Full Product Value Outcomes - Commercial Lines

Here's what you'll need from us to support your value assessments for our legacy commercial lines products

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Supporting you with your Commercial Lines Value Assessments

Towards the end of 2021, we shared how we were responding to FCA’s General Pricing Practices.

As you’ll have seen, the FCA sent communications to all manufacturers and distributors of General insurance products requesting that further action be taken to comply with PROD 4 of the FCA Handbook by the deadline of 30 September 2022.

To remain compliant, there’s a fair bit of information you need from us before 30 September for you to complete your fair value assessment – so we wanted to help where we can by making this straight forward.

Product Governance & Value

We've made our legacy Commercial Lines products (now managed by AXA) Product Target Market Statements, we felt the need to provide further transparency - by making our Full Product Value Outcomes available to you below.

Looking for our Personal Lines Full Product Outcomes? They're here

Our Full Product Value Outcomes

The following Product Oversight Reviews and Value Assessments are produced in conjunction with our product Value Statements to provide a view of product value for 2020.

The individual value assessments below relate to the agreed target market for each product, so this should also be read alongside each product's Target Market Statement which can be found in the literature library.

All of our product continue to provide fair value for customers. All the information below shows our products are sold to the correct target market via an appropriate distribution model, and are being used to the customer's benefit at time of claim.

All details below were reviewed in August 2022 for the 2020 Underwriting Year.

Optima Trade & Professional - liability and property covers

This product continues to provide fair value for customers. All information shows it is sold to the correct target market via an appropriate distribution model, and is being used to the customer's benefit at time of claim. The RAG Amber status is due to a small lack of sufficient data on Broker own reportable claims that we do not believe materially affect the product value outcome but we flag it as a caution for brokers to use the assessment in conjunction with their own Complaint analysis and how it applies to individual products.

Product Performance
Metric Actual Finding
Policy Count 40,076 Marginal growth on expected. No concerns on sales outside target market.
Policy Sales 7,375,186
Cancellation Frequency 3.0% A good level. Within parameters of expected in a competitive market. No value concern.
Loss Ratio 53.1% At a good level. In line with expected, with level showing value being taken by customers.
Claims Frequency 1.1% In line with expected on a predominantly liability based product where frequency of claims are lower, but can be significant to defend and in final pay outs. No areas of concern for customers.
Average Claim Pay-out £2,251 Lower than expected at point of reporting as predominantly long tail liability claims. Significantly higher than average premium, showing financial value to customer at claim stage.
Total Claim Pay-out £380,488 No product value concerns.
Claim Repudiation Rate 18.6% Acceptable claims repudiation rate with causes monitored for any trends and product clarity. Majority are liability claims where policyholders are encouraged to report all losses, irrespective of whether third parties pursue claims, so they can be defended for the policyholder's benefit. No areas of concern.
Claim Acceptance Rate 81.40% Good acceptance rate. Main reasons for non acceptenace are successfully defended liability claims or no claim pursued by third party, or below economic value/excess levels on property related claims.
UW Reportable Complaints % 0.01% A low level. No unfair value from frequency or trend.
UW FOS Complaints 0 No complaints so no concern.
UW FOS Complaints Upheld 0% n/a
Claims Reportable Complaints % By Policy Count 0.02% A good level and frequency and trends do not show unfair value.
Claims Reportable Complaints % By Number of Claims 2.56%
Claims FOS Complaints 2 3 complaints upheld. 2 for service and 1 for no evidence of forcible and violent entry. No trends or levels of concern for product value or customer outcomes. 
Claims FOS Complaints Upheld 0.00%
Broker Reportable Complaints % N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints Upheld N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Pricing
Average Premium £184 Premium is fair and is significantly below average claim pay-out.
Remuneration 50% Tolerance Within tolerance.
COR 94% Given claims performance, remuneration and other costs, there is no indication that this level of COR will lead to poor outcomes or unfair value for the customer.
Distribution Chain
Ageas Role Capacity, Underwriting & Claims
Distributor Role Quotes, sales and issue of documentation  
Summary and Assessment Retail sale of Tradesmen liability and property insurance via brokers branches, using the web, software houses, email and telephony. This distribution method remains appropriate for this product.
Service
Claim Walkaway % 23.6% An acceptable level, not unusual for losses to be reported and encouraged for liability claims from third parties so the policyholders' position can be defended; not all losses result in pursued claims by third parties. Does not show unfair value.
Average Claim Settlement Time 92 days This includes large losses and longer tail claims such as third party injury and employees claims for injury or disease that take longer to settle. No concern for product value and customer outcomes.
Additional Information N/A  
Optima Property Owners - property and liability covers

This product continues to provide fair value for customers. All information shows it is sold to the correct target market via an appropriate distribution model, and is being used to the customer's benefit at time of claim.
The RAG Amber status is due to a small lack of sufficient data on Broker own reportable claims that we do not believe materially affect the product value outcome but we flag it as a caution for brokers to use the assessment in conjunction with their own Complaint analysis and how it applies to individual products.

