Target Market Determination – Collector Policy
About this document
This Target Market Determination (TMD) is designed to provide consumers, insurance brokers, distributors, and staff with the appropriate information to understand the intended target market for the H W Wood Australia Pty Ltd (HWW) Collectors Insurance product (Collectors Policy). This TMD sets out the types of people that the Collectors Policy might suit, information about distribution conditions and how we review this TMD to ensure it remains appropriate. In this document the terms “HWW”, “we”, “us” or “our” refer to H W Wood Australia Pty Ltd, AFSL No. 230009. The Collectors Policy is issued by HWW under authority of Certain Underwriters at Lloyd’s under our AFS Licence No. 230009 and pursuant to respective binding agreements. HWW holds authority to quote, issue contracts of insurance and collect premiums on their behalf. Consumers should refer to the Product Disclosure Statement (PDS) and any supplementary documents which outline the relevant terms and conditions under the product when making a decision about this product. This TMD applies to the Collectors Policy referred to in the PDS.
Class of Consumers that fall within this target market
The following are the key attributes of the Collectors Policy:
- Provides cover for loss or damage to collections as specified in the PDS
The Collectors Policy is designed for insured persons that wish to insure their collections. We have determined that the Collectors Policy is likely to be consistent with the objectives, financial situation and needs of the target market because:
- It provides consumers with certainty as to the benefits that they may be entitled to if an insured event occurs (being the benefit limits specified in the PDS)
The following describes the types of consumers who form the target market for the Collectors Policy, as well as the consumers who fall outside the target market. Suitable for: • People who wish to insure their stamp, coin and memorabilia collections
Distribution of this product
This product is designed to be distributed by insurance brokers who hold an Australian Financial Services Licence and their representatives. We have distribution conditions in place designed to help ensure this product is only sold to consumers in the target market. These conditions include measures such as:
- Suitability and eligibility questions on application, to determine whether the consumer meets the eligibility requirements for the product;
- Key risk-based acceptance criteria based on: ◦ Occupation of the Insured and the individuals who make up this group; ◦ Previous claims experience for this type of risk; ◦ Risk location; and ◦ The Sums Insured/Limits;
- Training of staff to ensure that they are aware of this document and the obligations inherent in the design and distribution framework. All proposals received are able to be evaluated against strict suitability criteria to ensure that the product is only suitable for the target market; and
- Ensuring that all sales and marketing activities in respect of this product are subject to pre-approval by HWW and are suitable for the target market.
Reviewing this document
We will review this TMD within two years from the effective date to ensure it remains appropriate and subsequently every two years thereafter. We will also review this TMD if any event or circumstances (called ‘review triggers’) occur that would reasonably suggest that the determination is no longer appropriate, such as: • We make a material change to the cover provided by the product;
- A change in our acceptance criteria that impacts on the suitability of the product for the target market;
- A material change to the distribution of the product;
- The discovery of a relevant and material deficiency in the product’s disclosure documentation;
- Systemic complaints and claims issues which indicate that the product is no longer suitable for the described target market;
- Material and relevant reductions in our key product suitability metrics such as: Customer satisfaction; Product acceptance; Financial performance; Benefits to customers; or Product value and affordability; or
- We identify that there has been a significant dealing in the product that is not consistent with the TMD. We will review this TMD within 30 business days of the occurrence of any review trigger
HWW and Certain Underwriters at Lloyd’s must record all complaints received about this product on a monthly basis (Complaints Reporting Period). Our staff and representatives are required to provide us with details in writing of any complaints about the product they have received during the Complaints Reporting period within ten business days of the end of the period. Additionally, our staff and representatives are required to provide regular and incident-based reporting on key metrics (see the heading “Reviewing this document”) to allow us to review this TMD.
Our staff and representatives are also required to report to us if they become aware of a significant dealing in this product which is not consistent with this TMD within ten business of becoming aware of such a dealing. We also review sales data including number of policies issued, renewed and cancelled on a monthly basis. If however the complaints are systemic and indicate that this product is no longer suitable for the described target market, we will review and update the TMD within the timeframe indicated above.
If you have any questions about our products or this TMD, please contact us.