunity to act. If the Government can create a new class of adviser under the DBFO reforms, it should equally recognise risk insurance specialists as a distinct and essential professional category.

Supporting commercial sustainability

Sustainability isn’t just about people or policy; it’s about economics.

Rising compliance costs, shrinking commissions, and heavier review obligations have made it harder for many advisers to run profitable businesses. Annual reviews, often triggered by premium adjustments and regulatory expectations, now consume as much time as writing new business.

These trends underline the need to rebalance the economics of quality advice.

Reviewing commission structures, streamlining clawback rules, and leveraging smarter technology could free advisers to focus on clients. Insurers and licensees can help by sharing data, improving claims efficiency and collaborating on practical solutions that make advice delivery smoother and more sustainable.

For advisers, focusing on operational efficiency – adopting digital systems, automating review workflows, and collaborating more closely with product partners – offers tangible ways to strengthen profitability without compromising service.

An industry-led initiative to reframe risk advice

After years of headlines focused on misconduct, reform and red tape, it’s time for the conversation about advice to change. For too long, media coverage has focused on the failures of a few rather than the value delivered by the many. The industry has spent a decade rebuilding trust – but restoring perception requires just as much attention.

As an industry, we’ve never collectively told our story. In 2024 alone, life insurers paid out more than $2.2 billion^[5] in mental-health claims, with total and permanent disability (TPD) claims accounting for nearly one-third of all payouts – yet few Australians know it.

And that’s just one category.

Across all types of life insurance, billions more are paid out each year to help families stay in their homes, keep small businesses afloat and prevent financial hardship when tragedy strikes. Without that support, the burden would inevitably fall on government safety nets – a point often lost in public debate about regulation and reform.

Life insurance remains misunderstood, too often seen as discretionary rather than essential. Other sectors have successfully reshaped public sentiment through coordinated messaging – the pork industry’s “Put some pork on your fork” campaign turned a discretionary product into an everyday staple. The same thinking could transform how Australians view risk advice.

A national, industry-led advertising campaign – uniting advisers, licensees, insurers and associations – could reframe life insurance as a core part of every household’s financial safety net. It would balance years of negative coverage with a message of purpose and impact, showing that professional advice isn’t a sales function but a safeguard that keeps families financially secure when life goes wrong.

A profession worth recognising

Despite the challenges, this remains a profession defined by purpose, resilience and an enduring commitment to clients – one that deserves recognition. Celebrating those who serve under pressure, through initiatives such as industry awards and adviser storytelling, helps keep the profession visible, inspire confidence, and attract new talent.

But recognition must go hand in hand with reframing. The same campaign that rebuilds public trust can also restore professional pride – showing advisers that their work is not just regulated, but respected; not just necessary but valued.

For advisers, the opportunity is to shape a profession that protects Australians and sustains meaningful careers. With fairer levies, practical education pathways and smarter compliance, advisers can focus less on red tape and more on what truly counts – helping people through life’s hardest moments.

Together, regulators, insurers, licensees and advisers can build a profession that stands as a cornerstone of national financial resilience.

By Sue Laing, Technical Director at The Risk Store Consulting and Steve Murray, Managing Director at Catalyst Compliance

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Notes:
[1] https://faaa.au/value-of-advice-research/
[2] https://www.asic.gov.au/about-asic/news-centre/news-items/asic-releases-estimated-industry-funding-levies-for-2024-25/
[3] https://cslr.org.au/cslr-releases-fy2026-revised-levy-estimate/
[4] https://www.asic.gov.au/about-asic/news-centre/news-items/asic-urges-immediate-action-from-financial-advisers-as-deadline-approaches/?utm_source
[5] https://cali.org.au/mental-ill-health-is-straining-australias-safety-net/

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Dr. Asher, an actuary and Associate Professor at UNSW Business School, joined the PPS Mutual Board in 2024 and brings decades of experience across the financial services sector, academia, and industry bodies. His career includes senior roles with Prudential in South Africa, APRA, and Deloitte in Australia, alongside longstanding involvement with the Actuaries Institute and the non-profit sector.

He takes on the role at a time of strong momentum for PPS Mutual, which has recently surpassed 15,000 Members and $106 million in in-force premiums. The business has also been named Australia’s highest-rated insurer for three consecutive years, achieving an industry-leading Net Promoter Score of 54.8 in the Adviser Ratings Australian Financial Advice Landscape 2025 report, while ranking first in six major adviser satisfaction categories including trust, reputation, and client understanding.

Chief Executive Michael Pillemer said Dr. Asher’s appointment marks an important next chapter for the mutual: “Anthony’s unique blend of industry expertise, governance experience and vision makes him the ideal leader to chair our Board at this exciting stage of PPS Mutual’s journey. He brings not only deep technical and governance expertise but also a principled, values-driven outlook. His leadership will help ensure that PPS Mutual continues to grow sustainably while staying true to its mission of serving the needs of Australian professionals.”

