Full Product Value Outcomes

Supporting you with your Value Assessments

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 fully transparent view of product value.

The individual full product value outcomes below relate to the agreed target market for each product, so this should also be read alongside our Product Target Market Statements.

All of our products 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.

Ageas Private Car - 2021 Review

The following Product Oversight Review and Value Assessment is produced in conjunction with the Value Statement to provide a view of product value for the above year. The value assessment relates to the agreed target market for the product, so this should also be read alongside the product's Target Market Statement. 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.

Product Performance
Metric	Actual	Finding
Policy Count	241,322	There has been a large increase in both policy count & sales. This will be due to the continued migration on to the APC scheme and therefore there are no concerns regarding the product being sold outside of the target market. Particularly as many other areas have remained at similar levels to expected. No value concerns.
Policy Sales	269,570
Cancellation Frequency	10.48%	A slight decrease in cancellation frequency, volumes are similar to expected and there are no value concerns.
Loss Ratio	72.2%	This loss ratio has seen a positive increase in favour of the consumer and presents no value concerns, even when large losses are taken out of consideration (58.2%)
Claims Frequency	5.83%	A slight increase, the claim frequency is at a positive level that indicates customers are receiving good value.
Average Claim Pay-out	£2,444.37	Both the average claim pay-out and total claim pay-out are positive indicators or good value. Particularly when compared to the average premium, this is clear that the customer is receiving value and it is reasonably foreseeable that value would still be recieved even if the customer was to remain on cover and not make a claim for multiple years.
Total Claim Pay-out	£34,201,632.95
Claim Repudiation Rate	0.10%	Claim repudiation rates remain at a very positive level, exceeding expectations and continuing to show value to customers. With a low repudiation rate this indicates that customers are meeting the target market and and they are understanding of the insured perils in force.
Claim Acceptance Rate	99.47%	Claim acceptance rates have also remained positive and exceeded expectations, this is evidence that the perils insured are understood by the target market and therefore no value concerns.
UW Reportable Complaints %	0.020%	UW reportable complaints remain very low and do not indicate any concerns.
UW FOS Complaints	4	Although an increase on expected, the policy count is significantly higher than last year, and no complaints were upheld by FOS. 26% unhappy with premium quoted, 19% unhappy their changes no longer kept them within target market, 17% felt the premium was too high. No concerns with the trends or volume in regard to value for the customer.
UW FOS Complaints Upheld	0.000%
Claims Reportable Complaints % By Policy Count	0.11%	Of these, 19% due to Delays, 16% Payment too low, 15% Incorrect Advice. Low volumes are positive, and the trends do not indicate any systemic issues with our claims service.
Claims Reportable Complaints % By Number of Claims	1.90%
Claims FOS Complaints	20	Although this has increased in terms of raw volume, as there have been an additional 6000 claims reported, this is not of concern. Upon review of the data, 65% were due to the payment being too low. That being said, although a trend has been indicated here, none of these claims were upheld by FOS, so this is not seen as a value concern at this stage.
Claims FOS Complaints Upheld	1.90%	The two complaints that were upheld were not linked. One was due to 'Incorrect Advice Given' and the other 'Taking Too Long' in regard to fraud enquiries. Neither of these raise cause for concern and there are no value concerns.
Broker Reportable Complaints %	0.01%	Complaints reported against the broker were very low (24) and do not indicate any reason for concern.
Broker FOS Complaints	3	There are no concerns with the volume of broker complaints referred to FOS as they are similar to expected. There was a complaint upheld, this was due to 'AP Following Indemnity Enquiries', which all 3 FOS complaints were. Looking into the description a bit further, the 3 complaints were well spaced out over the year and do not appear to be linked, and therefore no concerns.
Broker FOS Complaints Upheld	0%
Pricing
Average Premium	£239.59	The average premium for this product is fair for the cover offered. There are no concerns, particularly when looking at the value received when a claim occurs.
Remuneration	50% Tolerance	Within tolerance.
COR	101.90%	The COR is a positive improvement in favour of 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 via web (including aggregators) and/or call centres and high street branches. This distribution model remains appropriate for this product.
Service
Claim Walkaway %	19.89%	87% TP Dealing - volumes were already as expected, and the majority of customers are still claiming but from the third party.
Average Claim Settlement Time	48	Although a slight increase, 2021 UWY saw a number of external factors that impacted the settlement time, such as delays in obtaining parts, garages not being open, and the cost of replacement parts.

