New entrant NEOS Life will initially distribute its retail products through a select group of adviser partners, as it aims to distinguish itself from established life insurers.

MD Brett Yardley says NEOS Life wants to address “systemic issues” such as poor service, cumbersome processes and bad claims experience.

“Our vision is simple,” he said. “We want to set a new standard in life insurance.

“The low levels of adviser and customer satisfaction mean there is a place for a new entrant to re-energise the market with a radically improved offer.”

NEOS Life products are issued by NobleOak Life and reinsured by a Pacific Life Re subsidiary. The company is using Ebix OneOffice as its life insurance sales and administration solution.