Neos is an Eos portfolio company that combines smart technology and 24/7 assistance with comprehensive home insurance. We caught up with CEO, Matt Poll, to find out what they’ve been getting up to lately.
Key milestones/success achieved?
- Incorporated in Jan 2016
- Successful partnership and beta trial with Hiscox
- Seed funding of £1.2 mill lead by Eos, plus strengthening of Board with Barry Smith, Steve Broughton and Richard King
- Zoopla investment and exclusive distribution partnership
- Series A — Invest from Aviva and Munich Re
- Built end to end policy admin solution in under 3 months which allow customers to get a quote in under 30 seconds and uses 261 different external data sources.
- August 2017 — go live with new proposition which is fully blown Neos MGA solution
What does the future look like for Neos?
Appreciate I am biased, but very bright : ) We have had great customer feedback with exceptional NPS scores — more than 10X higher than the insurance industry standard. We have had lots of interest in our proposition and even more in our technology stack, both in the UK, Europe, and the US. We are super excited about scaling the business.
Why did you decide to start an InsurTech start up?
Having worked in the industry for a long time I believed that there was a better way to deliver an insurance service to customers. Nobody wants to claim, so focusing on prevention and adding tangible value to customers throughout the policy lifetime seemed like the way forward. That’s what we do at Neos, and technology is the enabler.
High points/low points in last 12 months?
Too many to list on both sides of the coin, all I can say is early stage start up is an emotional rollercoaster. However, the highs definitely outweigh the lows in Neos’ case
What surprised you?
How quickly things can be delivered if the team puts its mind to it eg. 3 months for a marketing leading Policy Admin System. Also how tough raising funding can be — although I feel super pleased we were able to attract the calibre of investors we have
What are you excited about?
Seeing the market evolve (quickly) over the next few years and Neos being a part of that (hopefully a big part!)
Lessons for people thinking about jumping in?
Having a deep understanding of the insurance market is really important and being able to scale distribution is critical
Message you’d like to send to insurers/incumbents?
Working with and supporting start ups is the way forward as there is no doubt the future of insurance will be very much tech led
Neos is the new way to actively protect your home. Neos combines smart technology and 24/7 assistance with comprehensive home insurance.
No matter where you are in the world, you’re connected to home, giving you the confidence and comfort that Neos is looking after the place that matters most.