We have conducted a full assessment of products for which we are a Co-Manufacturer and Distributor and are satisfied that they offer fair value to our clients.
Based on our product review completed in September 2023, we consider that our products deliver fair value to our customers. Our products will be monitored and reviewed again in 12 months.
A summary of why we concluded our products deliver value is based on a combination of desk top comparison research and MI / data available to Pulse covering the following metrics:
- Cancellation rates and persistency
- Renewal rates
- Claim repudiation rates
- Proportion of quotes taken up
- Complaints information
- Broker and client feedback
- Total Acquisition Ratio
- Comparison of cover and exclusions with competitor products (if available)
- Appropriateness of distribution approach given target market
- Safeguards for vulnerable customers
Whilst we do not support or encourage the addition of fees as we include commission for Brokers and Advisers within the price, we would not expect any fees that are charged to exceed the higher of the maximum amounts or percentages detailed in the table below and the exact amount must be agreed with the customer before conclusion of the contract. Customer correspondence must clearly state the premium, any taxes and fees charged by you. If you are unable to meet this criterion, please contact us.
In the event that the fee charged exceeds this recommended maximum intermediaries will need to disclose the details to us so we can make an individual assessment to ensure that the product still provides fair value to the client. It could be that they are advising on a portfolio of products and the client will pay one combined fee for all of that advice so it is impossible to allocate the fee to each individual product or service