Since launching in mid-2018, life insurance start-up NEOS Life is making strides with the launch of a new product and expedited its underwriting decision times.
NEOS managing director Brett Yardley said that most underwriting decisions finalised in three days, powered by a set of tailored questions and underwriting rules engine UnderwriteMe.
About 87% of underwriting decisions were delivered in three working days, while 64% were completed in one day, he said.
"We've designed our underwriting questions to be targeted and relevant, so we can quickly get to the right underwriting outcome. And if a decision cannot be made on the spot, our highly experienced underwriting team are available to make common-sense decisions, fast." Yardley said.
NEOS recently appointed Sargon as the trustee of its new insurance-only superannuation fund NEOS Super Plan.
NEOS Super Plan provides financial advisers with a pay-by-super option for their client's NEOS Protection life insurance policies, Yardley said.
"Being able to structure a client's life insurance policy through superannuation is becoming increasingly important for financial advisers.
"Sargon is helping NEOS Life navigate the complex and changing superannuation regulatory environment so we're able to offer the best possible pay-by-super solution to our customers," Yardley said.
NEOS recently unveiled the members of its underwriting and sales team. Former TAL NSW state sales manager Charl du Plooy is now the head of sales.
Gemma Wheeler leads the underwriting and operations team, while Cara Glanville and Maria Monaghan work closely with Wheeler as senior underwriters.