Product Performance
Metric Actual Finding
Policy Count 239,074 Growth in line with expected after allowance for technical rate changes based on performance and prpoerty claims inflation. No concerns on sales outside target market.
Policy Sales £51,403,592
Cancellation Frequency 3.6% A good level. Slightly higher than previous year but in line with expected in a competitive market. No value concern.
Loss Ratio 58.5% At a good level. An increase on previous year, with level showing value being taken by customers.
Claims Frequency 9.4% A good level of claims being made. An increase on previous year linked to claims trends in this product, and shows value being taken by customers.
Average Claim Pay-out £6,186 Significantly higher than average premium, showing financial value to customer at claim stage.
Total Claim Pay-out £10,782,565 No product value concerns.
Claim Repudiation Rate 5.80% Acceptable claims repudiation rate with causes monitored for any trends and product clarity. Main repudiation reasons: 141 wear & tear or gradual deterioration, 47 due to other policy exclusion, 4 defective workmasnhsip 2 breach of conditions. No areas of concern.
Claim Acceptance Rate 94.20% Good acceptance rate. Main reasons for non acceptenace are claims not pursed as non economic/excess levels and 47 successfully defended third party liability (which are a successful outcome for policyholders)
UW Reportable Complaints % 0.03% A low level. No unfair value from frequency or trend.
UW FOS Complaints 0 No complaints so no concern.
UW FOS Complaints Upheld 0% n/a
Claims Reportable Complaints % By Policy Count 0.39% A good level and frequency and trends do not show unfair value.
Claims Reportable Complaints % By Number of Claims 4.29%
Claims FOS Complaints 5 1 complaint upheld. No trends or levels of concern for product value or customer outcomes. 
Claims FOS Complaints Upheld 20.00%
Broker Reportable Complaints % N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints Upheld N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Pricing
Average Premium £1348 Premium is fair and is significantly below average claim pay-out.
Remuneration 50% Tolerance Within tolerance.
COR 113% Higher than expected driven by claims trends and claims inflation, managed by targetted rate changes linked to performance drivers. Given claims performance, remuneration and other costs, there is no indication that this level of COR will lead to poor outcomes or unfair value for the customer.
Distribution Chain
Ageas Role Capacity, Underwriting & Claims
Distributor Role Quotes, sales and issue of documentation  
Summary and Assessment Retail sale of Property Owners insurance via brokers branches, using the web, software houses, email and telephony. This distribution method remains appropriate for this product.
Service
Claim Walkaway % 27% An acceptable level, not unusual for claims to be reported but not pursued for multiple reasons. Does not show unfair value.
Average Claim Settlement Time 130 days This includes large losses and longer tail claims such as Subsidence, Liability and Escape of Oil.  Better than expected for the Product at this time.
Additional Information N/A  
Commercial Choice - property, liability and other ancillary covers

This product continues to provide fair value for customers. All information shows it is sold to the correct target market via an appropriate distribution model, and is being used to the customer's benefit at time of claim.
The RAG Amber status is due to a small lack of sufficient data on Broker own reportable claims that we do not believe materially affect the product value outcome but we flag it as a caution for brokers to use the assessment in conjunction with their own Complaint analysis and how it applies to individual products.

Product Performance
Metric Actual Finding
Policy Count 4,107 Growth below expected driven by market conditions and underwriting strategy in the period rather than demand for the product.No concerns on sales outside target market.
Policy Sales 17,080,520
Cancellation Frequency 3.5% A good level. In line with expected. No value concern.
Loss Ratio 53.0% At a good level. In line with expected, with level showing value being taken by customers.
Claims Frequency 7.9% A good level of claims being made. Slightly below expected at time of review, but still to develop as includes long tail covers where claims withh still be reported over a number of years. Shows value being taken by customers.
Average Claim Pay-out £12,719 Significantly higher than average premium, showing financial value to customer at claim stage.
Total Claim Pay-out £1,473,701 Lower than expected at the point of review as includes property large losses and long tail covers that are still to develop which will increase the total over time. No product value concerns.
Claim Repudiation Rate 7.3% Acceptable claims repudiation rate with causes monitored for any trends and product clarity. Main repudiation reasons: policy exclusions but with no systemic trends. No areas of concern.
Claim Acceptance Rate 92.7% Good acceptance rate. Main reasons for non acceptenace are claims not pursed as non economic/excess levels  and other policyholder reasons and denied liability for the policyholder against third parties. No areas of concern.
UW Reportable Complaints % 0.1% A low level. No unfair value from frequency or trend.
UW FOS Complaints 0 No complaints so no concern.
UW FOS Complaints Upheld 0% n/a
Claims Reportable Complaints % By Policy Count 0.5% A good level and frequency and trends do not show unfair value.
Claims Reportable Complaints % By Number of Claims 6%
Claims FOS Complaints 1 1 complaint upheld. No trends or levels of concern for product value or customer outcomes. 
Claims FOS Complaints Upheld 0%
Broker Reportable Complaints % N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints Upheld N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Pricing
Average Premium £4,159 Premium is fair and is significantly below average claim pay-out.
Remuneration 50% Tolerance Within tolerance.
COR 94.3% In line with expected. Given claims performance, remuneration and other costs, there is no indication that this level of COR will lead to poor outcomes or unfair value for the customer.
Distribution Chain
Ageas Role Capacity, Underwriting & Claims
Distributor Role Quotes, sales and issue of documentation  
Summary and Assessment Retail sale of commercial non motor optional insurance, including property and liability cover via brokers branches, using  email and telephony. This distribution method remains appropriate for this product.
Service
Claim Walkaway % 24.4% An acceptable level, not unusual for claims to be reported but not pursued for multiple reasons. Includes liability covers where reporting of incidents are encouraged but these don't always materialise as claims by third parties. Does not show unfair value.
Average Claim Settlement Time 119 This includes large losses and longer tail claims such as large property losses including loss of income and liability long tail losses, injury and disease. Better than expected for the Product at this time. No concern.
Additional Information N/A  
Fleet Guard & Optima Small Fleet - motor damage & legal liability

This product continues to provide fair value for customers. All information shows it is sold to the correct target market via an appropriate distribution model, and is being used to the customer's benefit at time of claim. The RAG Amber status is due to a small lack of sufficient data on Broker own reportable claims that we do not believe materially affect the product value outcome but we flag it as a caution for brokers to use the assessment in conjunction with their own Complaint analysis and how it applies to individual products.

