Financial advisers offer new life insurance product
New entrant to the Australian life insurance sector, NEOS Life, has launched a suite of retail life insurance products which will be offered by financial advisers.
NEOS Life’s managing director, Brett Yardley, said that a new offering, which was launched in response to unmet customers and adviser expectations, would be free from outdated technology and legacy processes.
The firm stressed that both technology and legacy processes were designed by “going back to basics” and challenging the traditional life insurance business models, instead of simply replicating them.
“We have listened to advisers and have been overwhelmed by just how dissatisfied they currently are with insurers. Advisers have told us that many insurers have lost sight of the basics – like providing good old-fashioned service,” Yardley said.
The firm added that instead of trying to be “all things to all people,” which usually led to rather poor services, it applied the approach focused on building life insurance business that would provide value-for-money protection for regular people, it said.
“As an example, we have redefined the underwriting process and will be one of the first to use the UnderwriteMe technology solution in the Australian retail market. We are targeting being able to make 80 per cent of underwriting decisions in three working days,” Yardley said.
The products would be initially distributed through a limited group of adviser partners.
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