Dr. Asher said he was honoured to step into the Chair at a time when PPS Mutual is increasingly recognised for the strength of its model: “The foundation of PPS Mutual lies in alignment with our insured Members – when the company succeeds, Members share directly in that success. That creates a culture of trust that is rare in the insurance sector. I look forward to working closely with the Board, Michael, and his executive team to continue building on this success and ensuring that we deliver consistently for Members and advisers into the future.”

Reflecting on his tenure, outgoing Chair Mike Jackson said it had been a privilege to contribute to PPS Mutual’s development in Australia and to witness the renewed reputation of mutuals globally.

“Over my career I have seen many industry models tested, but mutuals have consistently stood out for their resilience. Globally, during the Global Financial Crisis and again in the pandemic, they held stronger reserves, responded flexibly, and put Members’ interests first. For me, that strength lies in a model that balances commercial discipline with a genuine commitment to the people it serves. It has been rewarding to see that ethos take root in Australia through PPS Mutual, and I am confident Anthony will continue to guide it with the same focus. I look forward to supporting him during the transition.”

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 since the 1940s – sharing over $3 billion in profits with Members over the last 10 years. PPS Mutual is owned by its Australian Members who share in the profits of the products that they buy.

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Michael Pillemer

Specialist risk insurer PPS Mutual has launched the inaugural 2026 PPS Mutual Risk Practice of the Year Award. This landmark award celebrates excellence in risk advice nationwide.

The award will spotlight advice practices that generate greater than 50% of their annual new business revenue from life insurance-related advice. Entrants will be assessed across five core pillars: customer excellence, commercial strategy, continuous improvement, cultural strength, and industry contribution.

Michael Pillemer, CEO of PPS Mutual, said the award comes at a pivotal moment for the profession: “The life insurance industry has endured an unprecedented wave of regulatory change, rising compliance obligations, and increasing operational pressures. Delivering quality risk advice is now more complex and challenging than ever. Yet advisers remain central to protecting Australians’ financial futures.

“Risk advice is the bedrock of financial security for millions of people – but it is also one of the most underappreciated parts of our industry. Through this award, we want to recognise those advice practices that are excelling under pressure, setting new standards, and helping to build a stronger, more sustainable future for life insurance in Australia. Importantly, this award isn’t just about recognition – it’s about empowerment. By elevating the winner’s profile and growth potential, we’re investing back into the advice community we serve exclusively.”

The winner will be announced ahead of the Riskinfocus 26 Risk Advice CPD Tour, Australia’s premier life insurance professional development event. As part of their prize, the winning practice will take part in Q&A sessions at each of the six Riskinfocus 26 events nationwide, sharing their philosophy and insights with peers across the country. Their travel and accommodation will be included, along with a complimentary table of eight at their hometown Riskinfocus 26 event.

To further support business growth, the winner will also receive a strategic marketing tailored prize package including:

• A technical SEO review and growth report from Jaywing, a data-driven digital agency specialising in SEO, analytics, and performance marketing, to improve online visibility and business performance.
• Eight custom social media posts and a complimentary graphic design package to promote their service offering.
• A media release developed and distributed by Madden & Assoc., a Sydney-based specialist communications firm focused exclusively on financial services.

The judging panel features some of the most respected leaders in the life insurance and advice sector, including:

• Angus Woods, Managing Director of Adviser Ratings
• Sue Laing, Technical Director at The Risk Store Consulting
• Peter Sobels, Publisher of Riskinfo
• Marc Fabris, Digital Consultant and Founder of Risk Hub
• Sue Viskovic, Head of Consulting at Vital Business Partners

Applications are now open and close on 27 October 2025.

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Angus Woods

Specialist risk insurance company PPS Mutual has retained its position as Australia’s highest-rated insurer for the third consecutive year, achieving an industry-leading Net Promoter Score (NPS) of 54.8 in the Adviser Ratings Australian Financial Advice Landscape 2025 report.

These results place PPS Mutual in a commanding lead, with an NPS nearly six times higher than the average of 9.5 among insurers in the report, reflecting the strength of its ‘values-based’ mutual model and the trust it has built with a specialist network of accredited advisers and professional Members.

In addition to topping the NPS rankings, PPS Mutual ranked first in six major adviser satisfaction categories – including product comprehensiveness, BDM support, quality, reputation, trust and understanding client needs – and placed second in competitiveness, adviser support, reporting quality and claims handling.

PPS Mutual’s results are driven by a deliberate, long-term approach to growth – serving a defined community of professionals in high-value, high-complexity occupations such as medical specialists, engineers, lawyers, and other experts in specialised industries, through a select network of accredited risk advisers. This market focus, coupled with a deep understanding of adviser and client needs, has created a model built for long-term sustainability – one that delivers superior outcomes through a distinctive proposition, aligned underwriting, and a strong adviser network.

Outperforming a recovering market

The retail life insurance sector has faced significant headwinds over the past decade. New business volumes fell 44% between 2018 and 2024 following the introduction of the Life Insurance Framework (LIF), the Hayne Royal Commission, spiralling premiums, and higher professional education and exam requirements for advisers. This led to a sharp reduction in adviser numbers, fewer advisers writing life insurance, and increased lapse rates.