House Guard Extra - 2021 Review

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.


Metric	Actual	Finding
Policy Count	203,927	Reduction in policy volumes to be expected as this product underwent a structure change and business was split to the simplification model.
Policy Sales	212,441
Cancellation Frequency	4.01%	Largely static figure and as expected. No concerns particularly with a product of this size that caters to a large target market, thus is seen as positive for the customer and demonstrates no barriers in place to prevent a customer from cancelling when they need to.
Loss Ratio	64.7%	Slightly lower figure though within expected boundary. No concerns given policy volumes have decreased since the move to simplification.
Claims Frequency	2.98%	A reduced claims frequency though again could be attributed to overall policy volumes dropping since the move to simplification, and is in fact close to historical trend, so not of concern.
Average Claim Pay-out	£1627.66	While a reduction from previous, this is still significantly higher than the average premium and as a result, provides value to the customer.
Total Claim Pay-out	$14,258,384.28	This is positive and demonstrates the customer is appropriately protected from financial harm.
Claim Repudiation Rate	13.02%	Positive to have this KPI reduced and demonstrates customers are getting good value for a range of claims incidences. With a low repudiation rate this indicates that customers are meeting the target market and they are understanding of the insured perils in force.
Claim Acceptance Rate	71.18%	Claim acceptance rates have also remained positive and exceeded expectations, this is evidence that the perils insured are understood by the target market and therefore no value concerns.
UW Reportable Complaints %	0%	5 complaints - largest % of complaints made was due to customer dissatisfaction that their policy was void/cancelled, but without enough volume to be of concern as a trend.
UW FOS Complaints	3	3 complaints sent to FOS ranging from dissatisfaction over decision to void policy, to policy wording not being clear. No concerns with policy wording being unclear as there is a section on page 12 that outlines what the policy covers and doesn't cover.
UW FOS Complaints Upheld	0.000%	As above.
Claims Reportable Complaints % By Policy Count	0.22%	Of these, 128% - didn't take promised action, 20% claim declined in full. Low volumes are positive, and the trends do not indicate any systemic issues with our claims service.
Claims Reportable Complaints % By Number of Claims	7.47%
Claims FOS Complaints	39	Largest trend - delay with claim, followed by dissatisfaction that claim was declined in full. Unfortunately, the challenge with mitigating delays is difficult to achieve due to external factors such as economic climate causing backlog with tradesman, thus repairs taking longer time than it should. Not overall concerning given the size of the account against complaint figures. However, It is important to note that data is not comparable just based on figures for simplification since last year's data was combined. When looking at combined figures for this KPI, it increased from 30 (in 2020) to 52 (in 2021, with 39 on House Guard Extra and 13 on Simplification). The split in data will cause this KPI to appear more positive but consideration must be given to the fact that when this data is combined it looks concerning. This KPI will be monitored closely to provide a better picture on at the next review to see how the split is performing. Given the figure of upheld FOS complaints is higher than the previous year, the total percentage will be slightly volatile. There were 5 complaints regarding delay with claim which were upheld. Looking at both sets of data for House guard Extra and Simplification, we have seen an increase with a trend around delays. However as a whole there is an improvement from previous years in settlement time, and we have external factors that are playing heavily as mentioned above. At this stage, there is little indication that the product operation is causing foreseeable harm, but this KPI will be closely monitored going forward.
Claims FOS Complaints Upheld	41.03%
Broker Reportable Complaints %	0%	Complaints reported against the broker were very low (1 complaint regarding delay in service.) and do not indicate any reason for concern.
Broker FOS Complaints	0	There were no Broker reportable complaints escalated to FOS which is a positive indicator that customers are happy with the value of the product.
Broker FOS Complaints Upheld	0%	As above.
Pricing
Average Premium	£91.88	The average premium for this product is fair for the cover offered. There are no concerns, particularly when looking at the value received when a claim occurs.
Remuneration	50% Tolerance	Within tolerance.
COR	92.00%	The COR is a positive improvement in favour of 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 via web (including aggregators) and/or call centres and high street branches. This distribution model remains appropriate for this product.
Service
Claim Walkaway %	43.01%	Significant increase to walkaway figures with 43% of walkaways due to no peril in force or no appropriate cover. Customers are made aware of the optional cover frequently in the policy wording so no concerns of value at this stage. A further 18% were walkaways due to no contact. Worth more investigation in the next review to see if this KPI has improved.
Average Claim Settlement Time	52 Days	Good reduction in claim settlement days, reassuring considering large amount to complaints regarding customer dissatisfaction around delays. Though questions still remain on what measures can be taken to further improve on claim settlement times to reduce complaints.

