Product Development and Distribution Policy
Guild Insurance Limited (GIL) are committed to providing a customer-centric approach when designing and distributing products. This includes putting our customers at the centre of all stages of the product lifecycle – from the product design phase
through to when we decide to retire any product. This policy sets out GIL’s approach to developing and distributing Retail insurance products, that we underwrite.
Effective from 5th October 2021, we have Target Market Determinations (TMDs) publicly available for our Retail products. Our TMDs set out who is in our target market and who the product is not designed for. They also outline
any conditions and restrictions placed on distribution, review triggers (including events and circumstances that may reasonably suggest that our TMD is no longer appropriate) and our reporting obligations.
We will ensure that our TMDs are referred to in promotional material and we will highlight in our customers’ renewal letters, quotations and new business letters that a TMD exists and where customers can access this document, to help them to determine
if the product is suitable for their needs.
As part of our ongoing compliance, we will monitor and review our TMDs to make sure that they remain appropriate for their target markets and where necessary we will change any aspects of our products or distribution to ensure that they are consistent
with the likely objectives, financial situation and personal needs of our customers. Our TMD records will be retained for 7 years.
Below is a summary of the product governance framework that supports our product design and distribution obligations.
Stage 1: Product Design & Testing
Our Approach:
- We define customer needs, potential markets, product characteristics and features, risk appetite and sustainability criteria, considering the customer risk profile, our experience, customer and industry insights.
- We identify distribution channel(s) and distributors that ensure our products are sold in an appropriate manner for the target market.
- We balance the interests of our customers with needs of our shareholders, regulators and the broader community.
Stage 2: Distribution
Our Approach:
- We develop distribution conditions and provide our distributors with the systems, processes and support they require to appropriately sell or refer our products to target customers.
- We establish reporting and monitoring processes to ensure that our products are distributed in accordance with the characteristics of the TMD.
Stage 3: Monitor & Review
Our Approach:
- We establish review triggers as part of our TMDs and regularly monitor and analyse relevant data points, including complaints, customer feedback including net promoter score verbatim, sales and product performance metrics.
- As part of our assessment we determine whether: the product continues unchanged; the product is enhanced or modified; or the product is no longer relevant to our customers or sustainable for our shareholders.
- We also review whether any aspects of our distribution need to change; and/or whether we need to alter the target market.
Contacting Us
For more information please contact us at petinsurance@coles.com.au or 1300 333 738.
Insurance disclosure documents
Target Market Determination (TMD) - This document outlines who the insurance product may be suitable for, and any conditions around how the product can be distributed. It is designed to aid with decision making on your insurance needs.
Product Disclosure Statement (PDS) - This provides information on what you are and are not covered for under a specific policy. It includes a description of the features, benefits, cost and risks associated with the policy.