Developed in just three months by Neos engineers, the new system replaces the need for customers to answer time-consuming questions about themselves and their property. Instead, Neos uses over 260 external data sources to generate an almost instant customer quote.
The new insurance policy admin system, which is also fully integrated into Neos’s proprietary IoT platform, is the first of many product innovations the company will be bringing to the market under its new managing general agent (MGA) structure.
Neos is the first UK-based company to combine smart technology and 24/7 assistance with home insurance, creating a policy that’s “always-on” to allow homeowners to actively protect their home from their phone. The technology can detect and help prevent fire, theft, and water leaks, with real time updates provided to your smartphone, and a 24/7 UK assistance team who can help monitor your home and arrange a fix via their tradesperson network.
The team behind Neos, led by insurance expert Matt Poll, former director of MoreThan, and home automation expert, Krystian Zajac is gearing up for nationwide launch this autumn. Customers will be able to sign up to one of three different plan options, each giving different levels of protection for the home. Each quote is unique to the customer but prices can vary from £15 to £50 per month approximately, which all include technology and comprehensive insurance cover.
The company has ambitious growth plans setting its sights on being the customer champion and seeking international expansion both under the Neos brand and through technology partnerships with its state-of-the-art IoT and policy admin platform. This has been made possible on the back of the insurtech company securing a £5 million series A investment led by Aviva Ventures together with strategic partner Munich Re providing the underwriting in May 2017. Furthermore, strategic investment and an exclusive partnership with ZPG plc in November 2016 has given Neos exclusive access to a vast audience of property and insurance interested consumers and integration with the website.
Matt Poll, Neos CEO and co-founder said, “It’s been a busy first year for Neos. We’ve successfully gained the support of industry heavyweights, Aviva, Munich Re and Zoopla, built a state-of-the-art IoT and policy admin platform as well as bringing together the latest smart technology to allow consumers to actively protect their home using their phone.
“We believe our new quote system will change the way consumers buy home insurance forever. Customers expect instant answers and by using the wealth of available data on the market we’re eradicating tedious form filling to make it easier than ever before to protect your home. This will be a key part of our offering when we launch nationwide in the autumn.”
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