Enhancements to NEOS Life's superannuation product Super Plan are helping customers apply for cover in a fraction of the time.
When applying for the risk-only superannuation product, a customer's identity is validated and automatically matched with their superannuation account, resulting in lower rollover rejections and faster completion times.
The enhancement follows NEOS partnering with the Association for Cooperative Operations Research and Development (ACORD), a global standards-setting body for the insurance industry.
The integration meant NEOS uses a secure, event-driven messaging platform to deliver real-time data to regulators, superannuation funds and the banking system.
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This results in rapid, error-free transaction processing for new policies, refunds, claims or commissions, ensuring Australians are protected and advisers are paid faster, NEOS managing director Brett Yardley said.
"Historically, advisers selling risk-only super policies have regularly encountered delays due to high rejection rates from superannuation funds because the member or fund were incorrectly identified.
"This often happens when a person changes their name after getting married or divorced, or there are a number of similarly named funds managed by the superannuation product issuer," Yardley said.