Why we put this together
This target market determination has been developed to is designed to provide customers, distributors, and staff with the 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 “AGILE”, “we”, “us” or “our” refer to Agile Underwriting Services Pty Limited, AFSL 483374.
About this product
Wedding Insurance is designed for parents, couples and families wanting to cover themselves against a financial loss for cancellation, postponement or liability for a wedding and are willing to select an appropriate level of cover relevant to their own circumstances. It is designed to be distributed through three main channels:
- Online via dreamweddinginsurance.com
- Through our broker network and our Powered by Agile platform
- Through our partner network including approved wedding venues
These are the only representatives authorised to distribute this product as they understand the market this product has been designed for, have been trained in the relevant acceptance criteria and have the appropriate levels of authority. During the process of purchasing this product you will be asked to determine the level of cover you require by selecting a plan to suit your requirements.
Reviewing this document
We will review this TMD within 1 year from the effective date to ensure it remains appropriate. We will also review this TMD (within 10 business days of the occurrence of any review trigger) 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 members
- Product value and affordability
AGILE and all distributors must record all complaints received about this product on a quarterly basis (Complaints Reporting Period). Distributors 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 authorised representatives are required to provide regular and incident-based reporting on key metrics (see the heading “Reviewing this document”) to allow us to review this TMD.
Distributors are also required to report to AGILE 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. All distributors must report sales data including number of policies issued, renewed, and cancelled on a monthly basis.
This is general advice only and does not consider your personal objectives, financial situation or needs and may not be right for you. Always read the PDS before selecting a policy.
AGILE and its distributors 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
- The matters documented in this TMD
|THIS PRODUCT IS FOR||THIS PRODUCT IS NOT FOR|
|Australian residents planning a wedding||Residents of countries other than Australia|
|Weddings occurring in the next 31 days to 12 months||Weddings occurring inside the next 31 days or after 12 months|
|Require liability protection by the venue for the planned wedding||Weddings held outside of Australia or New Zealand that require liability protection|
|Want to cover cancellation and insolvency risks for countries outside of Australia|
|Want the ability to select relevant benefits to suit their individual needs|