House Guard - 2020 Review

As part of continuous improvements, and including the outputs from the Ageas' FCA Value Measures Submission, we continue to look at Acceptance and Repudiation rates with a customer lens to ensure our products are clear, and that customers receive a high level of service throughout the process of making a claim. However, this work is not due to a specific concern that this product is unfair.

Product Performance
Metric	Actual	Finding
Policy Count	239,074	While this has increased, this is expected growth from previous years due to release of Ageas' Simplification product. There are no concerns that this indicates sale outside of the target market.
Policy Sales	248,677
Cancellation Frequency	4%	A good level, and consistent with previous years. No evidence from this that customers are struggling to utilise the product, so are cancelling in large numbers.
Loss Ratio	67.2%	At a good level. An increase on previous year, with level showing the benefits of the product are being utilised, thus value being taken by customers.
Claims Frequency	4.1%	A good level of claims being made. An increase on previous year, and shows value being taken by customers.
Average Claim Pay-out	£3,052.60	Significantly higher than average premium, showing financial value to customer at claim stage.
Total Claim Pay-out	£16,578,694.75	No concerns.
Claim Repudiation Rate	33.52%	No concerns. Within this figure, 31% are for Wear &Tear (W&T), and 27% due to No Insured Peril In Force. The IPID is clear on the exclusion for W&T and "What is Insured?" list is also very clear. As part of continuous improvements, and Ageas' FCA Value Measures Submission, we continue to look at Acceptance and Repudiation rates with a customer lens to ensure our products are clear, and that customers receive a high level of service throughout the process of making a claim. However, this is not due to a specific concern that this product is unfair.
Claim Acceptance Rate	56.02%	10.46% Of Claims not pursued due to economic/excess reasons. Benchmarking and claims investigation has been undertaken, and there is no unfair value. As above, Claims Acceptance is part of Ageas' continuous improvements.
UW Reportable Complaints %	0.003%	At a positive level. No unfair value or product problems from frequency or trend.
UW FOS Complaints	1	No unfair value from frequency or trend. Also, see below.
UW FOS Complaints Upheld	0%	As FOS complaint was rejected, no concerns.
Claims Reportable Complaints % By Policy Count	0.17%	A good level, considering the size of the product, and the frequency and trends do not show issues with our claims service.
Claims Reportable Complaints % By Number of Claims	4.29%
Claims FOS Complaints	30	5 Upheld. Given the number of policies and claims on this product, this is a positive level, showing that our claims service is generally providing good outcomes to our customers. The upheld rate has reduced from previous year, and shows there are no systemic issues with the product or the service.
Claims FOS Complaints Upheld	16.67%
Broker Reportable Complaints %	0%	Given the distribution chain and Ageas' role, these are not expected. There have been none brought to our attention on this product.
Broker FOS Complaints
Broker FOS Complaints Upheld
Pricing
Average Premium	£146.69	Premium is fair and is significantly below average claim pay-out.
Remuneration	50% Tolerance	Within tolerance.
COR	94%	Does not show excessive profits are being taken, or indicate that the pricing of the product is unfair for the value that is taken by customers.
Distribution Chain
Ageas Role	Capacity, Underwriting & Claims
Distributor Role	Quotes, sales and issue of documentation
Summary and Assessment	Retail sale of Household insurance via web(including aggregators) and/or call centres and high street branches. This distribution model remains appropriate for this product.
Service
Claim Walkaway %	14.91%	An acceptable level. Does not show unfair value.
Average Claim Settlement Time	67 Days	This includes longer tail claims such as Subsidence, Liability and Escape of Oil, Storm Ciara and Dennis. These, along with a greater emphasis on trying to obtain recoveries on claims where possible have caused the settlement time to increase.
Additional Information

Van Guard - 2020 Review

Despite the reduction in CF and LR due to pandemic measures, this product continues to provide fair value for customers.

