NEOS have ended a five year dominance by TAL by being announced as the AFA Life Company of the Year for 2022.
TAL had won the award for the previous five consecutive years from 2017 to 2021. But relative newcomer NEOS have been able to topple them from their perch. TAL was a runner up this year, along with MetLife.
NEOS entered the Australian life insurance market in 2017, bringing an innovative approach to the distribution of life insurance policies which has been well accepted in the retail market.
The AFA overall award is based on a number of criteria:
- financial strength
- product features
- premium rates
- service and market strength
- other factors such as sustainability of product features and rates, engagement, and health and wellness
As well as the top company award, the AFA announced winners in the individual product categories:
Best Insurance Policies 2022
- Term and TPD – NEOS Protection Life Cover Plan
- Trauma – TAL Accelerated Critical Illness Premier Plan
- Income Protection – TAL Accelerated Protection Income Protection Enhance Plan
Benchmarking research for the overall and product awards was provided by Plan for Life, as in previous years.
The Beddoes Institute undertook an Adviser Survey which resulted in the following team-based awards:
Insurance Team Awards 2022
- Zurich – Claims Team of the Year
- NEOS Life – Underwriting Team of the Year
- NEOS Life – Business Support Team of the Year
CEO of Beddoes Institute, Bill Nikolovski congratulated NEOS, saying “We have seen the newer life companies gain substantial traction in the marketplace recently.”