Why NEOS?

Focused, lean and agile

We think that’s the secret of a modern life insurance business.

We’re not burdened by ‘big institutional thinking’ and outdated technology that drives inefficient processes and costly overheads.

Our adoption of the latest technology means we can share the rewards of efficiency by offering highly competitive premiums without compromising the quality of cover.

Our decision-making process is quick and decisive and even our management team are easily accessible.

Our lack of legacy issues and loss-making back books, means we can devote our time to helping advisers grow their businesses rather than trying to fix ours.

Our small team means our experts stay closer to the needs of advisers and customers and ensure our products always represent great value.

Product

Quality without compromise

We know there are many factors which influence the recommendations you make to your clients.

But at the end of the day, what really matters is whether the recommended product meets your client’s needs, at a price they can afford, both now and into the future.

That’s why, instead of aiming to be ‘all things to all people’ and delivering mediocre service at a high price, we’ve built a focused life insurance offer that provides value-for-money protection for regular, healthy people, with everyday needs.

This means we’ve removed unnecessary (and expensive) complexity and inefficiencies from our processes by not offering niche products like Business Expenses or cover for jumbo sums insured.

The result is a highly-rated suite of cover types available as self-owned or superannuation owned plans, that will meet the needs of the majority of clients, at very competitive prices.

Cover	Available as	Maximum sum insured at entry*
Life Cover	Stand-alone	$5,000,000
Total & Permanent Disability (TPD) Cover	Stand-alone Attached to Life Cover Linked to Life Cover Split	$3,000,000
Critical Illness Cover	Stand-alone Attached to Life Cover Linked to Life Cover	$1,000,000
Child Cover	Stand-alone	$200,000
Income Protection Cover	Stand-alone Split	$20,000 per month

*Limits at entry have been deliberately set to minimise underwriting delays.

For full product details and terms and conditions, please see our Product Disclosure Statement

We’ve streamlined our processes in many other ways too, to get clients covered as quickly and painlessly as possible:

Online only: applications are only accepted through our electronic quote and application system.

Signature-free: we don’t require any physical signatures from a customer before issuing a plan. This includes acceptance of revised terms, which you can accept on their behalf.

Lives insured: our application system only supports one insured person on a plan.

Plans: our application system supports a maximum of two plans for an insured person – one super and one non-super.

Payment methods: we accept payment via credit card or direct debit only. The available payment frequencies are monthly and annually. Payments via cheque or BPAY are not accepted.

Price

Optimised for healthy clients with everyday needs

By not having to fund legacy systems, laborious processes, inefficient corporate overheads or loss-making legacy books, we can provide sharper, fairer and more accurate pricing. Our aim is to be particularly competitive for your regular, healthy clients, with everyday needs.

What’s more, we know how important premium rate stability is for your clients. To support premium rate competitiveness and stability, we will:

reduce premium rate cross-subsidies between products and customers
discount or load customer premiums appropriately, based on their risk of claiming, so that truly healthier customers pay less; and
charge level premium rates that take into account the current interest rate environment.

By doing this we can offer:

A three-year rate guarantee on all new NEOS Protection plans. We won’t change the base premium rates on inforce NEOS Protection plans within three years of the plan commencement date. This means that any changes to on-sale rates won’t affect existing plan holders within the rate guarantee period; giving you and your clients the certainty you demand.
A preferred lives discount. A 7.5% premium discount will apply to lump sum covers (Life Cover, TPD Cover and Critical Illness Cover) when the insured person meets the following criteria:
- BMI <= 28.5
- non-smoker > 3 years; and
- no loadings or exclusions.
A multi-benefit discount. A 15% discount applies to all Life Cover, TPD Cover and Critical Illness Cover premiums for an insured person when they also have Income Protection Cover, either on the same plan or on a different plan. The discount applies to the final premium after all other discounts and loadings have been applied.
No plan fee. No NEOS Protection plans have a plan fee.

For full details, please see our Adviser Guide

As a result of our pricing approach, we can offer stable and very competitive pricing in our target segments. However, conversely, we’re unlikely to be the right partner for very impaired lives or jumbo covers.

