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Product Design & Distribution Policy

Our Commitment

Virginia Surety Company Inc is committed to having a customer-centric approach to  developing and distributing our insurance products.

Our Approach

All new and existing products must be presented to our Product Governance Forum, whose mission is to review all matters relating end to end customer journeys in relation to two key aspects of the product lifecycle, being: Product Innovation and ‘In Life’ Product Performance.

Prior to presentation to the Product Forum, meetings will take place where responsible parties will review key performance indicators and management information to advise and recommend any proposed changes to products through the Product Forum.

The Product Forum will ensure that our Products:

  • are and remain fit for purpose;
  • provide fair value for money;
  • meet the customer’s expectations; and
  • are sold to the appropriate target market to prevent customer harm.

The Forum will challenge whether the products:

  • meet a defined customer need;
  • expectations and take into account the characteristics of the customer;
  • meet customer objectives;
  • are fit for purpose;
  • business practices and rules do not lead to customer harm;
  • are sold to defined customer groups;
  • are sold in a medium that is appropriate; and
  • provide fair value to the customer throughout the lifetime of the product.

Contact Us

If you have any questions or concerns regarding this Policy, we encourage you to reach out to compliance.au@assurant.com.