PPS Mutual has emerged as the preferred insurer across a range of metrics documented in the 2024 Australian Financial Advice Landscape Survey released last week by Adviser Ratings.
The survey results reveal PPS Mutual as having received the highest Net Promoter Score from advisers of 42.3, against an industry average of 13.32.
The niche player also received the highest adviser satisfaction ratings for the key metrics of:
- Product Comprehensiveness
- Online Service Quality and Adviser Support
- Claims Handling
It ranked second highest for:
- Competitiveness
- Ease of Underwriting
- Platform Functionality
- BDM Support
A statement released by PPS Mutual notes it also featured with the lowest lapse rate – ie highest client retention rate – in the industry, at 4.9%, compared with the industry average of 15.6%
Chief executive Michael Pillemer says the firm is delighted with the findings “…which underscore our dedication to supporting advisers, to excellence in our field, and to the interests of our valued insured members.”
The firm says it has enjoyed success in the Australian risk insurance market noting that in the eight years since inception, it has grown its member base of professional clients to over 12,000, and its market share has grown over the past year to capture 5% of retail advised life insurance business in Australia.
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 (see also: Mapping United Path to $500 Million Risk New Business).
