A South African life insurance company will offer insurance to select professionals after announcing its entrance into the Australian market via a partnership with insurer NobleOak Life.
The new venture, PPS Mutual, will be headed by the founder and former chief executive of Centric Wealth and founding Managing Director of Investec Private Advisers, Michael Pillemer, and is formed via a partnership with Professional Provident Society SA (PPS (SA)), NobleOak Life and a global reinsurance group.
PPS Mutual said it would be targeting a market of over 500,000 select professionals which cover tertiary-educated people from 13 professions including medicine, accounting, law and engineering.
The new group will operate under a mutual structure with Pillemer stating PPS Mutual would be owned by its members who would share in the profits of the insurance that they buy.
PPS Mutual will offer those products through financial advisers and claims to have already developed products relevant to its target markets including Income Protection, Life, Total and Permanent Disability, and Trauma insurances.
“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. We are confident that our approach will prove successful with professionals, with early indications from the advisory community showing strong support for our new endeavour,” Pillemer said.
PPS Mutual has also named Brian Pillemer as Director of Distribution, Matthew Pilcher as Director of Proposition, Zalman Ratzemore as Chief Financial Officer, and Marcello Bertasso as Head of Underwriting & Claims with PPS (SA) Chief Executive Mike Jackson as non-executive chairman of PPS Mutual.