November 27, 2018
New life insurance entrant, NEOS Life has announced that it made more than 86 percent of underwriting decisions within three working days, exceeding its own target of 80 percent set at launch in June of this year.
At the time of launching, NEOS Life Managing Director, Brett Yardley said the business had developed its own bespoke application question set to be used with UnderwriteMe’s underwriting rules engine (see: NEOS Life Full Retail Market Launch).
Speaking about the underwriting times, Yardley said that since launch NEOS had delivered 86.6 percent of underwriting decisions in three working days, 85 percent in two days and 64 per cent in one day by using the question set and rules engine together.
“We understand how frustrating it can be for a seemingly straight forward application to be held up in underwriting for weeks on end. Clients want to be covered and advisers need to be paid. Our goal at NEOS is to make an adviser’s job easier and a client’s experience better, every step of the way. Providing rapid underwriting is a crucial part of that,” Yardley said.
“We’ve designed our underwriting questions to be targeted and relevant, so we can quickly get to the right underwriting outcome. And if a decision cannot be made on the spot, our highly experienced underwriting team are available to make common-sense decisions, fast,” he added.
UnderwriteMe Director of Business Development Asia & Australia, Rakesh Kaul, said, “We’re excited to see the outcomes NEOS is achieving from their UnderwriteMe implementation so quickly. With a continued focus on rules improvement and insights from analytics, together, we hope to drive yet more efficiency gains in the future.”