Product Performance
Metric Actual Finding
Policy Count 5,248 Marginal growth on expected for policy count, with premium volume lower than expected due to technical rate changes in line with performance and exposure changes. No concerns on sales outside target market.
Policy Sales £31,403,092
Cancellation Frequency 3.0% A good level. Within parameters of expected in a competitive market. No value concern.
Loss Ratio 61.7% Slighty better expected from multiple factors, reflected in technical rate and exposure changes noted above. Level showing value being taken by customers.
Claims Frequency 14.7% Slightly higher than expected with increased volume in some areas of smaller claims. No areas of concern for customers.
Average Claim Pay-out £1,490 Lower than expected at point of reporting as predominantly long tail liability claims. Larger losses come from the long tail claims in particular injury which will significantly increase average cost of the claim over time. A significant part of the cover provision is also defending claims from third parties on the policyholders behalf. No product value concern.
Total Claim Pay-out £9,113,466 Lower than expected as per detail above. No product value concerns.
Claim Repudiation Rate 0.3% Acceptable claims repudiation rate with causes monitored for any trends and product clarity. Majority are liability claims where policyholders are encouraged to report all losses, irrespective of whether third parties pursue claims, so they can be defended for the policyholder's benefit. No areas of concern.
Claim Acceptance Rate 99.70% Good acceptance rate. Main reasons for non acceptenace are successfully defended liability claims or no claim pursued by third party, or below economic value/excess levels on property related claims.
UW Reportable Complaints % 0.08% A low level. No unfair value from frequency or trend.
UW FOS Complaints 0 No complaints so no concern.
UW FOS Complaints Upheld 0% n/a
Claims Reportable Complaints % By Policy Count 1.07% A good level and frequency and trends do not show unfair value.
Claims Reportable Complaints % By Number of Claims 0.81%
Claims FOS Complaints 0 No complaints so no concern.
Claims FOS Complaints Upheld 0.00%
Broker Reportable Complaints % N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints Upheld N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Pricing
Average Premium £5,184 Preium is fair. Large losses will develop after the reporting period that significantly increase the average claims pay out. Severity losses are low in frequency, but high in cost.
Remuneration 50% Tolerance Within tolerance.
COR 91.5% Given claims performance, remuneration and other costs, there is no indication that this level of COR will lead to poor outcomes or unfair value for the customer.
Distribution Chain
Ageas Role Capacity, Underwriting & Claims
Distributor Role Quotes, sales and issue of documentation  
Summary and Assessment Retail sale of motor insurance for Fleets via brokers branches, using the web, software houses, email and telephony. This distribution method remains appropriate for this product.
Service
Claim Walkaway % N/A MI not available to determine walk aways, but no concern based on other claim metrics.
Average Claim Settlement Time 92 days This includes large losses and longer tail claims such as third party injury and employees claims for injury or disease that take longer to settle. No concern for product value and customer outcomes.
Additional Information N/A  
Exclusively Motor Trade - motor, property, liability and other ancillary covers

This product continues to provide fair value for customers. All information shows it is sold to the correct target market via an appropriate distribution model, and is being used to the customer's benefit at time of claim.
The RAG Amber status is due to a small lack of sufficient data on Broker own reportable claims that we do not believe materially affect the product value outcome but we flag it as a caution for brokers to use the assessment in conjunction with their own Complaint analysis and how it applies to individual products.

Product Performance
Metric Actual Finding
Policy Count 946 In line with expected on core Motor Trade product. No concerns on sales outside target market.
Policy Sales £2,858,668
Cancellation Frequency 2.3% A good level. In line with expected. No value concern.
Loss Ratio 54.0% At a good level. In line with expected, with level showing value being taken by customers.
Claims Frequency 27.8% A good level of claims being made. Shows value being taken by customers.
Average Claim Pay-out £2,844 Lower expected at the time of review because larger claims take time to develop as they involve injury and liability claims. Will develop over a numebr of years. No areas of concern. 
Total Claim Pay-out £551,773 Lower expected at the time of review because larger claims take time to develop as they involve injury and liability claims. Will develop over a numebr of years. No areas of concern. 
Claim Repudiation Rate 2.75% In line with expected with causes monitored for any trends and product clarity. Main repudiation reason is denying liability on the policyholders behalf to third parties (a successful outcome for policyholders).
Claim Acceptance Rate 97.25% In line with expected with causes monitored for any trends and product clarity. No areas of concern.
UW Reportable Complaints % 0.0% No complaints. No unfair value from frequency or trend.
UW FOS Complaints 0 No complaints so no concern.
UW FOS Complaints Upheld N/A n/a
Claims Reportable Complaints % By Policy Count 1.5% A good level and frequency and trends do not show unfair value.
Claims Reportable Complaints % By Number of Claims 5.49%
Claims FOS Complaints 2 2 complaints not upheld. No trends or levels of concern for product value or customer outcomes. 
Claims FOS Complaints Upheld 0%
Broker Reportable Complaints % N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints Upheld N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Pricing
Average Premium £3,022 Premium is fair and whilst is below average claim payout that will develop over time as noted above. No concern.
Remuneration 50% Tolerance Within tolerance.
COR 95.0% In line with expected. Given claims performance, remuneration and other costs, there is no indication that this level of COR will lead to poor outcomes or unfair value for the customer.
Distribution Chain
Ageas Role Capacity, Underwriting & Claims
Distributor Role Quotes, sales and issue of documentation  
Summary and Assessment Retail sale of motor trade insurance including motor, property and liability covers, via brokers branches, using  email and telephony. This distribution method remains appropriate for this product.
Service
Claim Walkaway % 3.1% An acceptable level, not unusual for claims to be reported but not pursued for multiple reasons. Includes liability covers where reporting of incidents are encouraged but these don't always materialise as claims by third parties. Does not show unfair value.
Average Claim Settlement Time 115 This includes large losses motor liability long tail losses (injury). Better than expected for the Product at this time. No concern.
Additional Information N/A Metrics include data for core and a number of scheme motor trade products where they all use the same base product.

 

Legal Expenses (non motor)

This is a cover that is included in many non motor core products and schemes where a number of the mertrics reviewed are included in those more specific product reviews. Review detail here is by exception where separate specific data is identifiable in order to provide further insight. This product continues to provide fair value for customers. All information shows it is sold to the correct target market via an appropriate distribution model, and is being used to the customer's benefit at time of claim. The RAG Amber status is due to a small lack of sufficient data on Broker own reportable claims that we do not believe materially affect the product value outcome but we flag it as a caution for brokers to use the assessment in conjunction with their own Complaint analysis and how it applies to individual products.

