July 8, 2019
NEOS Life has announced what it claims are market leading enhancements, allowing financial advisers to save time when arranging risk-only superannuation cover for their customers.
The enhancements support the NEOS Super Plan, a risk-only superannuation product that allows customers to fund their retail life insurance policy from their superannuation fund.
NEOS instantly validates the identity of a customer and matches their superannuation account when they apply for cover via a NEOS Super Plan, which it says is an industry first.
The result is a significant reduction in rollover rejections and much faster completions, with 95% of policies in force in less than five days since launch.
The announcement follows the integration of NEOS systems with an ACORD compliant insurance gateway. It uses an event driven messaging platform with the most secure data encryption available in Australia to deliver real-time data between NEOS, regulators superannuation funds and the banking system, resulting in fast, error-free transaction processing for new policies, refunds, claims or commissions.
NEOS Managing Director, Brett Yardley, says he was delighted to be improving efficiencies for advisers and making it easier and faster for Australians to protect their lives.
“Historically, advisers selling risk-only super policies have regularly encountered delays due to high rejection rates from superannuation funds because the member or fund were incorrectly identified,” he said.
“…Australians can get access to valuable insurance coverage as fast as possible…”
“This often happens when a person changes their name after getting married or divorced, or there are a number of similarly named funds managed by the superannuation product issuer.”
Yardley added: “Thanks to checks built into our process, we can fix these errors before sending the rollover requests to the other fund and, with our fully automated super system, we can put the policy in-force, pay claims, process refunds, and pay adviser commissions in a fraction of the time.
“This all means more Australians can get access to valuable insurance coverage as fast as possible, as well as improving an adviser’s cash flow position, at a time when their margins are being squeezed.”