Product Development and Distribution Policy

Guild Insurance Limited is committed to designing and distributing products that aim to meet the needs and objectives of our customers. We consider customer needs at every stage of the product lifecycle from initial design and testing through to ongoing monitoring and, when appropriate, retiring a product.

This policy explains how Guild Insurance develops the Retail insurance products we underwrite. In some arrangements, while Guild Insurance underwrites the product (the insurer), the policy may be distributed by an agency partner (the issuer).

For Retail products, we publish Target Market Determinations (TMDs) . A TMD explains who is in our target market and who a product is and is not designed for. It also sets out distribution conditions, review triggers including events or changes that may indicate the TMD is no longer appropriate, and reporting obligations. Distributing a product outside the target market may indicate a significant dealing which requires reporting and the product suitability to be reassessed.

We refer to our TMDs in promotional material. We also tell customers in renewal notices, quotations and new business letters that a TMD is available and how they can access this document, so they can decide whether the product is suitable for their needs.

As part of our ongoing compliance, we regularly monitor and review our TMDs to ensure they remain appropriate for their target markets. Where needed, we may change aspects of a product or its distribution, so they continue to align with the likely objectives, financial situation and needs of customers in the target market. We keep TMD records for 7 years.

Stage 1: Product Design and Testing

Our approach:

  • We identify customer needs, target customers, key product features, our risk appetite and sustainability criteria — using customer risk profiles, our experience, and customer and industry insights.
  • We select distribution channels and distributors that support selling the product appropriately to the target market.
  • We balance the interests of customers with the needs of shareholders, regulators and the broader community.
  • We write policy and disclosure documents with clarity and conciseness.

Stage 2: Distribution

Our approach:

  • We set distribution conditions and provide our staff and distributors with the systems, processes and support they need to sell or refer our products to target customers.
  • We use training and systems so appropriate questions are asked of customers during the application process to ensure the product is only sold within the designated target market.
  • Where a partner is authorised to issue policies on our behalf, we set and oversee the agency authority, including what the partner can issue, required checks, reporting, and when matters must be escalated to Guild.

Stage 3: Monitor & Review

Our approach:

  • We set review triggers in our TMDs and regularly monitor and analyse relevant distribution and product data, including but not limited to complaints, customer feedback, sales, and product performance metrics.
  • Based on this assessment, we decide whether the product continues unchanged, is enhanced or modified, or is no longer suitable for customers or sustainable for Guild Insurance to continue distributing.
  • We also consider whether distribution needs to change and/or whether the target market should be updated.
  • If a significant dealing is identified, it will be notified to ASIC.

For the purpose of this policy, Guild Insurance Retail products that require a TMD include:

  • pet insurance
  • motor vehicle insurance
  • home building insurance
  • home contents insurance
  • landlords insurance
  • travel insurance
  • personal accident insurance.

This also includes Retail products where Guild Insurance Limited trades as Acerta. Where a product is underwritten by Guild Insurance Limited but issued by an agency partner, references in this policy to ‘we’, ‘our products’ and ‘distribution’ include activities performed by that agency partner on Guild’s behalf.

Contact us

For more information, please contact us on [email protected] or 1800 810 213.