Product Performance
Metric Actual Finding
Policy Count 107,217 Slightly lower than expected, but influenced by a number of Schemes that the cover attaches to going in to run-off. No concerns on sales outside target market.
Policy Sales 638,841
Cancellation Frequency n/a Covered in the relevant core product or scheme product reviews as metric is not tracked at cover level only at policy & product level
Loss Ratio 57.0% At a good level. In line with expected, with level showing value being taken by customers.
Claims Frequency 0.2% Claims frequency just for this cover.In line with expected. No areas of concern for customers.
Average Claim Pay-out £2,024 In line with expected. Significantly higher than average premium for this cover, showing financial value to customer at claim stage.
Total Claim Pay-out £93,126 No product value concerns.
Claim Repudiation Rate 26.99% Root causes analysis doesn't identify any areas of concern or systemic trends. No areas of concern.
Claim Acceptance Rate 73.01% Good acceptance rate. It is a requirement fo legal expenses cover for their to be a reasonable propsect of success on an outcome to pursue legal action, which is reviewed by solictors. No areas of concern.
UW Reportable Complaints % N/A Covered in the relevant core product or scheme product reviews as metric is not tracked at cover level only at policy & product level
UW FOS Complaints N/A Covered in the relevant core product or scheme product reviews as metric is not tracked at cover level only at policy & product level
UW FOS Complaints Upheld N/A Covered in the relevant core product or scheme product reviews as metric is not tracked at cover level only at policy & product level
Claims Reportable Complaints % By Policy Count 0.02% A good level and frequency and trends do not show unfair value.
Claims Reportable Complaints % By Number of Claims 7.96%
Claims FOS Complaints 1 1 complaint, claim denied on reasonable prospect of success (a condition of cover). Upheld. 
Claims FOS Complaints Upheld 0.00%
Broker Reportable Complaints % N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints Upheld N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Pricing
Average Premium Varies Premiums for the cover are included in the product/scheme product premium it is included in, which varies by product based on performance and risk type. Cover premiums in all cases are significantly below average claim pay-out.
Remuneration N/A No separate remuneration on this cover. Covered in specific product and scheme product value assessments. 
COR N/A Covered in the relevant core product or scheme product reviews as metric is not tracked at cover level only at product level
Distribution Chain
Ageas Role Capacity, Underwriting & Claims (all managed by ARAG plc on Ageas behalf)
Distributor Role Quotes, sales and issue of documentation  
Summary and Assessment Retail sale of legal expenses cover included in core non motor products and schemes, via brokers branches, using the web, software houses, email and telephony. This distribution method remains appropriate for the products this cover is included in.
Service
Claim Walkaway % 30.0% An acceptable level, not unusual for losses to be reported and encouraged for liability claims from third parties so the policyholders' position can be defended; not all losses result in pursued claims by third parties. Does not show unfair value.
Average Claim Settlement Time N/A Due to the different types of claims, circumstances of those claims, whether 3rd party contests, court dates, etc. average claim settlement is not a suitable measure of product value for customers when considering legal expenses claims 
Additional Information N/A This is a cover included in othyer products not a stand alone product or an add-on.
Leisure - property, liability and other ancillary covers

This product continues to provide fair value for customers. All information shows it is sold to the correct target market via an appropriate distribution model, and is being used to the customer's benefit at time of claim. The product was closed to new business in January 2021 as a result of underwriting risk appetite, but maintained for existing customers as no concern with the product.
The RAG Amber status is due to a small lack of sufficient data on Broker own reportable claims that we do not believe materially affect the product value outcome but we flag it as a caution for brokers to use the assessment in conjunction with their own Complaint analysis and how it applies to individual products.

Product Performance
Metric Actual Finding
Policy Count 468 Growth below expected driven by market conditions during the review period, notably impact of Covid for the target market impacting the number of businesses closing or downsizing. No concerns on sales outside target market.
Policy Sales 887,974
Cancellation Frequency 7.3% A good level. In line with expected. No value concern.
Loss Ratio 53.2% At a good level. In line with expected, with level showing value being taken by customers.
Claims Frequency 5.6% A good level of claims being made. Slightly below expected at time of review, but still to develop as includes long tail covers where claims withh still be reported over a number of years. Shows value being taken by customers.
Average Claim Pay-out £7,334 Significantly higher than average premium, showing financial value to customer at claim stage. Lower than expected at the time of review as includeslong tail covers where claims paid will continue to develop over several years.
Total Claim Pay-out £80,676 Lower than expected at the point of review as includes property large losses and long tail covers that are still to develop which will increase the total over time. No product value concerns.
Claim Repudiation Rate 7.7% Acceptable claims repudiation rate with causes monitored for any trends and product clarity. 2 claims repudiated. No areas of concern.
Claim Acceptance Rate 92.3% Good acceptance rate. Main reasons for non acceptenace are claims not pursed as non economic/excess levels  and other policyholder reasons and denied liability for the policyholder against third parties. No areas of concern.
UW Reportable Complaints % 0.64% A low level. No unfair value from frequency or trend.
UW FOS Complaints 0 No complaints so no concern.
UW FOS Complaints Upheld 0% n/a
Claims Reportable Complaints % By Policy Count 2.14% 10 reportable complaints, of which 3 were upheld (1 Settled too low, 1 delay, 1 application of more than one excess). Outcomes are fed back in to reviews and feedback to ensure no systemic trends. Low volume, no areas of concern for product value.
Claims Reportable Complaints % By Number of Claims 38.46%
Claims FOS Complaints 2 2 complaints (1 upheld and 1 withdrawn). No trends or levels of concern for product value or customer outcomes. 
Claims FOS Complaints Upheld 0%
Broker Reportable Complaints % N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints Upheld N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Pricing
Average Premium £1,897 Premium is fair and is significantly below average claim pay-out.
Remuneration 50% Tolerance Within tolerance.
COR 96.7% In line with expected. Given claims performance, remuneration and other costs, there is no indication that this level of COR will lead to poor outcomes or unfair value for the customer.
Distribution Chain
Ageas Role Capacity, Underwriting & Claims
Distributor Role Quotes, sales and issue of documentation  
Summary and Assessment Retail sale of commercial non motor optional insurance, including property and liability cover via brokers branches, using  email and telephony. This distribution method remains appropriate for this product.
Service
Claim Walkaway % 34.6% 9 claims, higher than expected but small volume so predicting is volatile. Not unusual for claims to be reported but not pursued for multiple reasons. Includes liability covers where reporting of incidents are encouraged but these don't always materialise as claims by third parties. Does not show unfair value.
Average Claim Settlement Time 102 This includes large losses and longer tail claims such as large property losses including loss of income and liability long tail losses, injury and disease. Better than expected for the Product at this time. No concern.
Additional Information N/A Closed for new business, but product maintained for existing business.
Exclusively Cleaning - liability covers

