The new platform, named Futura Protection, aims to “bring to the life insurance sector the ease and efficiency benefits of the platform model that the investments space has long enjoyed”.
According to NEOS, the platform will allow advisers to service more clients on a single technology platform, also allowing access to the products, pricing and underwriting they need.
“Our goal is to help more Australians access quality life insurance. We aim to do this by making life insurance easy and profitable for advisers and insurers,” NEOS chief executive and managing director John de Zwart said.
As it stands, the life insurance industry is still on a slow road to recovery post-royal commission, with parts of the sector under strain from increasing mental ill health claims, which is now the leading TPD claim.
“The industry is struggling with high costs and complexity,” de Zwart said.
“The NEOS platform aims to help advice practices grow and scale by delivering an exceptional service experience combined with high-quality, competitively priced products.”
He added: “We’ve solved the challenges for insurers and now we’re well on our way to doing the same for advisers and their clients.”
Futura Protection joins NEOS Protection and Encompass Protection on the insurance product provider’s platform.
NEOS is also providing a one-hour continuing professional development accredited presentation for financial advisers, which will break down its “cover types, options and features, pricing discounts, how to structure cover, key underwriting considerations and claims”.