Product Performance
Metric	Actual	Finding
Policy Count	304,228	An increase on previous years. However this is expected growth, and does not indicate any sales outside of the target market.
Policy Sales	354,542
Cancellation Frequency	13.70%	An acceptable level for this line of business.
Loss Ratio	51.00%	Lower than previously, but still at a level that shows customers are claiming, utilising the benefits of the policy, and taking value from the product, even during a period that included multiple lockdowns and many pandemic measures.
Claims Frequency	5.00%	Lower than anticipated, but this is due to the decreased traffic levels throughout the pandemic. Still shows customers are claiming, so no concerns with the product itself, and this is expected to increase as driving moves into 'new normal'.
Average Claim Pay-out	£1,593.06	Significantly above average premium. Customers are receiving benefit when they claim.
Total Claim Pay-out	£23,677,724.67	No concerns.
Claim Repudiation Rate	0.37%	Very positive figure showing very few claims are repudiated.
Claim Acceptance Rate	97.97%	No concerns that there are barriers to claim.
UW Reportable Complaints %	0.016%	No concerns due to very low figures. No trends that indicate an issue with the product or the target market.
UW FOS Complaints	2	Both pending. However small number given size of the product. Both are for different reasons, and don't show a trend of dissatisfaction with the product.
UW FOS Complaints Upheld	TBC	As above.
Claims Reportable Complaints % By Policy Count	0.06%	Very low frequency, and no trends to cause concerns with claims service.
Claims Reportable Complaints % By Number of Claims	1.13%
Claims FOS Complaints	11	1 upheld with 2 pending. However small number given size of the product.
Claims FOS Complaints Upheld	18.18%
Broker Reportable Complaints %	0.003%	Low considering the size of the book, and there are no trends that indicate the distribution isn't suitable for customers.
Broker FOS Complaints	0	A good outcome that no complaints were referred to the FOS.
Broker FOS Complaints Upheld	0.00%	As above.
Pricing
Average Premium	£327.74	Premium is fair, and significantly below average claims costs.
Remuneration	50% Tolerance	Within tolerance.
COR	92.10%	While a little below strategic target, this is due to pandemic measures and associated drop in driving frequency. Does not evidence excessive profit being taken that would prevent fair value.
Distribution Chain
Ageas Role	Capacity, Underwriting & Claims
Distributor Role	Quotes, sales and issue of documentation
Summary and Assessment	Retail sale of Van insurance via web (including aggregators) and/or call centres. This distribution model remains appropriate for this product.
Service
Claim Walkaway %	14.84%	An acceptable level given the majority of these are due to a third party dealing with the claim, rather than any barrier within Ageas' claims service.
Average Claim Settlement Time	26 Days	No concerns with speed of claims settlement.
Additional Information

