Skip to main content skip to search skip to contact

Product Governance

Product oversight and governance activities are designed to provide assurance that our products:
● meet the needs of one or more identifiable target markets;
● are sold to clients in the target markets by appropriate distribution channels;
● deliver appropriate customer outcomes;
● offer fair value to customers in the target market.

Launching new products, or making material changes to our existing products, is governed through our Product Development Process. Before new products, or changes, are launched, our internal governance arrangements ensure that the following assessments are undertaken and approved:
● Identification of the target market and non-target market for each product.
● Ensuring the distribution approach aligns to the needs of the target market.
● Assessment of costs and charges and how these impact on Fair Value for the customer.
● Consideration of characteristics of vulnerability within the target market group.
● Ensuring that Customer Communications are clear and transparent.

To find out more about our product oversight and governance, you can download our Product Oversight and Governance Policy and Product Development Process Maps below.



Target Market Statements

As product manufacturers and co-manufacturers, we are required to supply information about the intended target markets for our products. We have therefore produced a series of Target Market Statements relating to our product groups.

To view a full list of Target Market Statements that outline product governance, target audience, eligibility and distribution method for each product, please follow this link

Please note that our Target Market Statements are only intended to provide an indicative summary of the target market for a product, and are not summaries of coverage. Please refer to the relevant policy documentation for full details of the coverage provided.


Fair Value Assessments (FVA)

Products are reviewed at regular intervals, scheduled based on a number of factors such as the size, scale, contractual duration and complexity of those insurance products, their respective distribution channels, and any relevant external factors such as changes to the applicable legal rules, technological developments, or changes to the market situation. Such reviews will be undertaken every 12 months or more frequently where the potential risk associated with the product makes it appropriate to do so.

To view our latest completed Fair Value Assessments (FVA) please follow this link