Product Lifecycle Management

Find out about the Product Approval Processes we use to oversee our Group Protection product designs, and make sure they continue to meet our customers’ needs.

Fair value for customers

The Financial Conduct Authority (FCA) rules in Policy Statement PS 21/5 affect Group Protection insurers and intermediaries. These strengthen regulation aimed at delivering fair value to customers.

Group Protection insurers and intermediaries need to share information, allowing each to complete its own fair value assessment. To help intermediaries complete their own assessments, our Group Protection Fair Value Governance leaflet explains how our product governance and pricing approach helps deliver fair value to our customers.

Target market information

To help you understand the intended target market for our Group Protection products we have outlined the types of employers and employees they’re suitable for. If you have any questions or comments about the target market, please contact your account manager.

More details about each of our Group Protection products can be found in our technical guides in the Document Library.

Please be aware:

  1. A Group Protection product will not provide fair value to customers outside its target market.
  2. If any party to a distribution arrangement charges a fee directly to customers that isn’t offset by at least an equivalent reduction in the commission paid by us, we will not have taken this into account in our value for money assessment and it could have an impact on the intended value of our products.
  3. If any party to a distribution arrangement charges a cancellation fee for protection products not kept in force, and the amount exceeds that required to reimburse costs reasonably incurred in concluding the contract as set out in ICOBS 7.2, this will not have been taken into account in our value for money assessment and could also have an impact on the intended value of our products and on customers outcomes.
  4. In accordance with PROD 4.3.10B R, we request that you inform us in a timely manner of any such arrangements described in 2 and 3 above so we may consider the impact on the intended value of our products and customer outcomes.

 

Product target markets

Need help?

Adviser Toolkit

Access to webinars and videos, information about claims and renewals and useful market insights.

Document library

Literature and forms for our group protection products in one place.

Our products

Group Life, Group Critical Illness and Group Income Protection for businesses large and small.

Contact us

General queries

group.protection@landg.com 
0345 026 0094

Lines are open from 9am to 5pm Monday to Friday.

We may record and monitor calls.