Aviva's Product Oversight and Governance
As a result of the Insurance Distribution Directive (IDD) Product Oversight and Governance requirements, we would like to share with you an outline of the Product Approval Process which we use in Aviva
Why are we telling you about this?
When the IDD comes into force on Monday 1 October 2018 it introduces a new requirement for insurers to maintain, operate and review a ‘Product Approval Process’ and provide its distributors with an outline of the intended ‘Target Market’ for their products.
What controls does Aviva have in place?
Aviva has well established product governance processes in place to oversee the design, approval and review of our products which meet the requirements of the Insurance Distribution Directive.
- New product developments and changes to existing products are subject to a formal product approval process which identifies the intended target market and their needs
- Tests customer understanding where appropriate
- Considers vulnerable customers
- Monitors post-sales performance and customer value.
We also regularly review all of our products to identify if any changes are required and to ensure that they remain suitable for our customers.
As a product manufacturer, Aviva will continue to monitor the performance of our products to ensure that they meet the needs of customers and deliver fair value. However, should you ever consider that a product is failing to meet customers' needs or is potentially unclear then you can help us by providing feedback through your Aviva sales manager.
From September you will be able to find our Target Market information on the Aviva Broker website.