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
GiGcover provides insurance for Disability, Injury and Sickness.
This Target Market Determination (TMD) sets out the target market for:
GiGcover PDS and Policy Wording v1.5C
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.
- B2B and B2C via online quote platform
Only 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:
- Age of insured person
- Occupation of insured person
- Activities undertaken during the scope of cover
- Previous claims experience for this type of risk
- The benefit and/or 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 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 GiGcover Insurance has been designed for gig workers wanting to cover gigs they’ve accepted via a platform(s) up to 30 days in advance of sustaining an injury or sickness.
|✓ This product is suitable for
|X This product is NOT suitable for
GiGcover 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 protection to gig workers by paying up to a maximum of $10,000 for the gigs they’ve accepted on a platform(s), up to 30 days in advance of their injury or sickness, subject to the policy terms, conditions and exclusions.
|✓ What is insured
|X What is NOT insured
*These items are only insured if selected and shown on the Policy Schedule and/or Product Disclosure Statement for an insured amount
**This product is not suitable for persons seeking coverage of losses arising from the policy exclusions listed and above.