NEOS’ performance three months post-launch

21 September 2018

We’re pleased to announce that our performance following our launch has exceeded expectations and we’re now preparing for a full launch into the retail life insurance market.

NEOS entered the market on June 15 of this year with the vision of a setting a new standard in Australian life insurance. Our first three months have focused on ensuring the foundations of our business are strong and making sure we’re always delivering an outstanding ‘NEOS Experience.’

The initial response from financial advisers has been overwhelmingly positive and as our Managing Director, Brett Yardley, said, “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.”

Whether it’s how simple, intuitive and fast our application process is, the certainty offered by our three-year rate guarantee or our contemporary, common-sense underwriting decisions, advisers are appreciating how easy and efficient the NEOS Experience is and how it produces great outcomes for customers and advisers.

The combination of our bespoke application question set and use of UnderwriteMe’s world-class underwriting rules engine, is already delivering over 35% of underwriting decisions immediately. We’re therefore well on track to reaching our goal of over 50% of decisions immediately and 80% within three working days. 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.

An adviser’s job is getting harder and consumer confidence in the industry is at an all-time low. Things must change, but with industry consolidation and decreasing competition, existing players have little motivation to make that change happen. We launched NEOS because we passionately believe that advisers and customers deserve better. Advisers can now expect to see and hear more of NEOS in the coming months.