Optima Classic Car - 2021 Review

Product Performance
Metric	Actual	Finding
Policy Count	10,460	The growth for this product has been planned and ongoing for the last few years. As per last years product review the footprint has been expanded by updating the vehicle file and making the minimum premiums more competitive and inline with the rest of the market for vehicles valued above £45k. What is comforting to see is that the cancellation frequency has reduced which indicates that the product although growing at a positive rate, is still targeting the correct customers that would find value in the product. No value concerns.
Policy Sales	10,860
Cancellation Frequency	3.68%	This is a positive decrease in the year prior. This cancellation frequency is evidencing that customers are happy with the product and do not have concerns regarding it's relevance and value to them. No concerns with this figure as this is a very positive indicator of value.
Loss Ratio	31.8%	The loss ratio is similar to expected. The claims frequency for this product is on the lower end due to the fact this is a niche product for classic cars. Classic car owners are less likely to drive their vehicle on a regular basis and tend to take better care of them (or self-repair) due to the value. No concerns with the loss ratio being low as the value of the vehicle will mean that only a couple of large claims could take this very high.
Claims Frequency	0.5%	Although a reduction, due to this being a niche product there will be years where fewer claims are made. In particular, 2021 still saw covid impacts, as well as external economic factors which had a direct impact on the frequency vehicles were driven. However, the value of the vehicles mean that value is still in the product, as an individual claim could place significant financial pressure on the insured.
Average Claim Pay-out	£2,465.38	A positive uplift on the average claim pay-out, increasing the product's value. Comparable to the low policy premium this proves good value to the customer who needs to use the policy
Total Claim Pay-out	£128,200.1	Although the total claim pay-out has decreased, the average claim pay-out has increased. Due to a lower frequency of claims a lower pay-out is not surprising, but also not concerning as it's a niche product and therefore total pay-out can vary over different years.
Claim Repudiation Rate	0%	This is very positive. This is indicative that those customers who need to make a claim are not facing any roadblocks, and understand the product. This is less surprising due to the nature of the policy.
Claim Acceptance Rate	100%	Claim acceptance rates remain positive, indicating a strong understanding of the product by the customer, accuracy with the target market and clearness in policy wording.
UW Reportable Complaints %	0.000%	UW reportable complaints remain very low and do not indicate any concerns. The majority of the complaints reported
UW FOS Complaints	0	There were no UW reportable complaints escalated to FOS which is a positive indicator that customers are happy with the value of the product.
UW FOS Complaints Upheld	0.000%	As above.
Claims Reportable Complaints % By Policy Count	0.03%	There are no concerns with the complaints raised against the claims. Upon review, there are no trends. There have been 3 complaints made: Taking Too Long, Standard Of Service and Didn't Take Action As Promised (the latter two being upheld).
Claims Reportable Complaints % By Number of Claims	7.69%
Claims FOS Complaints	0	There were no Claim reportable complaints escalated to FOS which is a positive indicator that customers are happy with the value of the product.
Claims FOS Complaints Upheld	0.00%
Broker Reportable Complaints %	0.00%	Complaints reported against the broker were very low and do not indicate any reason for concern.
Broker FOS Complaints	0	There were no Broker reportable complaints escalated to FOS which is a positive indicator that customers are happy with the value of the product.
Broker FOS Complaints Upheld	0.00%	As above.
Pricing
Average Premium	£116.00	This average premium is very low considering the value of the vehicles insured. This is a reason we are not too concerned that the COR and LR are low for multiple years in a row on the product. With the premiums this low, a small number of large claims could paint a very different picture. No concerns.
Remuneration	50% Tolerance	Within tolerance.
COR	62.7%	The COR is a positive improvement in favour of the customer.
Distribution Chain
Ageas Role	Capacity, Underwriting & Claims
Distributor Role	Quotes, sales and issue of documentation
Summary and Assessment	Retail sale of Classic Car insurance via web (including aggregators), high street brokers, and/or call centres. This distribution model remains appropriate for this product.
Service
Claim Walkaway %	11.54%	Only 6 walkaway claims, 4 of which were dealt with by TP and 2 of which the customer didn't want to claim. No concerns with these volumes.
Average Claim Settlement Time	94 Days	Although this is a big increase, this is not surprising. Due to covid, war and economic issues, car parts have become much more difficult to get hold of, as such claims are being delayed.
Additional Information

Optima L - 2020 Review

Product Performance
Metric	Actual	Finding
Policy Count	123	In line with expectations. No concerns.
Policy Sales	131
Cancellation Frequency	7.32%	An acceptable level. No evidence that customers are cancelling in large numbers due to inappropriateness of the product.
Loss Ratio	73.00%	A significant increase, despite pandemic measures. Shows that customers are able to utilise the benefits of the policy.
Claims Frequency	0.80%	An acceptable level given the pandemic measures impacting the review period, and the volatility associated with small policy count.
Average Claim Pay-out	£7,138.18	Significantly above average premium.
Total Claim Pay-out	£7,138.18	1 claim. However, as above, low policy count will make this volatile.
Claim Repudiation Rate	0.00%	Very positive figure.
Claim Acceptance Rate	100.00%	As above. Indicates a lack of barriers to claim.
UW Reportable Complaints %	0.000%	Very positive, albeit low policy count places expectations at a low figure.
UW FOS Complaints
UW FOS Complaints Upheld
Claims Reportable Complaints % By Policy Count	0.00%	Very positive, albeit low policy count places expectations at a low figure.
Claims Reportable Complaints % By Number of Claims	0.00%
Claims FOS Complaints
Claims FOS Complaints Upheld
Broker Reportable Complaints %		We have not been made aware of any complaints on this product.
Broker FOS Complaints
Broker FOS Complaints Upheld
Pricing
Average Premium	£422.00	Premium is fair for the higher risk target market, and significantly below average claims costs.
Remuneration	50% Tolerance	Within tolerance.
COR	102.00%	No concerns.
Distribution Chain
Ageas Role	Capacity, Underwriting & Claims
Distributor Role	Quotes, sales, issue of documentation, and FNOL.
Summary and Assessment	Retail sale of Private Car insurance (a Top up insurance for provisional licence holders) via call centres and high street branches. This distribution model remains appropriate for this product.
Service
Claim Walkaway %	0.00%	No concerns.
Average Claim Settlement Time	155 Days	Claims department could not contact PH throughout claim stage, so paid TP damages after no contact for extended period of time.
Additional Information

Optima Motorhome - 2020 Review

Despite a decrease in LR,CF and COR due to pandemic measures, this product continues to provide fair value for customers.

