South African financial services firm PPS has launched PPS Mutual in Australia, providing access to a retail life risk mutual offering.
Under this model, select retail investors within particular professional fields (including medicine, accounting, law and engineering) can "share in the profits of the insurance that they buy" through financial advisers, according to PPS Mutual chief executive Michael Pillemer.
Pillemer added, "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.
"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."