AWN Insurance Product Design and Distribution Policy
AWN Insurance is committed to offering high-quality insurance products to meet our customer’s needs and offer them real value. We will achieve this by taking a consumer-centric approach when designing and distributing our products.
Development of insurance products for appropriate target markets.
Our approach to the development of insurance products for appropriate target markets may include:
- Employees with relevant industry sector and insurance product experience and knowledge.
- Robust testing of new products.
- Market research and feedback to assist us in understanding the likely objectives, financial situation and needs of customers including customers experiencing vulnerability.
- Analysing internal and external data (where available) such as claim ratios, claims paid, withdrawn and denied; policies sold; cancellation, and the nature and number of complaints.
- Development of a Target Market Determination, for retail insurance products, that describes the class of consumers comprising the target market for the insurance product.
- Regular reviews of insurance products on offer and the Target Market Determination.
- Internal policies, procedures and training for our employees.
Distribution of insurance products for appropriate target markets.
Our approach to the distribution of our insurance products for appropriate target markets may include:
- Identification of distribution arrangements that are reasonably likely to result in our insurance products reaching consumers in the appropriate target market.
- Internal policies, procedures and training for our distributors.
- Using specialised distribution channels and collaborating closely with these channels to ensure we are reaching the appropriate target market.
- Requiring our distributors of retail insurance products to take reasonable steps to distribute the insurance product consistently with our Target Market Determination.
- Monitoring and supervision of our distributors.
Products in scope.
From 5 October 2021, AWN Insurance will prepare Target Market Determinations (TMD) for each retail product it distributes. We will do this to help our customers understand which products we distribute are more suited to them. The Target Market Determination will describe who a product is appropriate for and any conditions around how the product can be distributed. It also describes the events or circumstances where we may need to review the TMD for a product.
We encourage your feedback.
We want to continually improve the way we do business and the products we offer. The feedback we receive from our customers is invaluable and significantly influences the way we design and distribute our products.