New industry player, NEOS Life*, has announced it is preparing for a full launch into the retail advised life insurance market.
Based on the results of a three-month pilot phase (see: NEOS Life Opens its Doors), NEOS Life Managing Director, Brett Yardley, said the initial response from financial advisers to its offering has been overwhelmingly positive.
“When advisers are telling you that dealing with NEOS has been a highlight of their life insurance career, you know you’re hitting the mark,” he said.
In its release, NEOS Life highlighted three key areas in which it says advisers have been appreciating the experience NEOS provides:
- Intuitive and fast application process
- Contemporary, common-sense underwriting decisions
- Certainty offered by a three-year rate guarantee
Yardley continued that the combination of what he referred to as NEOS’s bespoke application question set and use of UnderwriteMe’s underwriting rules engine, is already delivering over 35 per cent of underwriting decisions immediately.
“We’re well on track to reach the goal of over 50% of decisions immediately and 80% within three working days,” he added.
“Not only does this support a positive customer experience and confidence in the service we provide, it also greatly improves cash flow within the adviser’s business. With so many challenges currently facing advisers, this is a huge help,” Yardley said.
In commenting that an adviser’s job is getting harder and consumer confidence in the industry is at an all-time low, he added, “Things must change, but with industry consolidation and decreasing competition, existing players have little motivation to make that change happen.”
*NobleOak Life Limited is the issuing insurer for NEOS life insurance products
