As a UK based Managing General Agent which distributes and co manufactures international health insurance products, we have certain responsibilities under the Financial Conduct Authority's product management (PROD) rules and guidelines. As such, we want to help our intermediary partners (you) to understand the intended target markets for the AXA Global Healthcare (UK) Limited products you may sell.
Target markets for our products
We recently shared the Target Market Statements communication, focusing on Target Market information. This allowed you to familiarise yourself with the intended target markets for the international health insurance products we sell and co manufacture and, included information about:
- the identified target market
- the needs, characteristics and objectives of customers
- the distribution strategy for these products
Fair value assessments
Along with this, at least annually, we undertake product oversight assessments during which time we'll evaluate several measures to confirm that our products continue to offer fair value to the intended target market. This includes:
- an overview of how we undertake the assessment, including the types of Management information (MI) we collect, review and analyse to establish product fair value
- the outcomes of the fair value assessments and when they were approved
- information about any groups of customers for whom the product may be unsuitable
- information about any aspects of the product which no longer provides fair value
- information about any actions required to address potential poor value.
During our 2022 assessment, we concluded that the travel benefit included within our Global Health Plans – both as an optional choice and as part of our Prestige and Prestige Plus cover levels, did not provide on going value to the target market. As the result of that assessment, we continue to withdraw the travel benefit from our Plans, as we previously communicated.
Travel is no longer included in the latest Target Market Statements.
The Fair Value Assessments we shared with you in September 2022 still apply. We are currently working on the latest reviews and we will share the outcome with you shortly.
If you have any questions, please speak to your AXA representative.