New life insurance entrant NEOS Life has chosen Pacific Life Re as its partner reinsurer and UnderwriteMe as its underwriting platform, while NobleOak will be the insurer for the new product.
According to Pacific Life Re, the three parties aim to provide the “most responsive and efficient solution in the Australian market” for advisers and customers, through enhanced services including a more intuitive application form and improved straight through acceptance (STA) rates.
NEOS Life said it has spent considerable time augmenting UnderwriteMe’s Underwriting Rules Engine to create a “fast and flexible process for advisers and customers”.
In addition, NEOS Life said it has built, alongside Pacific Life Re, a simple application form which had its genesis in similar forms developed by UnderwriteMe in the UK.
“We have worked together to create what I believe is the fastest, most intuitive application system and process in the Australian market,” NEOS Life managing director Brett Yardley said.
“Our goal, together with NobleOak, is to raise the bar for the industry and set a new standard in life insurance.”
