Pacific Life Re Australia has become the partner reinsurer to NEOS Life, a life insurance consultancy service and new market entrant, in order to create smarter application processes for both advisors and customers in the Australian market.
NEOS Life has also chosen Pacific Life Re’s joint underwriting venture, UnderwriteMe, as its underwriting platform and Australian life insurer NobleOak as the insurer for its NEOS Life product.
Together, the parties will aim to enhance application processes using a more intuitive application form and improved Straight Through Acceptance (STA) notes.
NEOS Life is focused on the Australian retail advice life insurance market, and has already spent considerable time augmenting UnderwriteMe’s Underwriting Rules Engine (URE) in order to improve its processes for advisors and customers without compromising its risk selection.
In collaboration with Pacific Life Re, NEOS Life has developed a simpler application form based on the template used by UnderwriteMe in the UK.
UnderwriteMe has also delivered STA rates upwards of 60%, well above the market average of around 15% – 20%.
Andrew Gill, Managing Director of Pacific Life Re Australia, said: “Advisors are struggling with the growing burden of increasing regulation and compliance. In partnership with NEOS Life and NobleOak, Pacific Life Re’s technology will make it easier for advisors to provide life insurance solutions to their valued customers.”
Brett Yardley, Managing Director of NEOS Life, added: “We are delighted to be working with Pacific Life Re and utilising the UnderwriteMe capability. We have worked together to create what I believe is the fastest, most intuitive application system in the Australian market. Our goal, together with NobleOak, is to raise the bar for the industry and set a new standard in life insurance.”