This Target Market Determination (TMD) applies to Travel Insurance Direct Domestic Travel Insurance (TID) and identifies who this travel insurance is designed for. Customers can use this TMD to decide if the insurance product meets their objectives, financial situation and needs. It also outlines the conditions of distribution of this insurance.
The benefits and cover offered by this insurance depend on the options selected. Information contained in this TMD does not constitute personal advice. Customers must assess the cover offered to determine if it is suitable for their circumstances.
This is suitable for customers who:
Meet the following eligibility criteria:
Have the following objectives that are met by the key attributes of this product:
Have a financial situation which is consistent with the following:
This is not suitable for customers who:
Subject to the distribution conditions listed in Section 3.2, the product outlined in Section 6 must only be issued:
Online, via the application system developed by us; or
over the phone, via the TID customer service console.
Application systems must:
Provide a level of detail necessary to appropriately inform customers of the key attributes of the product;
Capture information including:
a customer’s destination;
names of all persons to be insured;
Australian residency; and
Include controls to prevent a policy being issued where there is an indication that the customer is not within the target market set out in Section 2;
Prominently display and provide access to:
the Combined Financial Services Guide and Product Disclosure Statement;
banners and alerts as required by us;
Disclose applicable information including disclaimers as required;
Issue the required documentation in a manner that complies with regulation; and
Have a user interface and any related system integrations that have been confirmed to be secure with appropriate security testing and that has been:
developed by us; and
reviewed and approved by us.
Policies must only be issued over the phone where the representative acting on our behalf:
Uses the online application system provided by us; and
Has undertaken and passed the training required by us; and
Provides relevant factual information regarding the travel insurance product that is complete and correct.
General advice may only be provided by a representative acting on our behalf where they are appropriately qualified and expressly authorised by us to do so.
All marketing and advertising related to the product set out in this TMD must adhere to any guidelines provided by us and not be directed towards customers who are outside of the target market set out in Section 2.
The distribution conditions described in Section 3.1 are designed to ensure this insurance is directed towards the target market, meaning it is likely that consumers who purchase this insurance are in the target market set out in Section 2.
Information reported to us is used to help us determine if this TMD is no longer appropriate.
TID must keep a record of and notify us in writing within 24 hours of becoming aware of the following:
details of any complaints regarding the insurance;
distribution of the insurance outside of their active agreement with us;
any dealings not consistent with this TMD such as if this insurance is issued to a traveller who is not eligible for cover.
The number and nature of complaints will be reviewed on a quarterly basis to analyse whether this product, including how it is distributed, continues to meet the objectives, financial situation and needs of the target market.
We will conduct an initial review of this TMD within 24 months after it has been published. Subsequent reviews are to be conducted every 24 months after the initial review has been completed.
Outside of the specified review period, other circumstances which may trigger a review of this TMD include:
if the objectives of the target market change such that the key attributes no longer meet the target market’s needs; or
significant dealings outside of:
if we become aware that the distribution conditions are inadequate; or
if there is a significant change in product performance; or
the value of the product changes significantly to the detriment of consumers; or
significant increases in complaints or severity of claims; or
changes to the Product Disclosure Statement, our risk appetite or relevant legislation; or
feedback from regulators, distribution partners or customers which suggests this TMD requires amendment or is not fit for purpose; or
significant changes in a distribution partner’s business structure or client base.
If one of the above events reasonably suggests to us that the TMD is no longer appropriate, we will review this TMD within 10 business days.
In this document, ‘we’, ‘our’, ‘us’ refers to nib Travel Services (Australia) Pty Limited ABN 81 115932 173 AFSL No 308461, who deal with you as an agent of the insurer, Pacific International Insurance Pty Ltd ABN 83 169 311 193, AFSL No 523921.