This product continues to provide fair value for customers. All information shows it is sold to the correct target market via an appropriate distribution model, and is being used to the customer's benefit at time of claim.
The RAG Amber status is due to a small lack of sufficient data on Broker own reportable claims that we do not believe materially affect the product value outcome but we flag it as a caution for brokers to use the assessment in conjunction with their own Complaint analysis and how it applies to individual products.

Product Performance
Metric Actual Finding
Policy Count 109 Marginally below expected but no concerns in a competitive market place and context on all product data. No concerns on sales outside target market.
Policy Sales 231,092
Cancellation Frequency 4.6% A good level. Within parameters of expected in a competitive market. No value concern.
Loss Ratio 48.5% At a good level. In line with expected, with level showing value being taken by customers.
Claims Frequency 7.3% In line with expected on a predominantly liability based product where frequency of claims are lower, but can be significant to defend and in final pay outs. No areas of concern for customers.
Average Claim Pay-out £1,659 Lower than expected at point of reporting as predominantly long tail liability claims. Further claims and settlements are expected to increase claim pay out further. No areas of concern on product value.
Total Claim Pay-out £3,317 Lower than expected at point of reporting as predominantly long tail liability claims. Further claims and settlements are expected to increase claim pay out further. No areas of concern on product value.
Claim Repudiation Rate 25.0% Liability claims where policyholders are encouraged to report all losses, irrespective of whether third parties pursue claims, so they can be defended for the policyholder's benefit. 2 claims successfully repudiated and defended for the policyholder which is a successful outcome. No areas of concern.
Claim Acceptance Rate 75.0% Good acceptance rate on liability cover as a critical part of cover is defending claims. Rate is slightly lower than expected, but within a reasonable range. 
UW Reportable Complaints % 0.00% No concern.
UW FOS Complaints 0 No concern.
UW FOS Complaints Upheld 0% n/a
Claims Reportable Complaints % By Policy Count 0.00% No concern.
Claims Reportable Complaints % By Number of Claims 0.00%
Claims FOS Complaints 0 No concern.
Claims FOS Complaints Upheld 0.00%
Broker Reportable Complaints % N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints Upheld N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Pricing
Average Premium £2,120 Premium is fair.  Whilst average claim pay out is lower than premium at point of reporting the primary cover is liability and losses can take on average 5 - 7 years to develop on claims count and total cost, defending large losses. Protects customers from uncertainty and holding capital for further potential loss.
Remuneration 50% Tolerance Within tolerance.
COR 89.5% Given claims performance, remuneration and other costs, there is no indication that this level of COR will lead to poor outcomes or unfair value for the customer.
Distribution Chain
Ageas Role Capacity, Underwriting & Claims
Distributor Role Quotes, sales and issue of documentation  
Summary and Assessment Retail sale of Cleaning contractors liability  insurance covers via brokers branches, using email and telephony. This distribution method remains appropriate for this product.
Service
Claim Walkaway % 25.0% An acceptable level, not unusual for losses to be reported and encouraged for liability claims from third parties so the policyholders' position can be defended; not all losses result in pursued claims by third parties. Does not show unfair value.
Average Claim Settlement Time 122 days This includes large losses and longer tail claims such as third party injury and employees claims for injury or disease which take longer to settle.No concern for product value and customer outcomes.
Additional Information N/A  

 

Exclusively Recruitment - liability covers

This product continues to provide fair value for customers. All information shows it is sold to the correct target market via an appropriate distribution model, and is being used to the customer's benefit at time of claim.
The RAG Amber status is due to a small lack of sufficient data on Broker own reportable claims that we do not believe materially affect the product value outcome but we flag it as a caution for brokers to use the assessment in conjunction with their own Complaint analysis and how it applies to individual products.

