SECTION 3: INFORMATION TO BE SHARED WITH DISTRIBUTORS This information should be shared with the relevant distributor(s) to enable them to understand the intended value of the insurance product(s) manufactured or co-manufactured by QBE. 1
CARRIER NAME
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PRODUCT NAME
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NAME OF ANY CO-MANUFACTURERS
QBE UK Ltd UK Real Estate Property Owners - PPOR010121 N/A
The QBE EO Insurance Product Development and Review Policy approved by the Board sets out the Product Governance Framework. The Insurance Product Development Guidelines detail the Product Development approval process for new products and any significant adaptation of an existing product. This includes identification of the product development scenarios triggering the process and requires the completion of various forms by the underwriters proposing the product development. The Product Leaders within the Chief Underwriting Office are responsible for determining whether a product development falls within the scope of the Policy and Guidelines and monitor and agrees the initial assessment and business case.
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DETAILS OF PRODUCT APPROVAL PROCESS
Following development of a business case, a full risk assessment should be conducted and a fair value assessment completed. These take into account various considerations, including: the nature of the product; the main characteristics of the target market; the proposed distribution strategy; and the expected total price to be paid by the customer. The Product Oversight Group (POG), chaired by the Head of Product Leaders is responsible for providing oversight of and adherence to the Product Governance Framework. This includes reviewing, challenging and approving the business case for a product development prior to this going to the Divisional CUO and MD for sign-off and for ensuring that all pre-launch activities are suitably completed. The Divisional CUO and MD are responsible for providing final approval to proceed with all proposed product development based on the Business Case, Risk Assessment and Fair Value Assessment presented to them. The Product Leaders will oversee post-launch reviews within 6 months of the launch of a product development. For those products within the appropriate scope, an annual product review will be conducted and then reviewed and challenged by the POG.
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PRODUCT INFORMATION
Our Real Estate Product covers Buildings & Contents plus Business Interruption Loss of Rent. The contract is written is on a conventional "All Risks" form aimed at landlords and other property owners in the mid market space - but the main perils covered are fire, explosion and weather perils. Cover can also be extended to insure asssociated Legal Liabilities, Failure of Buildings Services & Legal Expenses underwritten by DAS. Customer need is met by protecting against the financial loss arising from physical damage to their property and the resulting business interruption (loss of rent).
The target market for this product is commercial real estate investors/landlords for their interest in buildings, fixtures & fittings and loss of rental income. Given previous adverse account performance, we look to write predominately commercial exposures, especially retail & office locations.
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TARGET MARKET
We formally review our target market as part of our annual planning process but operationally, our UWs are constantly reviewing performance to ensure that our pricing and terms & conditions remain market competitive and continue to offer fair value to our policyholders. Our target market appetite has remained consistent during the last 12 months. Our products contain optional additional sections and bespoke limits (notably CBI extensions) that can be reviewed and tailored to individual client needs as determined and negotiated by the client via their broker.
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