NEOS Express

Makes getting better priced cover simple, and fast

We’re committed to being the easiest and most efficient insurance partner to do business with. Which is why we’ve designed NEOS Express, so you can get your healthy clients cover, at a better price, fast.

If your client has been fully underwritten in the last three years, NEOS Express may allow them to obtain better priced cover with NEOS Protection without having to complete a full personal statement.

Instead, they’ll only need to complete a short, online, application – essentially a declaration of continued good health.

To be eligible, your client needs to be:

age < 55
BMI <= 28.5
non-smoker > 3 years

And they must have an inforce and fully paid, life insurance policy that:

provides the same cover as the NEOS Protection cover type being applied for
was fully underwritten in the past three years
has no loadings or exclusions; and
is more expensive than the NEOS Protection cover type being recommended.

For full details, please see our Adviser Guide

Underwriting

Life in the fast lane

Building a business is tough. We know, we’ve done it ourselves. Once your client decides to take your advice, it’s in everyone’s interest to get them covered quickly and efficiently. They need to be covered and you need to be paid.

We understand the strain that a lack of cashflow can place on a business.

It’s why we’ve put rapid underwriting at the heart of our business. And why we’re targeting making 80% of underwriting decisions in three working days.

We can target this because:

Our market leading underwriting technology, combined with bespoke NEOS rules, delivers industry leading automatic acceptance rates.

Our market-leading tele-interview capabilities ensures interviews are completed quickly.

Our signature-free, online only application removes unnecessary questions, minimises errors and speeds up end-to-end acceptance times.

Our dedicated and experienced underwriters are handpicked for their technical and relationship skills and are only ever a phone call away.

Our new business cover limits minimise mandatory medicals; freeing up our underwriters to quickly make decisions.

Our tight measurement and control framework helps ensure customers are always covered quickly, and advisers are paid faster.

Service

New business. Old fashioned service

Not everything from the past needs to be reinvented. Some things, like outstanding adviser and customer service, simply need to be reintroduced.

Good communication is the basis of any strong relationship and while it’s a very simple principle, it’s one that many in our industry seem to have lost sight of.

For us, it’s front of mind. We understand that our actions affect your clients’ perception of you.

That’s why:

We’ll always keep our service team Australia-based.

We’ll give you direct contact details for a dedicated underwriter and customer service agent – your experience post plan issue will be just as good as it was during the application stage.

We’ll return calls with two working hours and action emails within 24 hours.

We’ll empower our people to make decisions and see requests through to resolution.

We’ll keep you in the loop – via phone, SMS and copying you into customer emails – so you can manage your client’s expectations.

You’ll have access to our senior management.

Technology

Fast & easy to use, with information at your fingertips

In designing the technology suite to support our business, great care and consideration has been taken to seek out the best available systems and ensure their seamless integration.

We’ve then applied our decades of experience and understanding of how advisers work to create a 100% online technology solution which is simple, intuitive and highly-efficient. Saving you and your staff time, money and frustration.

Quote and apply – we’ve built our market leading quote and apply system from the ground up to ensure it’s simple, intuitive and importantly, fast to use. It offers you complete flexibility in being able to update your client’s quote, without losing information you’ve already entered in the application. What’s more, its seamless integration with our underwriting rules engine means that application questions are automatically tailored to each individual’s circumstances – meaning no unnecessary questions and a faster completion time.

Underwriting – UnderwriteMe underwriting rules engine, coupled with bespoke rules specially designed for NEOS, has been designed to offer leading automatic acceptance rates that are 2-3 times higher than industry averages. This means customers get covered sooner, and you get paid faster.
Adviser portal – as our quote and apply, adviser portal and plan administration systems are all within the same core system, you have real time access to all application and inforce plan information. By being able to see all customer information as and when we see it, you’ll never be on the back foot with a client again.
Online increases – you’ve asked, and we’ve listened. We’ll soon be implementing a fully online cover increase capability.

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