Product Performance
Metric Actual Finding
Policy Count 32 Marginally higher than expected. Small product available for a nich market. Small volumes are due to focus on a small specific trade rather than a wide sector of trades. No concerns on sales outside target market.
Policy Sales 38,906
Cancellation Frequency 3.1% A good level. Within parameters of expected in a competitive market. No value concern.
Loss Ratio 54% At a good level. In line with expected, with level showing value being taken by customers.
Claims Frequency 6.3% Lower than expected at point of reporting as predominantly long tail liability claims where frequency is lower but severity often higher and losses can be reported over many years.. Further claims and settlements are expected to increase claim pay out further. No areas of concern on product value.
Average Claim Pay-out £0 Lower than expected at point of reporting as predominantly long tail liability claims where frequency is lower but severity often higher and losses can be reported over many years.. Further claims and settlements are expected to increase claim pay out further. No areas of concern on product value.
Total Claim Pay-out £0 Lower than expected at point of reporting as predominantly long tail liability claims which can take longer than 12 months to settle. 1 open claim in progress. Further claims and settlements are expected to increase claim pay out further. No areas of concern on product value.
Claim Repudiation Rate 0.0% Liability claims where policyholders are encouraged to report all losses, irrespective of whether third parties pursue claims, so they can be defended for the policyholder's benefit. No areas of concern.
Claim Acceptance Rate 100.0% Good acceptance rate. No concern.
UW Reportable Complaints % 0.00% No concern.
UW FOS Complaints 0 No concern.
UW FOS Complaints Upheld 0% n/a
Claims Reportable Complaints % By Policy Count 0.00% No concern.
Claims Reportable Complaints % By Number of Claims 0.00%
Claims FOS Complaints 0 No concern.
Claims FOS Complaints Upheld 0.00%
Broker Reportable Complaints % N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints Upheld N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Pricing
Average Premium £1,216 Premium is fair. Whilst lower than average premium at time of reporting, the primary cover is liability and losses can take on average 5 - 7 years to develop on claims count and total cost, defening large losses. Protects customers from uncertainty and holding capital for further potential loss.
Remuneration 50% Tolerance Within tolerance.
COR 94.6% Given claims performance, remuneration and other costs, there is no indication that this level of COR will lead to poor outcomes or unfair value for the customer.
Distribution Chain
Ageas Role Capacity, Underwriting & Claims
Distributor Role Quotes, sales and issue of documentation  
Summary and Assessment Retail sale of Recruitment consultants liability  insurance covers via brokers branches, using email and telephony. This distribution method remains appropriate for this product.
Service
Claim Walkaway % 0.0% No concern.
Average Claim Settlement Time n/a (average can't yet be established) 1 claim for the period not yet at settlement but no level of concern as can frequently take in excess of 12 months to defend and settle.
Additional Information N/A  
Exclusively Security - liability covers

This product continues to provide fair value for customers. All information shows it is sold to the correct target market via an appropriate distribution model, and is being used to the customer's benefit at time of claim.
The RAG Amber status is due to a small lack of sufficient data on Broker own reportable claims that we do not believe materially affect the product value outcome but we flag it as a caution for brokers to use the assessment in conjunction with their own Complaint analysis and how it applies to individual products.

Product Performance
Metric Actual Finding
Policy Count 140 Above expected but no concerns in a competitive market place and context on all product data. No concerns on sales outside target market.
Policy Sales 279,063
Cancellation Frequency 5.7% A good level. Slightly higher than expected but no value concern.
Loss Ratio 51.8% At a good level. In line with expected, with level showing value being taken by customers.
Claims Frequency 5.7% In line with expected on a predominantly liability based product where frequency of claims are lower, but can be significant to defend and in final pay outs. No areas of concern for customers.
Average Claim Pay-out £6,769 Higher than expected at point of reporting but unpredictable on small volumes predominantly long tail liability claims. Further claims and settlements are expected to increase claim pay out further. No areas of concern on product value.
Total Claim Pay-out £13,537 Higher than expected at point of reporting but unpredictable on small volumes predominantly long tail liability claims. Further claims and settlements are expected to increase claim pay out further. No areas of concern on product value.
Claim Repudiation Rate 12.5% Liability claims where policyholders are encouraged to report all losses, irrespective of whether third parties pursue claims, so they can be defended for the policyholder's benefit. 2 claims successfully repudiated and defended for the policyholder which is a successful outcome. No areas of concern.
Claim Acceptance Rate 87.5% Good acceptance rate on liability cover as a critical part of cover is defending claims. Rate is slightly lower than expected, but within a reasonable range. 
UW Reportable Complaints % 0.00% No concern.
UW FOS Complaints 0 No concern.
UW FOS Complaints Upheld 0% n/a
Claims Reportable Complaints % By Policy Count 0.00% No concern.
Claims Reportable Complaints % By Number of Claims 0.00%
Claims FOS Complaints 0 No concern.
Claims FOS Complaints Upheld 0.00%
Broker Reportable Complaints % N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints Upheld N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Pricing
Average Premium £1,993 Premium is fair.The primary cover is liability and losses can take on average 5 - 7 years to develop on claims count and total cost, defending large losses. Protects customers from uncertainty and holding capital for further potential loss.
Remuneration 50% tolerance Within tolerance.
COR 96.0% Given claims performance, remuneration and other costs, there is no indication that this level of COR will lead to poor outcomes or unfair value for the customer.
Distribution Chain
Ageas Role Capacity, Underwriting & Claims
Distributor Role Quotes, sales and issue of documentation  
Summary and Assessment Retail sale of Security contractors liability  insurance covers via brokers branches, using the web, software houses, email and telephony. This distribution method remains appropriate for this product.
Service
Claim Walkaway % 44.4% An acceptable level, not unusual for losses to be reported and encouraged for liability claims from third parties so the policyholders' position can be defended; not all losses result in pursued claims by third parties. Does not show unfair value.
Average Claim Settlement Time 139 This includes large losses and longer tail claims such as third party injury and employees claims for injury or disease which take longer to settle.No concern for product value and customer outcomes.
Additional Information N/A  
Commercial Guard - Homeworker- property, liability and ancillary covers

This product continues to provide fair value for customers. All information shows it is sold to the correct target market via an appropriate distribution model, and is being used to the customer's benefit at time of claim.
The RAG Amber status is due to a small lack of sufficient data on Broker own reportable claims that we do not believe materially affect the product value outcome but we flag it as a caution for brokers to use the assessment in conjunction with their own Complaint analysis and how it applies to individual products.

