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).
NOL Price at posting:
$1.63 Sentiment: Buy Disclosure: Held
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