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.
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 Couriers Liability Insurance
Agile Couriers Liability Insurance provides insurance for Public and Products Liability for courier drivers worker for StarTrack or DHL.
This Target Market Determination (TMD) sets out the target market for:
- Agile Public & Products Liability Wording GLSAv01.10.2021(PDS) - Beyond IG
This is set out in the Appendix to this Statement.
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 via:
- Insurance Brokers and their representatives that hold an Australian Financial Services Licence.
Only these Insurance Brokers and their representatives are authorised to distribute this product as they understand the market this product has been designed for.
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:
- Type of work undertaken
- Turnover of the business/individual
- Previous claims experience for this type of insurance
- The Sum Insured or Limit of Liability
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 changes 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.
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.
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
Appendix - Suitability
This Agile Couriers Liability Insurance has been designed for customers who want to be covered against Public and Products Liability during their work as courier drivers for StarTrack or DHL.
|✓ This product is suitable for||X This product is NOT suitable for|
|Courier drivers who work for StarTrack or DHL||
Agile Couriers Liability 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 Public and Products Liability for Courier Drivers working for StarTrack or DHL.
|✓ What is insured||X What is NOT insured|
*These items are only Insured if selected and shown on the Policy Schedule and Product Disclosure Statement for an insured amount
**This product is not suitable for persons seeking coverage for losses arising from these policy exclusions listed above.