Product Performance
Metric Actual Finding
Policy Count 1,759 In line with expected after allowance for technical rate changes for  property claims inflation. No concerns on sales outside target market.
Policy Sales £816,493
Cancellation Frequency 4.6% A good level.Slightly lower than expected. No value concern.
Loss Ratio 40.6% At a good level. Slightly lower than expected at the time of review but includes long tail covers so is expected to develop, and small policy volumes means more volatility. No concern, level showing value being taken by customers.
Claims Frequency 2.3% A good level of claims being made. Slightly lower than expected, but further development expected after review period as includes long tail liability covers, including cover for injury and disease for employees. Shows value being taken by customers.
Average Claim Pay-out £1,961 Significantly higher than average premium, showing financial value to customer at claim stage.Lower than expected at review stage but expected to develop as long tail claims are higher than average amounts, and on small policy volumes can make average claims pay out very volatile. No customer value concerns.
Total Claim Pay-out £43,169 As above. No product value concerns.
Claim Repudiation Rate 14.00% In line with expected at the time of the review. No areas of concern.
Claim Acceptance Rate 86.0% In line with expected. Includes liability covers where incident reporting is encouraged in order to represent the policyholder if needed, but these don't always materialise in to claims. No concern.
UW Reportable Complaints % 0.06% Low level of complaints so no concern.
UW FOS Complaints 0 No complaints so no concern.
UW FOS Complaints Upheld N/A n/a
Claims Reportable Complaints % By Policy Count 0.23% In line with expected. 4 complaints, 3 upheld, 1 rejected, all service related.
Claims Reportable Complaints % By Number of Claims 9.30%
Claims FOS Complaints 1 1 complaint, Covid related, not upheld. No concerns,
Claims FOS Complaints Upheld 0.00%
Broker Reportable Complaints % N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints Upheld N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Pricing
Average Premium £464 Premium is fair and is significantly below average claim pay-out.
Remuneration 50% Tolerance Within tolerance.
COR 87.4% Lower than expected at the time of review. Expected to develop further with long tail claims, but stay marginally below expected, influenced by small policy volumes making large loss volatility less predictable. Given claims performance, remuneration and other costs, there is no indication that this level of COR will lead to poor outcomes or unfair value for the customer.
Distribution Chain
Ageas Role Capacity, Underwriting & Claims
Distributor Role Quotes, sales and issue of documentation  
Summary and Assessment Retail sale of commercial non motor optional insurance, including property and liability cover for businesses working from home, via broker's branches, using the web, software houses, email and telephony. This distribution method remains appropriate for this product.
Service
Claim Walkaway % 25.6% Lower than expected. Does not show unfair value.
Average Claim Settlement Time 58 days   Better than expected for the Product at this time.
Additional Information N/A  
Commercial Guard - Shopkeepers - packaged property, liability and ancillary covers

This product continues to provide fair value for customers. All information shows it is sold to the correct target market via an appropriate distribution model, and is being used to the customer's benefit at time of claim.
The RAG Amber status is due to a small lack of sufficient data on Broker own reportable claims that we do not believe materially affect the product value outcome but we flag it as a caution for brokers to use the assessment in conjunction with their own Complaint analysis and how it applies to individual products.

Product Performance
Metric Actual Finding
Policy Count 4,522 Lower than expected after allowance for technical rate changes based on performance and property claims inflation. No concerns on sales outside target market.
Policy Sales £3,303,276
Cancellation Frequency 6.7% A good level.In line with expected. No value concern.
Loss Ratio 57.4% At a good level. An increase on previous year, with level showing value being taken by customers.
Claims Frequency 6.1% A good level of claims being made. Slightly lower than expected, but further development expected after review period as includes long tail liability covers, including cover for injury and disease for employees. Shows value being taken by customers.
Average Claim Pay-out £5,523 Significantly higher than average premium, showing financial value to customer at claim stage.Slightly lower than expected at review stage but expected to develop as long tail claims are higher than average amounts.
Total Claim Pay-out £613,068 As above. No product value concerns.
Claim Repudiation Rate 6.5% Acceptable claims repudiation rate with causes monitored for any trends and product clarity. 18 declined claims. No areas of concern.
Claim Acceptance Rate 93.5% Good acceptance rate. Main reasons for non acceptenace are claims not pursed as non economic/excess levels, wear and tear and other stated policy exclusions.
UW Reportable Complaints % 0.02% A low level. No unfair value from frequency or trend.
UW FOS Complaints 0 No complaints so no concern.
UW FOS Complaints Upheld N/A n/a
Claims Reportable Complaints % By Policy Count 1.44% Much higher than expected as review period included periods affected by the Pandemic. 65 complaints. 8 Upheld (7 service related, 1 due to decline reason), 57 rejected, many of them related to COVID in respect of claims where there was no cover.
Claims Reportable Complaints % By Number of Claims 23.64%
Claims FOS Complaints 9 None upheld. 8 related to Covid, and 1 on misrepresentation.
Claims FOS Complaints Upheld 0.00%
Broker Reportable Complaints % N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints Upheld N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Pricing
Average Premium £730.00 Premium is fair and is significantly below average claim pay-out.
Remuneration 50% Tolerance Within tolerance.
COR 104.8% Higher than expected driven by claims trends and claims inflation, managed by targetted rate changes linked to performance drivers. Given claims performance, remuneration and other costs, there is no indication that this level of COR will lead to poor outcomes or unfair value for the customer.
Distribution Chain
Ageas Role Capacity, Underwriting & Claims
Distributor Role Quotes, sales and issue of documentation  
Summary and Assessment Retail sale of Shopkeepers insurance via broker's branches, using the web, software houses, email and telephony. This distribution method remains appropriate for this product.
Service
Claim Walkaway % 34.9% Below expected.Cover includes long tail liability where incident reporting is encouraged in orderto be ready to represent the policyholder, but which don't always materialise as claims.  Does not show unfair value.
Average Claim Settlement Time 115 days This includes large losses and longer tail claims such as injury which can take significant time to conclude.  Better than expected for the Product at this time.
Additional Information N/A  
Commercial Guard - Office & Surgery - packaged property, liability and ancillary covers

This product continues to provide fair value for customers. All information shows it is sold to the correct target market via an appropriate distribution model, and is being used to the customer's benefit at time of claim.
The RAG Amber status is due to a small lack of sufficient data on Broker own reportable claims that we do not believe materially affect the product value outcome but we flag it as a caution for brokers to use the assessment in conjunction with their own Complaint analysis and how it applies to individual products.

