Pilot Cover - Personal Accident Insurance

About this document

TMD Effective Date 17/11/2021

This Target Market Determination is designed to provide customers, distributors and Agile Underwriting Services staff with appropriate information to understand who this product has been designed for and our approach to determining that the product is likely to be consistent with the objectives, financial situations and needs of the customer and the distribution conditions.

This TMD is not a comprehensive or complete description of the terms and conditions of this product and does not form part of the terms of the product. Any information or examples given in the TMD must not be read as a complete list of eligibility or the standard terms and conditions and limitations that apply to the product.

To understand the terms and conditions of the product that will apply refer to the PDS before deciding. The PDS is available at https://agilepilotcover.poweredbyagile.com.au/. Any terms used in this TMD have the same meaning as defined in the PDS.

This TMD does not consider any person’s individual needs, objectives or financial situation and does not provide any financial product advice or recommendation on the cover.

In this document the terms “we”, “us” or “our” refer to Agile Underwriting Services Pty Ltd (ABN 48 607 908 243, AFSL 483374) on behalf of Certain Underwriters at Lloyd’s.

Name of Product/Product category - Agile Pilot Cover 

Agile Pilot Cover provides death benefit insurance for Australian domiciled student, private and commercial pilot licence holders between the ages of 18 and 85 years.

This Target Market Determination (TMD) sets out the target market for:

• PDS is available at https://agilepilotcover.poweredbyagile.com.au/

Distribution of this product

This product is issued by Agile Underwriting Services Pty Ltd (ABN 48 607 908 243, AFSL 483374 on behalf of Certain Underwriters at Lloyd’s and designed to be distributed electronically via:

• Insurance Brokers and their representatives that hold an Australian Financial Services Licence, and
• Direct to policyholders.

Agile Underwriting Services Pty Ltd will make risk-based decisions to determine its acceptance criteria about insurance cover that can be offered to you. Some of the key acceptance criteria relating to this target market determination may include:

• Pilots licence category,
• Types of aircraft flown by the Insured Pilot,
• Activities undertaken during the scope of cover,
• Previous claims experience for this type of risk, and
• The sum insured limits.

Reviewing this document 

We will review this TMD within one year from the effective date this TMD was prepared to ensure it remains appropriate and in compliance with the objectives, financial situations and needs of the customer.

Furthermore, we will also review this TMD if any event or circumstances (called ‘review triggers’) occur that would reasonably suggest that the determination is no longer appropriate, such as:

• We make a material change to the cover provided by the product.
• A change in our acceptance criteria that impacts on the suitability of the product for the target market.
• A material change to the distribution of the product.
• The discovery of a relevant and material deficiency in the product’s disclosure documentation.
• Systemic complaints and claims issues which indicate that the product is no longer suitable for the described target market.
• Material and relevant reductions in our key product suitability metrics such as:
  • Customer satisfaction.
  • Product acceptance.
  • Financial performance.
  • Benefits to customers.
  • Product value and affordability.

We will review this TMD within 10 business days of the occurrence of any review trigger.

Reporting

We record all complaints received about this product on a weekly basis (Complaints Reporting Period). Our distributors of this product are required to provide to us written details of any complaints about the product they have received during the Complaints Reporting Period within 10 business days of the end of the period.

Our distributors and their representatives are also required to report to us if they become aware of significant dealing in this product which is not consistent with this TMD within 10 business days of becoming aware of such dealing.

If the complaints are systemic and indicate that this product is no longer suitable for the described target market, we will review and update the TMD within the timeframe indicated above.

Record Keeping

We will maintain records of the reasonable steps they have taken to ensure that this product is sold in a manner consistent with this TMD.

We will also prepare and maintain complete and accurate records of our decisions, and the reasons for those decisions, in relation to:

• All target market determinations for this product.
• Identifying and tracking review triggers.
• Setting review periods, and
• Any other matters documented in this TMD.

Who this product is designed for

This Agile Pilot Cover Insurance has been designed for individuals who want to be covered against accidental death as a result of an aircraft accident.

The Agile Pilot Cover Insurance is subject to the acceptance criteria. A summary of the key benefits and policy exclusions is detailed below. To review the complete schedule of benefits and exclusions please refer to the PDS:

Key Benefits and Exclusions – Provides financial security and peace of mind in the event of accidental death resulting from an aircraft accident, subject to the policy terms, conditions and exclusions.