Target Market Determination
For Travel Insurance

 

About this Document

This Target Market Determination (TMD) applies to all travel insurance 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.

This TMD was prepared on 18 September 2021 and is effective from 5 October 2021. It will apply to policies that are purchased on or after 5 October 2021.

This TMD provides customers and distributors with information about:

• customers for whom this product is appropriate (being the target market);
• customers for whom this product is not appropriate
• any channels and distribution conditions
• the reporting obligations
• important information pertaining to the content of the document
• the review period(s) and events which may trigger a review of the TMD

 

The Overall Target Market

This travel insurance is suitable for travellers (that meet the acceptance criteria) who are looking to protect their trip from a range of risks that may arise from travel within Australia or overseas.  These include but aren't limited to medical emergencies (international only), trip cancellation, lost luggage and rental vehicle excess.

Our travel insurance has been designed so that it can be tailored to meet different needs and objectives.  This can be based on the length and destination of the trip, options for excess, and certain optional covers.

 

Our Travel Insurance is Appropriate For:
Note that customers fall within the target market if all the following conditions apply.

• People seeking cover to manage their travel risks; and
• Those living in Australia permanently who are eligible to all publicly funded health and disability services; and
• Individuals travelling away from home within 12 months of buying the insurance; and
• Trips that are no longer than 12 months (365 days) in duration; and
• Customers that meet the age limits that apply for the chosen plan (outlined in the Product Disclosure Statement); and
• Journeys commence and end in Australia; and
• Those that have the financial capacity to pay the applicable premium; and
• Meet the acceptance criteria including pre-existing medical conditions which have been approved.

 

Our Travel Insurance is NOT Appropriate For:
Note that customers are not within our target market if any of the following conditions apply.

• Customers who do not reside in Australia when buying the insurance; or
• Anyone that intends on leaving Australia permanently or does not intend to return to their home in Australia on completion of their journey; or
• Anyone intending on using this travel insurance to substitute with private health insurance while residing overseas; or
• Trips that are longer than 12 months (365 days) in duration; or
• Anyone travelling overseas intending to obtain medical or dental treatment or cosmetic surgery/consultation; or
• Those who have been advised by a registered medical practitioner not to travel.
• Individuals who fly an aircraft or will be participating in professional sport or a sport where they earn much of their income; or
• Those seeking cover for financial loss due to outbreaks of infectious diseases (for example, pandemics or epidemics)
   

Domestic Travel Insurance
This domestic travel insurance policy is appropriate for individuals, families and groups that meet all of the following conditions.

• Customers fall within the overall target market; and
• Are seeking domestic travel cover to manage travel risks; and
• Plan to travel within Australia only; and
• The planned travel within Australia is at least 100 km from your home; and
• The domestic trip is no longer than 90 days duration.
   

This domestic travel insurance policy is NOT appropriate for individuals, families, and groups if any of the following conditions apply.

• Customers that do not fall within the overall target market; or
• Anyone planning to travel overseas as part of their trip; or
• Anyone who has already started their journey when they buy this policy; or
• Domestic trips that are 93 days or more in duration; or
• Anyone seeking cover for medical expenses (unless you’re cruising and have added a cruise pack).

 

International Travel Insurance
This international travel insurance is appropriate for individuals, families and groups that meet all the following conditions.

• Customers fall within the overall target market; and
• People seeking to cover their travel risks arising from a single planned trip; and
• Planning to travel outside of Australia and intend to return after finishing their journey; and
• Have been issued a travel exemption by the Australian Department of Home Affairs; and
   

This international travel insurance policy is NOT appropriate for individuals, families, and groups if any of the following conditions apply.

• Customers that do not fall within the overall target market; or
• People planning to travel solely within Australia; or
• Someone requiring cover for a pre-existing medical condition that has not been approved; or
• Anyone planning on taking multiple trips overseas requiring one policy to cover all trips.  (We have temporarily ceased issuing our Frequent Travellers or Annual Multi-trip policies for international travel).
   

Channel and Distribution Conditions

This Travel Insurance is only available to buy via our website at www.1cover.com.au or by contacting our customer service team.  Policies can also be purchased over the phone by arranging a call back through our online chat or emailing customer service.

All staff have been adequately trained in the travel insurance products, the customer(s) they are intended for, and the underwriting criteria. We have structured our purchase path to ask questions and guide customers that fall within the target market to insurance products that are likely to meet their objectives.

 

Reporting And Monitoring This Target Market Determination

 We are required to report the following information to Lloyds, the insurer at the following times:

Information Monitored	Reportable Event & Frequency
Complaints	All complaints in relation to this product on a monthly basis. This will include written details of the complaints and any steps taken to address the complaint.
Sales data	Relevant sales and customer data in relation to this product on a monthly basis.
Claims data	Where relevant, claims data in relation to this product on a monthly basis.
Significant dealings	If there are any significant dealings that are inconsistent with the TMD, we will report it as soon as practicable after becoming aware of the matter, and no later than 10 business days.

 

Review Of This Document

This policy will be reviewed regularly to ensure that it remains appropriate for customers and complies with the requirements under the Design and Distribution Obligations under Part 7.8A of the Corporations Act 2001 (Cth). The initial review will be conducted within 12 months of its first publication date. Then within 3 years of completion of the previous review thereafter.

In addition to scheduled reviews, there may be events that trigger a review.  If we determine that there has been an event or circumstance that reasonably suggests that this TMD needs to change, we will review the TMD within 10 business days.

Review triggers may include (but are not limited to):

• material changes to the insurance terms;
• adverse trends in policy and claims data, loss ratios or complaints indicating the product is not performing as expected;
• information received from and/or in relation to customers or distributors.
• changes to our underwriting guidelines, acceptance criteria, pricing, or reinsurance requirements; and
• feedback or policy from ASIC, AFCA, Code Governance Committee and/or other relevant bodies.  

 

Document Owner: Coffre-Fort Pty Ltd

Approved By: Coffre-Fort Chief Executive Officer

Last Updated: September 2021