Focus Insurance
Product Governance
Our Product Governance framework helps support Brokers who are selling and distributing our products.
Product Governance Information For Brokers
Our Target Market Statements help you understand who the products are intended for, whilst the Fair Value Assessments detail how we have assessed the products’ value.
Please note that these documents are only intended to provide a summary should not be construed as full details of the products’ cover. Please refer to the relevant policy documentation for full details of the coverage provided.
These documents are not intended to be shared with policyholders.
In relation to Product Governance we confirm the following:
1. We have identified whether we are the product manufacturer or co-manufacturer.
2. We have carried out a PROD assessment on each available product, including confirmation that we have:
- Identified the target market for each product
- Tested each product
- Regularly monitor and review each product
- Where there has been a significant change or amendment to the product, we will put the amended product back through PROD assessment
- Considered the charging and fee structure for each product
- Rationalised why we have chosen our current distribution chain
- Identified the characteristics and features of each product.
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3. The product approval process has identified whether each product provides fair value to customers in the target market, including whether it will continue to do so for a reasonably foreseeable period, considering the pricing model used to calculate the risk premium:
- For the initial policy term; and
- Any future renewal.
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4. Where we are not the manufacturer but the wholesale distributor, we have obtained the information from the manufacturer.
Fair Value Assessments and Target Market Statements
Please click on a product below to find the product information. These Target Market and Product Fair Value Statements should be read in conjunction with the existing policy wording and other product literature.