• Updated

About this document

This target market determination (TMD) has been developed to provide customers, distributors, and staff with the appropriate information to understand who this Wedding Insurance product has been designed for and our approach to determining that the product

In this document the terms “AGILE”, “we”, “us” or “our” refer to Agile Underwriting Services Pty Limited, AFSL 483374.

The Wedding Insurance Policy is issued by AGILE acting under a binding authority as agent of insurer HDI Global Specialty SE – Australia, ABN 58 129 395 544, AFSL No. 458776 (“HDI Global Specialty”). AGILE has authority to quote, issue, vary or cancel contracts of insurance and collect premiums on their behalf. Customers should refer to the Dream Wedding Insurance Policy Wording & Product Disclosure Statement Version 211125 (PDS) and any supplementary documents which outline the relevant terms and conditions under the product when making a decision about this product. This TMD applies to the Wedding Insurance Policy referred to in the PDS commencing 01/02/2022 and will continue to apply until this TMD is withdrawn. All insurance policies will be arranged through Wedding Insurance Group Pty Ltd trading as Dream Wedding Insurance (ABN 25 161 972 354, AR 448305)

What is a Target Market Determination?

This TMD provides customers, distributors, and staff information about:

  • the customers for whom this product is appropriate (being the target market);
  • the customers for whom this product is NOT appropriate;
  • any distribution conditions and/or restrictions attaching to the product;
  • the reporting obligations of the distributors; and
  • the review period(s) and events which may trigger a review.

This TMD is not intended to provide any financial product advice to customers on the cover provided. Also, we do not consider any customer’s personal needs, objectives or financial situation in providing any information in this TMD.

Terms used in this TMD that are defined for the purpose of Chapter 7 of the Corporations Act, have the same meaning as under the Act.

Please note that it is the PDS and Policy Wording that sets out the standard terms and conditions of the cover. This TMD does not form part of the terms of the cover. A customer must always refer to the Dream Wedding Insurance Policy Wording & Product Disclosure Statement before making a decision about the product, to ensure the product is suitable for their needs.

About this product

The product has 6 sections of cover as set out below and has been designed for customers in the target market to provide financial protection as follows:

Section 1 – Wedding Event Cancellation and Postponement

Section 2 – Rescheduling of Wedding Event

Section 3 – Wedding Attire

Section 4 – Wedding Rings

Section 5 – Wedding Gifts

Section 6 – Wedding Supplier Failure

Section 7 – Wedding Cars and Transport

Section 8 – Hired Equipment

Section 9 – Personal Liability

Section 10 – Professional Counselling

The product offers options to enable a customer to tailor the product to suit their individual needs.

Agile’s policy on its approach to the distribution and development of products for appropriate target market distribution is available  

Which class of customers is this product targeted to?

Wedding Insurance is designed for parents, couples and families wanting to cover themselves against a financial loss following cancellation, postponement or liability for a wedding and are willing to select an appropriate level of cover relevant to their own circumstances. For a customer to be considered within the target market they must meet our key eligibility criteria as outlined below:

Customers WITHIN the Target Market

(Customers are within the target market if all the following conditions apply)

Australian residents planning a wedding

Wedding date occurring after 30 calendar days from policy coverage date and before 12 months of policy coverage date

Weddings within Australia where customers require Personal Liability cover for the planned wedding

Weddings held in Australia or New Zealand

Customers who want the ability to select relevant benefits to suit their individual needs

 

Customers NOT within the Target Market

(Customers are NOT within the target market if any of the following conditions applies)

x

Residents of countries other than Australia

x

Weddings occurring within the next 30 days or after 12 months of arranging cover

x

Weddings outside of Australia where customers require Personal Liability cover for the planned wedding

x

Weddings held outside of Australia or New Zealand

 

What distribution conditions apply to this product?

The product application process has been designed to guide customers directly to the product most likely to meet their needs and objectives based on their responses to the questions in our product application. AGILE’s staff have been adequately trained in the product, the customer(s) it is intended for and the underwriting criteria applicable to the product.