Product Performance
Metric	Actual	Finding
Policy Count	11,008	A significant increase from previous due to additional broker distribution, expansion of footprint, and improvements to rating. Additionally there has been very high demand for motorhomes. No concerns that the increase is due to selling outside of the target market.
Policy Sales	12,342
Cancellation Frequency	10.81%	An increase from previous, but still acceptable, and will have been caused in part by pandemic measures preventing motorhome use.
Loss Ratio	51.10%	Lower than previously, but still at a level that shows customers are claiming and taking value from the product, even during a period that included multiple lockdowns and many pandemic measures.
Claims Frequency	3.27%	Lower than anticipated, but this is due to the decreased traffic levels throughout the pandemic. Still shows customers are claiming, so no concerns with the product itself, and this is expected to increase as driving moves into 'new normal'.
Average Claim Pay-out	£2,558.82	Significantly above average premium.
Total Claim Pay-out	£877,673.94	No concerns.
Claim Repudiation Rate	1.94%	Positive figure showing very few claims are repudiated.
Claim Acceptance Rate	95.28%	10 Claims not pursued due to excess/economic reasons, showing excesses are not a material barrier to claim.
UW Reportable Complaints %	0.000%	Very positive that there are no UW complaints, especially in light of increased policy count. Further evidences that cancellation frequency is not concerning.
UW FOS Complaints
UW FOS Complaints Upheld
Claims Reportable Complaints % By Policy Count	0.06%	Low frequency, with no root cause trend to cause concerns as to claims service.
Claims Reportable Complaints % By Number of Claims	1.94%
Claims FOS Complaints	0	Positive that none of these were sent to the FOS.
Claims FOS Complaints Upheld	0.00%
Broker Reportable Complaints %	0.0%	We have not been made aware of any complaints on this product.
Broker FOS Complaints
Broker FOS Complaints Upheld
Pricing
Average Premium	£165.00	Premium is fair, and significantly below average claims costs.
Remuneration	50% Tolerance	Within tolerance.
COR	87.00%	While below strategic target, this is due to pandemic measures and associated drop in driving frequency. Fair value was still taken from the product, especially given RTA requirements.
Distribution Chain
Ageas Role	Capacity, Underwriting & Claims
Distributor Role	Quotes, sales and issue of documentation & FNOL.
Summary and Assessment	Retail sale of Motorhome insurance via web (including aggregators) and/or call centres and high street branches. This distribution model remains appropriate for this product.
Service
Claim Walkaway %	6.67%	An acceptable level given the majority of these are due to a third party dealing with the claim, rather than any barrier within Ageas' claims service.
Average Claim Settlement Time	35 Days	This will have been impacted by lack of parts replacements. No concerns.
Additional Information

