Latest data reveals PPS Mutual achieved a lapse rate seven times better than the industry standard in 2021.
This result is documented in global consulting firm NMG’s Risk Distribution Monitor Statistics, in which the research firm reports PPS Mutual experienced a retail advised lapse rate of 1.9% for the year to 31 December 2021, compared with the overall retail advised industry rate of 13.3%.*
Commenting on this result, PPS Mutual chief, Michael Pillemer, stressed the importance of the outcome in a broader sense, when he told Riskinfo that “Client retention goes to the heart of sustainability.”
Reinforcing differentiators he has previously highlighted, Pillemer pointed to the shape of behaviours associated with a mutual life insurance company business model, in which he says no key decisions are made without asking “…what is in our members’ best interests?”.
While commencing in more recent times and also from a lower volume base when compared with many other insurers operating within the Australian market, this result rests alongside other indicators which suggest PPS Mutual is attracting serious interest from the adviser community, as evidenced by:
- Significant growth in member (lives insured) numbers
- Ongoing growth in the number of advisers admitted onto the PPS Mutual adviser panel
- Strong recognition within the 2021 Plan For Life/AFA Life Company of the Year Awards
* Industry rate does not include NEOS Life’s lapse rate
