Product Design & Distribution Policy

1Cover is committed to making sure that our products are likely to be suitable for the customers who buy them. This policy outlines the guiding principles that help us to create customer focussed products that offer true value to our target market customers.

1. Scope

Our Product Development and Distribution Policy applies to all products designed and distributed in the Australian market by Coffre-Fort Pty Ltd.

Coffre-Fort Pty Ltd has appointed 1Cover Pty Limited (1Cover) ABN 91 105 954 265 as its Authorised Representative to deal in these travel insurance products. 1Cover deals in products under its registered trading name 1Cover.

2. Policy Statement

Coffre-Fort is committed to having a customer-centric approach to developing and distributing our travel insurance 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 underpinned by the values of the organisation.

These guiding principles include:

• Design products that are likely to be consistent with and meet the objectives, financial situation and needs of the market they are intended for.
• Offer products that are easy to understand using plain language in an open and honest way.
• Work closely with our partners and distributors to make certain that our products are likely to reach consumers in the appropriate target market.
• Continuously monitor and review our products and who the intended customers (target market) are to ensure they are appropriate and adjust them as necessary.

3. Development of Travel insurance Products for Appropriate Target Markets

Coffre-Fort’s approach to the design & development of insurance products for appropriate target markets includes but is not limited to:

• Development of a Target Market Determination that describes the type of traveller we are developing the product for.
• Consideration to what cover the product should include that presents real value to those travellers.
• Conduct market research and analyse the response to assist us in understanding the likely objectives, financial situation and needs of customers including those experiencing vulnerability.
• Employ individuals with relevant industry experience & product knowledge.
• Review the products' policy wording, removing ambiguity to ensure that it is easy to understand using plain language in an open and honest way.
• Consider what an acceptable underwriting risk profile for Coffre-Fort Pty Ltd would be.

• Robust testing of new products.

• Continually monitor our products’ performance and suitability to their target markets.

4. Distribution of Insurance Products For Appropriate Target Markets

Our approach to the distribution of our insurance products for appropriate target markets includes but is not limited to:

• Identification of distribution arrangements that are reasonably likely to result in our insurance products reaching consumers in the appropriate target market.
• Our products may be offered online, or over the phone by our authorised representatives, distribution partners and affiliates, and only in accordance with the terms of their active agreement with us.
• We collaborate closely with our distribution channels to ensure we are reaching the appropriate target market.
• Our systems and processes contain distribution controls to make sure that products are not sold to people who would not be able to receive a benefit from that product.

5. Review Of The Policy

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: Coffre-Fort Pty Ltd

Approved By: Coffre-Fort Chief Executive Officer

Last Updated: August 2021