South African insurance company Professional Provident Society SA is set to enter Australia’s retail life insurance sector with a new business division, which will be headed by former Centric Wealth CEO Michael Pillemer.
According to a statement issued this morning, the new insurance business – to be called PPS Mutual – will look to target professionals such as doctors, lawyers, accountants and engineers through the advice channel.
“We are proud today to announce the formation of PPS Mutual, an organisation that will be owned by its members and founded on the ethos of mutuality where members share in the profits of the insurance that they buy,” Mr Pillemer said.
“We believe the timing is right for the re-emergence of a well-constructed mutual model within the highly competitive retail life risk insurance sector in Australia.”
He added: “We are very pleased to be partnering with PPS SA on its first venture into the Australian market, APRA-regulated insurer NobleOak Life Limited, and one of the world’s largest reinsurers."
PPS Mutual said it will provide income protection, life insurance, TPD and trauma cover to professionals through the advice channel.