Looking good. NEOS new business doing a lot of heavy lifting, and margins are okay but probably doesn't justify relying on this too much long-term. Direct Insurance channel the most interesting, profitable, and a key differentiator for NobleOak as a challenger brand.
They mentioned exploring direct advice on the back of QAR, and will be interesting to see how this unfolds. A lot of the tech spend at the moment hopefully will facilitate a good onboarding experience. Still a bit clunky on the website, have to put in email and mobile details before getting any value.
Will there be another marketing blitz once the omni-channel customer site is up and running next month?
Interesting to compare valuation and business model with ClearView who are reshaping up as a key competitor, albeit through the traditional adviser channel. They seem to be getting decent new biz market share (albeit less than NEOS it seems at this stage).
Ann: Half Year Results Presentation, page-2
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