This target market determination (TMD) seeks to offer consumers, distributors and staff with an understanding of the class of consumers for which this product has been designed, having regard to the objectives, financial situation and needs of the target market. It also outlines the conditions of distribution of this Insurance.
This document is not to be treated as a full summary of the product’s terms and conditions and is does not constitute personal financial advice. Consumers must refer to the Product Disclosure Statement (PDS) and any supplementary documents which outline the relevant terms and conditions under the product when making a decision about this product.
This TMD applies to the pd.com.au Pet Insurance Policy, a product of Pacific International Insurance Pty Ltd (ABN 83 169 311 193) (The Product).
This TMD is effective from 1 July 2022, and has been revised in December 2023.
Class of consumers that fall within this target market
The Product has been designed for consumers whose likely objectives, financial situation and needs are aligned with the Product’s key attributes. The Product is designed for those consumers who have an acceptable breed of a domestic dog or cat, and who want to be covered against financial loss caused by an injury or illness to their domestic dog or cat, commensurate with the appropriate type of cover relevant to their personal circumstances.
This Product is only suitable for those consumers who:
- Are Australian residents, over the age of 16, that have a domestic dog or cat of that is eligible for cover as defined in the Product Disclosure Statement.
- Have the financial means to be able to afford (The Costs)
- Costs of treatment for their domestic dog or cat, then seek reimbursement from us later
- Any applicable excesses and/or contributions as applicable
- Monthly premiums as quoted and reasonable increases as they may periodically be applied.
- Any amount surplus to the applicable limit and/or sub-limits of the selected policy.
- Any other costs that may be applicable from time to time from as the law may require.
- Agree to seek medical attention for your pet immediately following any signs of injury, illness, or accident.
- Seek to mitigate the financial burden of accidents or unforeseen events that are covered under the PDS.
There are certain consumers that fall outside the target market (please refer to “Class of consumers falling outside this target market”).
Within this Product, consumers can choose from three plans of pet insurance cover, depending on their individual needs and circumstances. An optional cover called Wellness Benefit is also available where either the Classic Plan or Deluxe Plan is selected.
1. Accident Plan
This plan is designed for consumers whose likely objectives, financial situation and needs are to protect against the financial burden that may result from an accidental injury to their domestic dog or cat.
2. Classic Plan
This plan is designed for consumers whose likely objectives, financial situation and needs are to protect against the financial burden that may result from an accidental injury or illness (excluding dental illness) to their domestic dog or cat.
3. Deluxe Plan
This plan is designed for consumers whose likely objectives, financial situation and needs are to protect against the financial burden that may result from an accidental injury or illness (including dental illness) to their domestic dog or cat.
Class of consumers falling outside this target market
This Product is not suitable for:
- Non-Australian residents,
- Australian residents under the age of 16.
- Consumers seeking to cover any animal that is not an acceptable domestic dog or cat as described in the PDS.
- Consumers seeking cover for pre-existing, congenital or conditions that develop over time
- Consumers seeking payment from us for treatment costs incurred direct to a service provider (for example, a vet)
- Consumers seeking to have cover for all costs related to the treatment of an accidental injury or illness
- Consumers seeking to cover any breed of dog or cat that is banned by any Australian Government, Public or Local Authority, or crossed with any banned breed with certain breeds of dog or cat.
Consumers unable to afford The Costs as defined in (“Class of consumers that fall within this target market”)
Why the product is likely to meet the Objectives, Needs and Financial Situation of Consumers.
OBJECTIVES: The consumers likely objective is seeking protection and/or mitigation of financial loss caused by medical bills and treatment as a result of the defined events in the PDS. The Product is designed to reimburse the consumer for those defined events which mitigates that loss up to their chosen cover limit or sub-limits, subject to any applicable excesses or contributions.
NEEDS: The consumer’s likely need is to not be totally burdened by the ultimate financial responsibility associated with treatment for their pet. This product offers the consumer a way to cover their pet for the defined events in the PDS therefore reducing stress of seeking help for their pet if it is needed.
FINANCIAL SITUATION: The three plans come at three different cover limits which are reflected in the premiums. This considers how much consumers are prepared to, or are financially able to spend on premiums, and offering proportionate amounts of cover. Customers can therefore choose a level of cover that suits their financial needs.
How this product is to be distributed
Pd.com.au Pet Insurance is to be distributed by Pacific International Insurance Pty Ltd.
When completing a quote, the sales processes include a number of questions that help to determine if the applicant is within the target market for this Product, if the issuer will insure them and their pet and for what price and excess. Staff are trained to follow this procedure and call logs are maintained in secure internal records for quality assurance and monitoring.
The consumer should always answer these questions accurately and check with the Distributor or Issuer if they are not sure what a question means.
These conditions make it likely that this Product will only be distributed to customers within the target market for this Product because distributor and Issuer representatives have knowledge of the policy terms and conditions and distributor processes are designed to identify instances where a policy is not suitable for the applicant.
Reviewing this document
We collect information and prepare reports regarding sales activity (including claims ratios), performance, complaints and any occasions where this product has been sold contrary to the TMD on an at least quarterly basis to help improve its products and service.
We will review this TMD if:
- We identify the objectives of the target market change such that the key attributes no longer meet the target markets needs.
- There are amendments to our PDS that change the cover provided;
- Material changes are made to our underwriting guidelines;
- We introduce other ways in which this product can be sold;
- We receive a significant number of complaints regarding the design or distribution of this product;
- We receive a significantly negative change in the severity of complaints regarding the design or distribution of this product.
- The business performance and value provided by this Product indicate the TMD is no longerappropriate, having regard to appropriate data such as claims ratios and policy sales and cancellation rates; or
- We identify that there has been a significant dealing in the Product that is not consistent with the TMD.
- We become aware that a notable number of consumers within our Target Market are may be vulnerable.
- We become aware the product may be disproportionately affecting a particular class of consumer.
- Our regulatory framework require us to make changes to the policy.
Our review will occur within 10 business days of any of the above events occurring. In any other event, a review of this TMD will be completed no later than two years from the publication date of this TMD and subsequently at two-yearly intervals.
Reviewing this information
The Distributors will report weekly to the Issuer on any complaints received in respect of the Product.
The Distributors, shall when called upon to do so, report to the Issuer on:
-
- Complaints and compliments received in respect of the Product design.
- Cancellation reason reports; and
- Loss ratios, if not already reported.
