Target Market Arrangements

At Auto & General Insurance Company Limited, we want to offer competitively priced products with a flexible range of options. With our many years of global insurance expertise, we have developed a reputation for delivering innovative insurance products, direct to market, or through our partners including price comparison websites.

Before we launch a product, we follow important steps to ensure our product meets the likely objectives, needs and financial situation of the class of customers in the target market (i.e., the type of customers the product is likely to be suitable for). This document lists those steps, so that you can better understand our customer centric approach to the design and distribution of our products to our customers.

For the design and development of our products, we take into consideration the following:

• Market and industry data, 

• Customer feedback, complaints, and disputes,

• Customer outcomes for past or similar products,

• Our product expertise, 

• Sales, service, and claims experience, 

• Legal and regulatory requirements, 

• Readability and information design, 

• Results from user and consumer testing, and

• Consistency of the product with the likely objectives, needs and financial situation of the consumers in the target market.

When considering how we, our partners and price comparison websites, will distribute our products, we take into account:

• Market, product, and customer research,

• Our sales expertise,

• Our acceptance and underwriting criteria,

• Feedback from our business partners and price comparison websites,

• All appropriate means of communication, readability and information design, 

• The channels through which our customers are likely to purchase the product,

• Where relevant, what we consider in the product development stage, and

• Taking reasonable steps that will, or are reasonably likely to, result in distribution being consistent with the Target Market Determination

 

Once our products are launched into the market, we have a process in place to monitor the sales of the product, to ensure we continue to sell to customers that fall within the target market. This includes the capture and analysis of the feedback we receive on our products from our customers, the market, regulators, the government, and our own customer service experts. This feedback will inform future versions of our products, to ensure we’re able to continuously improve and provide customers with products that they want and need.

If we identify that our product may no longer meet the likely objectives, needs and financial situation of the Target Market for which it was designed, or is no longer in line with our purpose or strategy, we will stop distribution and review our product accordingly.

 

Date Prepared: 27th June 2024