New life insurer launches in Australia

In a statement, NEOS Life said it’s now “open for business” and will be offering “a comprehensive suite” of retail life insurance products through financial advice channels.

NEOS managing director Brett Yardley said the decision to create a new life insurance stemmed from a shortfall in meeting customer expectations currently impacting the risk industry.

“Service has been poor, technology has become out-dated and the whole process simply takes too long. Worse still, many customers have been subject to material premium increases and poor claims experiences,” Mr Yardley said.

“NEOS Life is a business that has been designed to address these systemic issues. We believe that life simply doesn’t have to be so hard and are passionate about finding better ways to help customers and advisers. Our vision is simple – we want to set a new standard in life insurance.”

The statement said NEOS’ products are issued by NobleOak and reinsured by a subsidiary of Pacific Life Re.