The new retail life insurance offering from NEOS and MLC Life Insurance, Encompass Protection, is about to go live.
The new product offering, which is billed as bringing together the service and administration excellence of NEOS and the financial strength and claims management expertise of MLC Life Insurance, will be launched on Thursday, 28 April 2022 (see: NEOS, MLC Life Combine to Launch New Product Offer).
A statement says the offering has been designed in response to the challenges facing the sector, especially the increasing cost of providing risk advice to consumers and the subsequent reduction in Australians accessing the protection they need.
It says financial advisers can now offer their clients two different products, NEOS Protection and Encompass Protection, using the NEOS platform, noting they’ll have access to the same BDM, underwriter and service consultant regardless of the product brand chosen.
“Accessing multiple products through a single technology platform with standardised application and administration processes, all with the support of a dedicated group of insurance professionals, will help advisers reduce their costs in servicing their clients.”
NEOS Managing Director, John de Zwart, says the company came to market with a vision to simplify life insurance for customers and advisers “…and we believe this is critical 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.”
Michael Rogers, Chief Retail Insurance Officer, MLC Life Insurance, says the company is excited to be going ‘live’ and thanked the team at NEOS for their support and expertise in bringing the offer to market.
“We believe passionately in the importance of risk advice and know Australians benefit from receiving it. Our goal is to ensure the sustainability of advice through our products and services, and we believe Encompass Protection will help us to achieve this goal.”
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