We think that’s the secret of building a modern life insurance business.
Being a new business, we’re not burdened by ‘big institutional thinking’ and outdated technology that drives inefficient processes and costly overheads.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 start-up mentality means our decision-making process is quick and decisive and even our senior 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 advisers and customers and ensure our products always represent great value.
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. Customers will be able to request underwritten increases above these limits after the first plan anniversary.
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.
What’s more, we know how important premium rate stability is for your clients. And we know it’s also crucial for you as the industry transitions to the new Life Insurance Framework.
To support premium rate competitiveness and stability we will:
By doing this we can offer:
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.
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:
And they must have an inforce and fully paid, life insurance policy that:
For full details, please see our Adviser Guide
We understand the strain that a lack of cashflow can place on a business. And we’re more than aware that the introduction of the Life Insurance Framework puts further pressure on advice businesses as a result of reduced commissions and the extended responsibility period.
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 deliver on this promise because:
Our market leading underwriting technology, combined with bespoke NEOS rules, will deliver industry leading automatic acceptance rates.
Our signature-free, online only application removes unnecessary questions, minimises errors and speeds up end-to-end acceptance times.
Our new business cover limits minimise mandatory medicals; freeing up our underwriters to quickly make decisions.
Our market-leading tele-interview capabilities will ensure interviews are completed quickly.
Our dedicated and experienced underwriters are handpicked for their technical and relationship skills and are only ever a phone call away.
Our tight measurement and control framework will help ensure customers are always covered quickly, and advisers are paid faster.
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 return calls and acknowledge emails within two working hours.
We’ll keep you in the loop – via phone, SMS and copying you into customer emails – so you can manage your client’s expectations.
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 empower our people to make decisions and see requests through to resolution.
You’ll have access to our senior management.
The moment we’re notified of a claim we’ll speak directly to you, the adviser, and assign a dedicated and experienced claims manager.
You can then decide how you want us to manage the claim – we’re happy to liaise solely with you, direct with the claimant or both.
And because we don’t have legacy issues and products, or large industry fund clients to service, we have no distractions or inefficiencies – our claims team are free to focus their time on supporting your clients in their time of greatest need.
We understand that our reputation, and yours, depends on how claims are processed.
That’s why we’ve created our Claims Charter, to ensure every claim is dealt with as sensitively and fairly as possible.
Naturally, our claims service will also fully comply with Life Insurance Code of Practice.
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.