June 19, 2018
New kid on the block, NEOS Life, has opened its doors to the Australian retail life insurance sector.
Positioning itself as a life insurance business offering a new and distinctive alternative, especially for the independent adviser market, NEOS Life’s agenda is to offer what it refers to as ‘…a comprehensive suite of retail life insurance products through financial advisers.’
NEOS Life MD, Brett Yardley, said his business has been built to address what he considered to be poor service, outdated technology and protracted application and implementation processes:
…we want to set a new standard in life insurance
“We believe that life simply doesn’t have to be so hard and are passionate about finding better ways to help customers and advisers,” said Yardley, adding, “Our vision is simple – we want to set a new standard in life insurance.”
Yardley noted that the opportunity to start with a blank sheet of paper has meant that NEOS Life hasn’t been constrained by outdated technology or legacy processes. He said NEOS Life has “…reinvented, rather than replicated – by going back to basics and fundamentally challenging every aspect of the traditional life insurance business model.”
Implying a more targeted approach to the Australian consumer market, Yardley noted, “Instead of trying to be ‘all things to all people’, which inevitably leads to mediocre service and high prices, we’ve built a focused life insurance business that provides value-for-money protection for regular people, with everyday needs.”
…we’ve built a focused life insurance business that provides value-for-money protection for regular people, with everyday needs
He said NEOS Life aimed to provide advisers and customers with the most responsive and efficient service in the market and via the new UnderwriteMe technology solution, was targeting being able to make 80% of underwriting decisions in three working days.
In what constitutes a soft or pilot launch, the statement announcing the launch into the Australian market noted products will initially be distributed through a limited group of adviser partners whose selection was based on their desire to improve the service and efficiency of their businesses and their customer interactions.
“The low levels of adviser and customer satisfaction means there is a place for a new entrant to re-energise the market with a radically improved offer,” Yardley concluded.