Optima Plus - 2020 Review

Product Performance
Metric	Actual	Finding
Policy Count	2,488	A small amount of growth, but no concerns that policies are being sold outside of target market.
Policy Sales	2,825
Cancellation Frequency	19.58%	An acceptable level for this product, as the restricted vehicle file leads to more MTCs due to unacceptability of replacement vehicle. No complaints trend that indicates issues with this level of cancellation.
Loss Ratio	74.40%	At a good level, showing that even during the pandemic measures these customers are utilising the benefits of the product.
Claims Frequency	4.38%	A small reduction to previous, due to the reduction in traffic during the pandemic. No concerns.
Average Claim Pay-out	£5,678.87	Significantly above average premium.
Total Claim Pay-out	£618,997.00	No concerns.
Claim Repudiation Rate	0.00%	Very positive. Shows no barriers to claim.
Claim Acceptance Rate	100.00%	As above.
UW Reportable Complaints %	0.040%	Represents 1 complaint. No concerns that there are underlying issues with the product.
UW FOS Complaints	0.000%	Positive that this wasn't referred to FOS.
UW FOS Complaints Upheld	0.000%	As above.
Claims Reportable Complaints % By Policy Count	0.16%	4 complaints, with no trend to root cause. With low frequency and lack of trend, there is no concern as to the claims service being inappropriate.
Claims Reportable Complaints % By Number of Claims	3.67%
Claims FOS Complaints	0	Very positive that none of these complaints were referred to the FOS.
Claims FOS Complaints Upheld	0.00%
Broker Reportable Complaints %	0.000%	We have not been made aware of any complaints on this product.
Broker FOS Complaints
Broker FOS Complaints Upheld
Pricing
Average Premium	£373.00	Premium is fair, and significantly below average claims costs.
Remuneration	50% Tolerance	Within tolerance.
COR	104.00%	No concerns.
Distribution Chain
Ageas Role	Capacity, Underwriting & Claims
Distributor Role	Quotes, sales, agreed value and issue of documentation & FNOL.
Summary and Assessment	Retail sale of car insurance aimed at higher end vehicles, sold via call centres, aggs and high street branches. This distribution model remains appropriate for this product.
Service
Claim Walkaway %	30.28%	Majority (70%) due to a third party dealing with the claim. A positive figure that shows no barriers to claim.
Average Claim Settlement Time	60 Days	49.5% Of claims settled within 3 Days, 8.3% of claims settled within 3-30 Days, 42.20% of claims take longer than 30 days to settle. Elongation will have been due to covid disruption to supply chains, impacting specialist vehicles more than others.
Additional Information

Optima Classic Bike - 2021 Review

Product Performance
Metric	Actual	Finding
Policy Count	10,382	Policy count and sales remain consistent with expected volumes, this raises no concerns around the value being provided.
Policy Sales	10,839
Cancellation Frequency	4.40%	Cancellation frequency has reduced significantly, there are no value concerns.
Loss Ratio	69.0%	This loss ratio has seen a positive increase in favour of the consumer and presents no value concerns, even when large losses are taken out of consideration (30%)
Claims Frequency	0.13%	A slight decrease in claim frequency which has been driven by Covid impacts. There are no value concerns.
Average Claim Pay-out	£2,088.36	Both the average claim pay-out and total claim pay-out are positive indicators or good value. Particularly when compared to the average premium, this is clear that the customer is receiving value and it is reasonably foreseeable that value would still be received even if the customer was to remain on cover and not make a claim for multiple years.
Total Claim Pay-out	£27,148.69
Claim Repudiation Rate	0.00%	Claim repudiation rates remain at a very positive level continuing to show value to customers. With a low repudiation rate this indicates that customers are meeting the target market and they are understanding of the insured perils in force.
Claim Acceptance Rate	100.00%	Claim acceptance rates have also remained positive and this is evidence that the perils insured are understood by the target market and therefore no value concerns.
UW Reportable Complaints %	0.010%	UW reportable complaints remain very low and do not indicate any concerns. The majority of the complaints reported
UW FOS Complaints	0	There were no UW reportable complaints escalated to FOS which is a positive indicator that customers are happy with the value of the product.
UW FOS Complaints Upheld	0.000%
Claims Reportable Complaints % By Policy Count	0.00%	Claim complaint volumes are very low, partially attributed to low claim volumes, however it is still a positive indicator that customers are happy with the claims process.
Claims Reportable Complaints % By Number of Claims	0.00%
Claims FOS Complaints	0	There were no Claim reportable complaints escalated to FOS which is a positive indicator that customers are happy with the value of the product.
Claims FOS Complaints Upheld	0.00%
Broker Reportable Complaints %	0.00%	Complaints reported against the broker were very low and do not indicate any reason for concern.
Broker FOS Complaints	0	There were no Broker reportable complaints escalated to FOS which is a positive indicator that customers are happy with the value of the product.
Broker FOS Complaints Upheld	0%
Pricing
Average Premium	£94.00	The average premium for this product is fair for the cover offered. There are no concerns, particularly when looking at the value received when a claim occurs.
Remuneration	50% Tolerance	Within tolerance.
COR	91.00%	The COR is a positive improvement in favour of 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 via web (including aggregators) and/or call centres and high street branches. This distribution model remains appropriate for this product.
Service
Claim Walkaway %	30.77%	87% TP Dealing - volumes were already as expected, and the majority of customers are still claiming but from the third party.
Average Claim Settlement Time	122	There were 3 claims that were delayed in closing which has increased the average. Excluding these, the average would be 48 days. Due to a number of economical known issues there are no concerns with this as we expect claim settlement times to increase.

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