According to NEOS Life managing director Brett Yardley noted the frustrations that can stem from a seemingly straight-forward application being held up in underwriting for weeks on end.
“Clients want to be covered and advisers need to be paid,” he said.
“Our goal is to make an adviser’s job easier and a client’s experience better, every step of the way. Providing rapid underwriting is a crucial part of that.”
Since its launch in June, NEOS set a target of 80 per cent of underwriting decisions in three working days.
It noted that it has delivered 86.6 per cent of underwriting decisions in three working days, 85 per cent in two and 64 per cent in one.
Mr Yardley said their underwriting decision times have been achieved through a combination of its “tailored” underwriting questions as well as the underwriting rules engine from UnderwriteMe.
“Not only do our fast decision times result in a great customer experience, they also reduce the time a financial adviser needs to spend managing applications in progress,” Mr Yardley said.
“Plus, they help ensure advisers are paid for their work as quickly as possible; improving cash flow in their businesses.”