Adviser Ratings data now points to a turning point, with new business up 11.4% between 2023 and 2025 and adviser authorisation for life insurance rising from 74% in 2019 to 84% in 2025. Meanwhile, PPS Mutual has grown its share of new business to 5.4% in 2025 – up from 2.6% in 2021 – representing almost $17 million in new business written in the past year. In the June quarter of 2025 alone, PPS Mutual’s share rose to 6.9% of all new business written, reflecting strong and sustained demand for its specialist mutual model.

This growth is reinforced by:

• In-force premiums reaching $106 million in FY25 (up $22 million on 2024).
• Membership surpassing 15,000 in August 2025.
• A 3-year compound annual growth rate of 28%.
• A young member base (with 60% of members age 40 or younger) underpinning long-term earnings growth.
• Exceptionally low lapse rates of 5% overall (which includes Members reducing their cover), compared with an industry average of 14.2%[1].
• A phenomenally low Member lapse rate of 1.6% which includes Members retiring, dying and policies expiring.

Angus Woods, Founder and Managing Director of Adviser Ratings, said the 2025 results marked a decisive break from the prolonged contraction that followed major industry reforms: “Following some difficult years for the sector, it’s encouraging to see that life insurance new business is now up more than 11% since 2023, along with an increase in advisers including risk advice in their service offering – suggesting that confidence is returning.

“Importantly, this is not a temporary spike – it’s supported by structural improvements in adviser capability, more efficient product platforms, and a clearer value proposition for clients. Life insurance is one area where this renewed momentum is most visible, but we are seeing similar positive sentiment across other parts of the advice landscape,” Woods noted.

Industry momentum toward specialist models

The report highlights growing adviser and client demand for specialist life insurance models that deliver tailored solutions, high service standards and reduced friction in the advice process – all hallmarks of PPS Mutual’s approach.

Michael Pillemer, Chief Executive Officer of PPS Mutual, said the results were a strong endorsement of the mutual’s business model and industry direction: “In a market still recovering from years of disruption and consolidation, our growth and retention rates show that a disciplined, values-driven approach can deliver superior outcomes for Members and advisers alike. We focus on quality over volume, and we align every part of our process – from product design to underwriting – with the needs of a clearly defined professional market.

“As a mutual, we exist solely for our Members, and our profit-share model means that when PPS Mutual succeeds, our Members directly share in that success. This creates a powerful alignment of interests that is rare in the insurance sector,” Pillemer continued.

“The life insurance sector has an opportunity to rebuild trust and relevance. Models that put the interests of customers first, assist advisers to build the long-term value of their businesses, and deliver consistently on promises, will be the ones that thrive. We believe the future is in the hands of those who lead with purpose, rebuild trust, and support financial advice – and we are proud to be setting that standard. In doing so, PPS Mutual is well-placed to scale its impact, expand its market share, and help define the future of advice-led life insurance in Australia,” Pillemer concluded.

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 since the 1940s – sharing over $3 billion in profits with Members over the last 10 years. PPS Mutual is owned by its Australian Members who share in the profits of the products that they buy.

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Marcello Bertasso

Specialist insurance company PPS Mutual has announced significant changes to its mandatory screening evidence thresholds for the Professionals Choice insurance benefits, designed to streamline the application process for eligible professionals while maintaining high-quality underwriting standards.

PPS Mutual has reduced both mandatory medical and financial evidence requirements for new applications across its range of insurance products, including Professionals Choice Life, TPD, Trauma, Income Protection, and Business Expense insurance. These changes are aimed at simplifying and accelerating the new business process for prospective members without compromising the integrity of the underwriting assessment.

Marcello Bertasso, PPS Mutual’s Head of Underwriting and Claims Management, commented on the enhancements, noting that they would expedite the process of providing professional Australians with the peace of mind and wealth protection that PPS Mutual’s award-winning insurance offers.

“These changes simplify and accelerate the application process for life insurance with PPS Mutual, making it easier for advisers to protect our Members’ lifestyles,” he said. “For our Members, the updated screening requirements will significantly reduce the time needed to apply for life insurance.”

Changes include:

• higher sums insured limits before mandatory medicals and mandatory financials are required:
  • no mandatory PMAR up to $5 million Life and TPD insurance
  • no mandatory medical requirements for income protection cover increased to $15,000 monthly for ages up to 45, with fewer medical requirements for ages above 46
  • for income protection monthly benefits in excess of $40,000 per month, medical requirements reduced by half
  • no medical requirements for Life and TPD Insurance cover up to $2 million for ages up to 45, with fewer requirements for above age 46
  • no financial requirements for life and TPD cover up to $3 million or up to $1,5 million Trauma Insurance.
  • higher financial evidence thresholds for PAYG Employed professionals applying for Income Protection Select and Income Protection Prime 70 of up to $30,000 per month
  • defined medical requirements for higher life cover amounts ($5 million to $20 million)
  • simplified mandatory medical requirements across all age bands for all benefits, as well as simpler financial evidence for large sums insured.

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.

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Michael Pillemer

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.

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