December 11, 2018
NEOS Life has launched an online alteration capability to its services and in its first phase will provide the ability for advisers to transfer the ownership of an existing policy inside, or outside of superannuation, using the same application process as for new business.
The policy transfer process will take place completely online and will require an adviser to create a new quote with the policy structure required, select the ‘replacement cover’ option and outline which benefits are being replaced with the remainder of the transfer handled by NEOS.
NEOS Managing Director, Brett Yardley said alteration process were time consuming and subject to errors as most insurers made alteration, such as transfers of ownership, using a paper application and manual processes.
“Advisers often don’t get paid for the work involved in a policy alteration; they’re doing it in the best interests of their client,” Yardley said.
“The challenge of ordinary to super transfers has long been an issue raised by advisers with insurers. We’ve therefore prioritised delivering a solution to this adviser pain point as part of the build of our online alterations capability,” he added.