PPS Mutual Expands Eligibility Criteria

PPS Mutual is expanding its membership eligibility criteria and will provide its model of ‘specialist insurance cover for specialists’ to a number of new professional categories, from 7 August 2023.

The insurer says the expanded eligibility criteria “…will enable professionals across several new disciplines to join PPS Mutual.”

It states the changes give more Australian professionals the opportunity to participate in the mutual model, where members share in the long-term profits of the insurance they buy.

Currently, to join PPS Mutual, Australians must be eligible to practice in one of 24 designated professional groups.

The company says it has expanded the eligibility criteria and now offers two pathways to membership:

• First, the existing Professional Organisation Pathway has been expanded, so professionals who currently are, or have ever been, registered with a designated professional body will be eligible to become members.
• Secondly, a new pathway has also been introduced -a Degree Pathway. If a professional does not meet the Professional Organisation Pathway, they can still be eligible for membership through the Degree Pathway, where professionals who have completed four or more years of study and have achieved a Bachelor’s degree, Honours, Double Degree, Masters or Doctorate from a selected university within select specialities from the medical, commercial, legal, technology, industrial and science fields are now eligible.

CEO Michael Pillemer says that PPS Mutual has “…re-examined its eligibility criteria to keep up with changes in the economy, including the expanding technology, healthcare and science fields.”

“What sets our insurance products apart are … features and additional flexibility which have been designed specifically for career-minded professionals,” he says.

“We are expanding the professional groups that we will now insure to expand our reach and relevance in the Australian professional workplace.”

Pillemer adds that its mutual business model has helped PPS Mutual grow its Australian member base to almost 10,000 in seven years.

“With this expansion in eligibility criteria, we expect further growth in the number of members who are seeking to take advantage of comprehensive life insurance.”

He adds that as a mutual “…our profits go to members. The more we profit, the more members profit, and the more they are likely to stay with us, as evidenced by our very low lapse rates.”