Product Performance
Metric Actual Finding
Policy Count 3,086 In line with expected after allowance for technical rate changes for  property claims inflation. No concerns on sales outside target market.
Policy Sales £1,481,774
Cancellation Frequency 4.0% A good level.In line with expected. No value concern.
Loss Ratio 41.7% At a good level. Slightly lower than expected but includes long tail claims so will develop. Level showing value being taken by customers.
Claims Frequency 2.5% A good level of claims being made. Slightly lower than expected, but further development expected after review period as includes long tail liability covers, including cover for injury and disease for employees. Shows value being taken by customers.
Average Claim Pay-out £2,750 Significantly higher than average premium, showing financial value to customer at claim stage.Slightly lower than expected at review stage but expected to develop as long tail claims are higher than average amounts.
Total Claim Pay-out £88,007 As above. No product value concerns.
Claim Repudiation Rate 9.21% Lower than expected at the time of the review. Acceptable claims repudiation rate with causes monitored for any trends and product clarity. 9 declined claims. No areas of concern.
Claim Acceptance Rate 90.79% Good acceptance rate. Main reasons for non acceptenace are claims not pursed as non economic/excess levels, wear and tear and other stated policy exclusions.
UW Reportable Complaints % 0.00% No complaints so no concern.
UW FOS Complaints 0 No complaints so no concern.
UW FOS Complaints Upheld N/A n/a
Claims Reportable Complaints % By Policy Count 0.71% Much higher than expected as review period included periods affected by the Pandemic. 22 complaints, 3 upheld (2 x service, 1 clean up time) and 18 rejected (16 Covid related, x2 service)
Claims Reportable Complaints % By Number of Claims 28.95%
Claims FOS Complaints 1 None upheld.1 complaint for decline reason.
Claims FOS Complaints Upheld 0.00%
Broker Reportable Complaints % N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints Upheld N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Pricing
Average Premium £480.00 Premium is fair and is significantly below average claim pay-out.
Remuneration 50% Tolerance Within tolerance.
COR 84.2% Lower than expected at the time of review. Expected to develop further with long tail claims, but stay marginally below expected with some continued impact from Covid periods (work from home); being monitored for continued influence. Given claims performance, remuneration and other costs, there is no indication that this level of COR will lead to poor outcomes or unfair value for the customer.
Distribution Chain
Ageas Role Capacity, Underwriting & Claims
Distributor Role Quotes, sales and issue of documentation  
Summary and Assessment Retail sale of Office & Surgery insurance via broker's branches, using the web, software houses, email and telephony. This distribution method remains appropriate for this product.
Service
Claim Walkaway % 30.3% Higher than expected, influenced by some continued reporting of Covid related incidents to check if any cover available.  Does not show unfair value.
Average Claim Settlement Time 77 days   Better than expected for the Product at this time.
Additional Information N/A  
Optima Business Plus - property, liability and ancillary covers

This product continues to provide fair value for customers. All information shows it is sold to the correct target market via an appropriate distribution model, and is being used to the customer's benefit at time of claim.
The RAG Amber status is due to a small lack of sufficient data on Broker own reportable claims that we do not believe materially affect the product value outcome but we flag it as a caution for brokers to use the assessment in conjunction with their own Complaint analysis and how it applies to individual products.

Product Performance
Metric Actual Finding
Policy Count 538 In line with expected after allowance for technical rate changes for  property claims inflation. No concerns on sales outside target market.
Policy Sales £547,905
Cancellation Frequency 5.8% A good level.In line with expected. No value concern.
Loss Ratio 38.9% At a good level. Lower than expected at the time of review but includes long tail covers so is expected to develop, and small policy volumes means more volatility. No concern, level showing value being taken by customers.
Claims Frequency 2.4% A good level of claims being made. Slightly lower than expected, but further development expected after review period as includes long tail liability covers, including cover for injury and disease for employees. Shows value being taken by customers.
Average Claim Pay-out £5,408 Significantly higher than average premium, showing financial value to customer at claim stage.Slightly lower than expected at review stage but expected to develop as long tail claims are higher than average amounts.
Total Claim Pay-out £37,854 As above. No product value concerns.
Claim Repudiation Rate 0.00% Lower than expected at the time of the review. No areas of concern.
Claim Acceptance Rate 100.00% Good acceptance rate.No concern.
UW Reportable Complaints % 0.00% No complaints so no concern.
UW FOS Complaints 0 No complaints so no concern.
UW FOS Complaints Upheld N/A n/a
Claims Reportable Complaints % By Policy Count 0.37% In line with expected. 2 complaints, decline reasons, both rejected.
Claims Reportable Complaints % By Number of Claims 14.29%
Claims FOS Complaints 0 None. No concerns,
Claims FOS Complaints Upheld N/A
Broker Reportable Complaints % N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Broker FOS Complaints Upheld N/A Limited data available, but no concerns as trends relevant to Product value would show in UW & Claims Complaints as well.
Pricing
Average Premium £1,018 Premium is fair and is significantly below average claim pay-out.
Remuneration 50% Tolerance Within tolerance.
COR 79.9% Lower than expected at the time of review. Expected to develop further with long tail claims, but stay marginally below expected, influenced by small policy volumes making large loss volatility less predictable. Given claims performance, remuneration and other costs, there is no indication that this level of COR will lead to poor outcomes or unfair value for the customer.
Distribution Chain
Ageas Role Capacity, Underwriting & Claims
Distributor Role Quotes, sales and issue of documentation  
Summary and Assessment Retail sale of commercial non motor optional insurance, including property and liability cover, via broker's branches, using the web, software houses, email and telephony. This distribution method remains appropriate for this product.
Service
Claim Walkaway % 28.6% In line with expected, 4 claims.  Does not show unfair value.
Average Claim Settlement Time 128 days   Better than expected for the Product at this time.
Additional Information N/A  

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