Our Commitment
We take a customer centric approach to the design and distribution of our products. This means that customer needs and outcomes are front and centre of our actions throughout a product’s life cycle.
This Product Design & Distribution Policy provides an overview of our approach to the design, distribution and review of our products.
Product Design
Our product design process centres on a consumer need for protection in respect of identified financial risks. Having identified such need, we ascertain the characteristics of the group of consumers who share it. This forms the target market for a product and is described in a document called a Target Market Determination.
We design our products to meet the likely objectives, financial situation and needs of the consumers in the relevant target market.
Product Distribution
Our distribution strategy and channels are designed to ensure that our products reach consumers within the relevant target market.
We have frameworks, controls and processes in place to ensure that our sales staff and external product distributors are adequately trained and competent and act professionally, honestly and fairly at all times when arranging insurance. These include procedures that require point of sale consideration of a target market, and prohibit sales to consumers outside it.
Monitoring and Review
Data and outcomes drive our decisions about whether our products are meeting the needs and expectations of our customers.
We have pre-defined product review processes and triggers that include regular scheduled product and target market reviews and real time product performance monitoring through metrics such as cancellation rates, claim ratios, customer feedback and complaints.
On completion of a review, we may decide to continue, change or cease a product or the way it is distributed and/or retain or to update its target market having regard to the likely objectives, financial situation or needs of consumers within it.
Our Target Market Determinations
We have published a series of Target Market Determinations (TMDs) in relation to the retail products we distribute. These can be accessed below.
A TMD describes the class of consumers that comprises the target market for relevant products, and certain matters relevant to their distribution and review.
A TMD does not form part of the terms of a product and any information or examples given in it are not a complete list of eligibility. Product features, benefits, terms, conditions and exclusions are set out in the relevant Product Disclosure Statement (PDS) and any other policy documents issued to you. Read the relevant PDS before making any decisions about a product.
Caravan and Motorhome
For previous versions of our TMD documents please email us at contact@nminsurance.com.au
Motorcycle
For previous versions of our TMD documents please email us at contact@nminsurance.com.au
Boat and Personal Watercraft
For previous versions of our TMD documents please email us at contact@nminsurance.com.au
Commercial Boat
Wharves, Piles, and Jetties
Single Transit Within Australia
NM Insurance is a business name of NM Insurance Pty Ltd ABN 34 100 633 038, AFSL 227186 (NM Insurance). NM Insurance is an underwriting agency with binding and claims authorities from Zurich Australian Insurance Limited. These allow it to enter into and arrange policies of insurance and handle and settle claims made under them. NM Insurance acts on behalf of the relevant insurer and not you when providing these services but does so under its own AFSL.
Products are issued by NM Insurance. Advice on this website is general so consider whether it suits your objectives, financial situation and needs. Always consider the relevant Target Market Determination and Product Disclosure Statement / Policy wording before buying or renewing insurance. These are available from the relevant branded website.
We comply with the General Insurance Code of Practice which is designed to raise standards of practice and service in the general insurance industry. The Code Governance Committee (CGC) is an independent body that monitors and enforces compliance with the Code. For more information about the Code or the CGC, visit www.codeofpractice.com.au.
Steadfast Group Ltd (ABN 98 073 659 677) (‘SGL’) has a majority shareholding in NM Insurance. SGL may receive a professional services fee (PSF) from insurers, premium funders and underwriting agencies such as NM Insurance (Partner) for access to regulatory and compliance support; marketing and communications; data insights; and access to technology platforms. The PSF is an agreed amount between SGL and the relevant Partner, usually annually. The PSF is not determined by the volume of the business that the Steadfast Network brokers place, nor is the amount of the PSF known to the Steadfast Network Brokers, so it is not able to influence recommendations to their clients.
NM Insurance may have access to shared services from SGL, including: compliance tools; procedures; manuals and training; legal; HR banking; and group purchasing arrangements. These services are funded by SGL, subsidised by SGL or SGL receives a fee for them.
SGL’s FSG is available at www.steadfast.com.au or on request by telephoning SGL’s Company Secretary on +61 2 9495 6500.
For information about interpreting services please contact the Australian Government’s Translating and Interpreting Service.
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