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NTI Approach 

This Policy provides our approach to the development and distribution of NTI products for the appropriate target markets for Retail Insurance customers.  

Our design framework covers all product-related activities impacting the design and distribution of our products and we take accountability to design our products so that they are suitable for the customers who they are sold to. 

We will provide value, transparency and fairness of our products and services by: 

  • Designing and selling insurance products and services that are of value to consumers and the community.
  • Designing and selling insurance products to meet the needs of identified consumer groups through the likely needs, objectives and financial situation of the class of customers that are aligned with our key attributes. 
  • Designing and selling insurance products and services in a clear, transparent and fair manner.
  • Continually reviewing and improving our products and services offered to ensure they remain of value to the changing needs of our customers and the community.
  • Continually reviewing and improving our products and services offered. 

Product Design

When designing a new product or redesigning an existing product the NTI Product Design Principles considerations include: 

  1. The product itself meets our consumer needs and will not be overly complex
  2. Product features that are clear and do not create confusion
  3. Product exclusions that are reasonable for the identified target customer(s)
  4. Consistent customer outcomes across our customer segments

Product Oversight and Approach

Our distribution conditions will make it likely that customers who acquire the insurance product are in the target market for that product as we consider that the distribution conditions are appropriate and will enable us and our third-party distributors to direct the insurance product to the class of customers who fall within the target market.  This is determined based on an assessment of the distribution conditions and the target market.

Target Market Determination means a determination about the class of customers that is the target market for one of our retail insurance products.

We will ensure over can only be issued to people where they are eligible for that cover in accordance with the application and/or acceptance/renewal criteria that has been approved in writing by the issuer and which complies with relevant laws.

Distribution

NTI’s products are primarily distributed through Insurance Brokers.  We also offer insurance products direct to small businesses through NTI’s website. 

Target Market Determination means a determination about the class of customers that are the target market for one of our retail insurance products.

Product Monitoring

NTI review Product and Portfolio performance on a regular basis to ensure continued value for customers and alignment with our target markets.

NTI will consider whether there is sufficient management oversight of the product including monitoring of complaints and review of sales processes.

If we identify that a product may no longer meet the likely objectives and needs of the target market in which it was developed we will take appropriate steps to amend or remove the product where appropriate.  

Contacts for questions or information

If you have any questions or would like more information about this Policy, please contact us or one of our local offices

This policy is dated 1 July, 2021.

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