Our Product Development and Distribution Policy applies to all products designed and distributed in the Australian market by nib Travel Services (Australia) Pty Ltd.
nib Travel strives to design and distribute products in line with our product principles. Our product principles guide the decision-making process for new products or changes to existing products and are informed and guided by the nib way and culture of the organisation. The guiding principles include:
When we design or alter our products, where appropriate we base it on, and take into account, customer research and feedback. This may include commissioned research, publicly available research, internal analysis and feedback from our customer-facing teams, amongst other sources.
Design considerations include:
In all our products, we talk about our cover and its features using plain language in an open and honest way. We engage with our partners to provide clear, concise, and effective product information, to support them in explaining it to our customers.
In the development and distribution of our products we aim to:
We strive to follow best practice principles including:
We have agreements and guidance in place for our partners and distributors to ensure that our products are distributed to the target market.
Our systems and processes contain controls that ensure products are not sold to people who would not be able to receive a benefit from that product.
We maintain a process for training all staff and distributors on the intended target market for our products and ensure products cannot to be sold if training requirements are not met.
We have clear distribution conditions for our products that all people who are authorised to deal in our products must follow.
Products may be offered online, in person, or over the phone by our authorised representatives, distribution partners, affiliates, and authorised agents, and only in accordance with the terms of their active agreement with us.
Distribution must also be in accordance with our risk acceptance guidelines and in line with all relevant legislation, and not contravene our distribution principles.
We continually monitor our products’ performance and suitability to their target markets. Changes within the existing suite of products, and the process by which they are managed, are treated differently to new products. The type of change required will impact the process we follow.
Changes to a product may include:
We will adjust our process for changing products to match the complexity of the change, however our underlying methodology for change remains the same for all products.
We also carry out routinely scheduled reviews to ensure products are being distributed to their intended target market.
Other factors that will prompt a review include:
This policy will be reviewed annually to ensure it remains consistent with the General Insurance Code of Practice and all relevant legislative requirements, as well as the changing nature of the organisation.
Policy Owner: nib Traveller Services
Approved By: nib Travel Chief Executive Officer
Last Updated: July 2021