Zurich product governance

Insurance products must adhere to regulatory requirements. Zurich Assurance Ltd (Zurich) is obligated to maintain, operate, and review a process for approving its products. This process ensures that the product offers fair value to customers within the target market.

You’ll find details on our product approval process, target markets, information to support advisers in recommending our products, our approach to fair value, and the outcomes of our assessments.

Product approval process

We have a robust product oversight and governance process which reviews whether our products and services are fit for purpose, designed to meet the needs of the intended target market and are distributed appropriately.

When developing new products or reviewing existing ones, we consider whether they have features that could cause harm for any group of customers, including those with characteristics of vulnerability. Where we find issues and areas that we need to improve, we make it a priority to fix them.

All new product launches and significant changes to existing products adhere to Zurich’s product development process. This process ensures the proper design, approval, and ongoing review of our products.

Target market statements and reasons why documents

Target market statements

Our target market statements support you by explaining the distribution strategy and identify the likely characteristics and eligibility of the customers in the target market.

Target market statements

Reasons why

To help you explain the reasons for recommending a Zurich product we’ve created various paragraphs that describe Zurich and the features and benefits of our products.

Reasons why

Product summaries

Details of our protection products main features and benefits can be found in our product summaries with further details included in the key features, (insurance product information document for Accelerate), and target market statement documents.

Personal products

Business products

Fair value assessments

We regularly review our products to make sure they’re suitable for the target market and continue to deliver good outcomes for customers.

To complete a fair value assessment, we must gather sufficient information to demonstrate that distribution channels do not compromise fair value for customers. If we identify that any distribution activity is detrimentally affecting the product's value, it must take appropriate remedial measures.

Read about our fair value assessment criteria and the outcomes for both our open and closed products.

Fair value assessment criteria

Fair value assessment criteria

Open products fair value outcomes

Open products - outcomes

Closed products fair value outcomes

Closed products - outcomes

Supporting our customers

Vulnerable customers

While we may refer to customers as being in vulnerable circumstances, many do not want to be labelled as ‘vulnerable’. That’s why we’ve designed our customer wellbeing guidance to help us prioritise and consider our customers’ wellbeing, just as we do for our employees.

Customer wellbeing guidance

Accessibility

At Zurich UK, we are committed to making our services and websites accessible and easy to use for everyone.

We offer flexible options for receiving information and multiple ways to contact us, so we can meet your, or your customer’s, individual communication needs. If you require something different, please let us know when you get in touch.

Accessibility