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Product governance and oversight

Markel takes its responsibilities with regard to product oversight and governance very seriously and is committed to conducting its business fairly, honestly, professionally and in the best interests of its customers.



At Markel, we always seek to know our customers’ needs and to provide our customers with quality products and services.

Markel International has an overarching product governance framework in place to oversee the design, approval and review of our products which meet the requirements of the Insurance Distribution Directive and Product Oversight and Governance requirements.

These requirements apply to both manufacturers and distributors of insurance products and for both commercial and personal lines of business. This is to ensure that the industry works towards providing customers with products and services that deliver fair value.

We’re committed to working with brokers to fulfil these requirements. The following information provides useful detail on the steps we’re taking and how we can support you.

Product lifecycle approval process includes:

  • On-boarding - Concept, research, design and build, risk and fair value assessment with post launch review and approval
  • Ongoing review analysis - Including annual risk and fair value assessment and ongoing competitor analysis
  • Amendment process - Approval process with an impact assessment for good customer outcomes
  • Product withdrawal - Impact assessment ensuring no customer detriment with withdrawal action plan and approval process

All product reviews and benchmarking are completed and approved at local level within NMUK Underwriting and Sales which, in turn, is fed into the structured governance oversights groups, forums and boards for review and additional oversight and challenge.

Reviews include (this is not an exhaustive list):


  • Product design complexity and suitability - meet the needs, characteristics and objectives of the target market, including vulnerable customers
  • Distribution/sales and service – including review of documentation, services provided and product benchmarking and distribution strategy
  • T&C – All staff and distribution chains are provided with relevant product training
  • All staff to meet minimum IDD CPD requirements
  • Fair value assessment – product benefit, quality of services, associated costs and value in distribution chain
  • Claims and post-sale operations, including complaints
  • Regulatory – ensuring that the product is being underwritten and sold in line with regulatory requirements

Our Distributor Product Guides summarise the design, target market, intended value and distribution strategy of our individual products all in one document. The purpose of these guides is to explain the identified target market and the expected distribution strategy for each Commercial Lines Insurance product manufactured by Markel.

Markel takes its responsibilities with regard to product oversight and governance very seriously and is committed to conducting its business fairly, honestly, professionally and in the best interests of its customers.

You can find all the details necessary for insurance brokers for our National Markets UK products here.

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