There was plenty of reader interest this week in news that New Zealand’s newest entrant into the retail advised life insurance market has officially launched…
New Zealand’s newest entrant into the retail advised life insurance market, PPS Mutual, officially launched on August 4.
The company’s product suite is now live on comparison service Quotemonster, and Chief Executive, Billy Lynch says the insurer is proud of how its products are rated. Its product offer has also been added to the Risk Researcher platform.
While he notes New Zealand products have all been designed and launched by the local PPS Mutual product team, Lynch says PPS globally has a deep understanding and experience of how the professional market thinks, acts and behaves. “This means we can be considered in our risk approach and provide broader benefits to our members.”
Broader eligibility
Lynch also noted membership eligibility in New Zealand is much broader than in PPS Mutual’s other jurisdictions and, for the first time anywhere in the PPS Mutual network, the local business will be able to cover associates, such as spouses, children or other key business partners.
Chief Distribution & People Officer, Jen McGowan points out this move was based on adviser feedback which advocated that when working with families or businesses, aligning with one product provider was simpler for those being insured. Lynch added that the firm’s strategy is to be open and easy to deal with:
“We have really listened to advisers and taken their feedback on board, and are keen to continue to listen and adapt our proposition to meet the needs of our advisers and the professional market.”
Adviser engagement
PPS Mutual, which is fully intermediated in New Zealand, expects to have accredited around 150 independent financial advisers by the end of this year.
…The business is investing in deep relationships with each adviser…
The firm began onboarding advisers about six weeks ago, and says it is deliberately keeping adviser numbers select, focusing on building strong, long-term partnerships: “The business is investing in deep relationships with each adviser,” say McGowan, “…developing a clear understanding of their business, and supporting their networks within the professional market.”
PPS Mutual in New Zealand is owned by its members who share in the financial success of the business through a Profit Share Benefit. Lynch says the insurer expects the first profit share to be allocated in March 2027.
Also see: PPS Mutual Receives Green Light.