Life insurance provider, NEOS Life, has secured the backing of MLC Life Insurance to launch a new product offer into the Australian market.
Branded Encompass Protection, this new product suite will be offered via NEOS Life’s insurance platform and will be underwritten by MLC Life Insurance.
The proposition is packaged as a new service offer from NEOS Life, intended to complement and run along-side the provider’s existing NEOS Protection product range, which is underwritten by Noble Oak.
Importantly, Encompass Protection has been designed to be made available through financial advisers, with a joint statement positioning the new offer as combining “… the market leading service and administration excellence of NEOS with the financial strength and claims management expertise of MLC Life Insurance.”
The launch statement for this new offer reflects on the ongoing pace of change in the life insurance industry, including the increasing cost of providing risk advice and changing consumer needs, meaning that “…life insurers must adapt and look at newer and more innovative ways to provide cover to Australians.”
NEOS MD, John de Zwart, expanded on this statement, noting:
Offering Encompass Protection, alongside NEOS Protection, on the one service and technology platform, can improve adviser efficiency and ease of doing business…
“NEOS and MLC Life Insurance are ideal partners to deliver sustainable, affordable and quality life insurance to Australians. NEOS came to market with a vision to simplify life insurance for customers and advisers, and we believe this is an important, exciting step on that journey. Offering Encompass Protection, alongside NEOS Protection, on the one service and technology platform, can improve adviser efficiency and ease of doing business.
de Zwart also emphasised that NEOS is “…passionate about trying to make risk advice easier, providing advisers with a range of high-quality products on a single, easy-to-use platform that advisers are familiar and comfortable with.”
From the MLC Life Insurance perspective, the insurer’s Chief Life Insurance Officer, Michael Rogers, reflected that MLC Life Insurance believes in “…the importance of risk advice and improving the sustainability of our industry and helping ensure Australians from all walks of life can access quality life insurance products.” Rogers says this partnership between NEOS Life and MLC Life Insurance will help deliver this goal:
“While we continue to manufacture and distribute our own protection products and services to Australians, we’re excited to partner with NEOS to bring this new insurance offering to the market.”
Riskinfo understands Encompass Protection will officially launch in Australia in the coming months, and we will report further details when available.
The sting will be in the detail, as always. I just hope Neos hasn’t inherited of any of the dismal performance standards in administration and adviser interface that is currently evidenced in any interaction with MLC.
Comments are closed.