Distribution Restrictions

This product can only be distributed if the following conditions are met:

  • The insurance product distributor must;
    • be authorised to distribute the product and those arrangements must not have been cancelled or suspended;
    • agree to comply with all underwriting criteria and levels of authority (as applicable);
    • agree to not distribute the product where they receive notice from HDI Global Specialty that this TMD is not up to date and no new TMD has been provided; and
    • where a new TMD has been provided, agree to distribute in accordance with the new TMD.
  • The TMD is currently not subject to any ASIC action that might suggest that the TMD is no longer appropriate.
  • Enter into an agreement between AGILE and Distributor which sets out

the obligations on the Distributor and AGILE to distribute products only to customers within the TMD,

Where an insurance broker provides personal advice in relation to the product it is that broker’s responsibility to ensure that acquiring the product is in the best interests of the customer having regard to the customer’s objective, financial situation and needs.

Accordingly, when personal advice has been provided in relation to the product the obligation under this TMD do not apply to the insurance broker or AGILE.

Distribution Conditions

  • This product can only be sold via an offer of cover and acceptance of cover.
  • This product can be sold to customers within the target market without the customer being provided with any financial product advice or, general or personal advice.

Distribution Method

This product is designed to be distributed through three main channels:

  1. Online via dreamweddinginsurance.com
  2. Through our broker network and our Powered by Agile platform
  3. 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.

Financial Situation

Our target market is a person who is able to pay premiums in accordance with the chosen premium structure, excess, fees and government charges, having regard to personal circumstances and vulnerability or hardship considerations.

Relevant financial situation considerations include:

  • Ability to choose to pay your premium annually or by instalment.

Reporting

We will collect and may require AGILE to report on the following information in relation to this TMD to HDI Global Specialty:

Complaints

All complaints in relation to this product are reported to HDI Global Specialty on a monthly basis and not later than ten (10) business days after the agreed complaints reporting date. This will include written details of the complaints. HDI Global Specialty is notified of all complaints within 2 business days.

Sales data

Relevant sales and customer data in relation to this product on a monthly basis. If AGILE become aware that the cover is issued to a customer that was ineligible for cover in accordance with the application process, AGILE will notify HDI Global Specialty as soon as practicable after becoming aware of the matter, and within 10 business days.

Claims data

Where relevant, claims data in relation to this product on a monthly basis.

Significant dealings

AGILE will notify HDI Global Specialty if AGILE or AGILE ‘s distributors become aware of a significant dealing in relation to the product that is inconsistent with the TMD within two (2) business days. This includes but is not limited to a consideration of the nature and degree of harm resulting from the issue of this product to a retail customer.

Communication from a regulator in relation to the product or TMD

AGILE to report to HDI Global Specialty on same day

 

Significant Dealings

If an actual or possible significant dealing outside of the target market is identified, HDI Global Specialty SE – Australia requires information such as the date (or date range) the dealing occurred, details about the dealing(s) and any steps or actions taken to mitigate. Distributors should have regard to current ASIC guidelines when determining what may constitute a significant dealing. AGILE will notify HDI Global Specialty SE – Australia of any significant dealing in the Product that is not consistent with the TMD as soon as practicable (within 10 business days). This includes but is not limited to a consideration of the nature and degree of harm resulting from the issue of this Product to a retail customer.

Record keeping

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

When will we review this document?

The initial review of this TMD will occur no later than 12 months from the date this TMD is first published, or within 10 business days if an event or circumstance (Review Trigger) occurs which would reasonably suggest that the TMD is no longer appropriate. This TMD will then be reviewed at least every 24 months after the end of the previous review or agreed otherwise by HDI Global Specialty SE – Australia.

Other Circumstances which might require use to review this document?

Outside of the identified review period this TMD may be reviewed more regularly if an event or circumstance is identified that may reasonably suggest that the product is no longer suitable to the target class of customers and would trigger a review. These would include, but are not limited to, us becoming aware of:

  • an event or circumstance that would materially impact on or change a factor taken into account when making the TMD that would suggest to Us that the TMD is no longer appropriate, such as a change in underwriting requirements;
  • the product has materially been distributed and purchased in a way that is significantly inconsistent with this TMD;
  • a material change to the product including Product Disclosure Statement, Policy Wording information or assumptions upon which the TMD was formulated like the Application Process, pricing requirements, underwriting guidelines;
  • feedback, such as significant or systemic complaints or claims issues, received from insurance brokers, distributors or customers who purchased the product, which are of a nature that suggest to us that the TMD is no longer appropriate;
  • change of relevant law, regulatory guidance, industry code or feedback from regulators such as ASIC, APRA or other interested parties which has a material effect on the terms or distribution of the product.
  • 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