What’s happening at NEOS?
We’re working on our third product on the platform – watch this space!
What’s happening in the market?
I’m trying to hold my optimistic view of the QoAR; however, the longer it takes to review, the more I’m starting to doubt it. Jones has come out and said he’s looking at a three-pillar process later this month, so we’ll see what comes of that. Currently, it’s best to leave the noise just as noise and not rush to any conclusions, as this consumes too much head space.
What advice trends am I seeing?
The risk market has begun bottoming out, as we saw recommendations following a downward trend month on month (yoy). Hopefully now, we will see some growth. We’re finally starting to see a net positive in the number of advisers in the industry, which is promising.
Over the last few months, the affordability of IP has put pressure on benefit periods, with a five-year benefit period growing to 20% of recommendations to age 65 and continuing to maintain 73% of the market. Waiting periods of 90 days have crept up to 49% of IP recommendations. With the IP Booster Option nearly doubling in recommendations over the last two months.
Next holiday?
Wedding planning is in full swing for 29 September in Uluwatu, Bali. We may pop over for a few days to finalise a few things otherwise, I’ll be hanging around Sydney till then (too much going on with our new product launch).As always, thank you for your ongoing support. If you ever have any constructive feedback, please let me know – we’d love to hear from you.
NEOS WINS AFA LIFE COMPANY OF THE YEAR AND MORE
In case you haven’t heard, NEOS was named the Overall Platinum Life Company at the 2022 AFA Life Company of the Year awards.
In addition to this, we also won the Service Quality award (for the second year in a row), the Underwriting Team of the Year award (for the fourth year in a row) and the BDM/Support Team of the Year (for the third year in a row).
NEOS Protection also won product awards for Term and TPD Cover, and we were finalists for Income Protection and Trauma products.
Not only did we win AFA Life Company of the Year (even though we’re not an insurer), we were also recognised at the 2023 Adviser Ratings’ Adviser Choice Awards, winning all the service category awards – including Ease of underwriting, Platform Functionality, Adviser Support and Claims Handling – all for the second year in a row!
Paying claims is the sole purpose of this industry. That’s why we’re especially proud of this achievement and to see our commitment to delivering a great claims experience being recognised. If you missed our post on LinkedIn, hear what financial adviser, Daniel Isenhood had to say about his recent claim experience with NEOS.
We were also finalists for the Best Retail Life Insurer, Competitiveness of Product and Comprehensiveness of Modules making us a winner or finalist in seven of the nine award categories.
These awards are a testament to the dedication and professionalism of our employees in delivering the NEOS Experience to our customers, licensees, advisers and insurance partners.
If you’re not already working with the leader in Australian life insurance, or if you need a hand getting business submitted by the EOFY, get in touch today and let us show you why NEOS is the right choice.
LET US KNOW HOW WE'RE DOING
We want to ensure we’re providing solutions to make advisers’ lives easier. So, if there’s anything you feel we could be doing better or if you have any suggestions on how we can improve the NEOS Experience, please let us know.
While this edition of our newsletter has highlighted some of the great successes we’ve recently had, we’re not too proud to think that we can’t be better.
Please don’t hesitate to reach out to me as your State Manager or alternatively your BDM. We’d love to hear from you! And of course, positive feedback is also appreciated.