Products and services
We consider what cover our products provide and which target markets they are aimed at. This includes reviewing if there are features or limitations that would mean the product is unsuitable for certain customer groups. Outputs of our product assessments are provided within our Distributor Product Guides.
Price and value
Fair value assessments are undertaken and consider the nature of the product and its cover, other benefits and any limitations, ultimately determining whether the price paid by the end customer for the cover and services we provide is fair. We take a wide range of factors into consideration including historical and expected claims frequencies, incurred and projected claims costs, scenario analysis including likely economic and climatic trends, costs in the distribution chain and customer feedback. Output of our fair value assessments is provided within our Distributor Product Guides.
If any of our fair value assessments results in an outcome where we believe fair value is not being produced, we will take appropriate action to address these concerns. This may mean withdrawing a product from the market until such concerns can be addressed.
The output from our reviews is located here:
Our Product Governance framework includes consideration of the product wording and if this provides clarity of product coverage. There are also processes for the assessment and approval of financial promotions to ensure that these communications are clear, fair and not misleading for the intended audience.
Within the Consumer Duty programme we are reviewing our customer communications to ensure these are accessible, clear and provided at the right time to enable the customer to make effective choices to pursue their financial objectives. Where our review indicates the potential to improve, we will take action to update our communications to support the delivery of Good Outcomes for our customers.
As part of the Consumer Duty programme we have reviewed and documented the journeys our customers experience with Markel when engaging with our products and services. Our work on customer journeys has enabled us to identify key customer touchpoints and consider how we support our customers at these points, including where support is provided through an intermediary or third party.
Where we identify areas for improvement we will work through actions to ensure that appropriate levels of support are provided to our customers and third parties across our products and services. Appropriateness will be informed by the characteristics of the end customer, the nature and complexity of the product and the role Markel operates within the distribution chain.
We will continue to regularly monitor the customer support provided, including consideration of customer feedback and complaints. We will also ensure that where an intermediary / third party operates on our behalf our expected standards of service and support are clearly communicated and appropriately monitored.