LFI Group Product Development and Distribution Policy

Who we are

LFI Group Pty Ltd (ABN 31 138 903 581 AFSL 413613) is an authorised general insurer and part of the Liberty Group (ASX:LFG). We were formed specifically to offer credit-related insurances.

Our product objectives

We believe that anyone obtaining credit can be financially vulnerable to changes in circumstance that impact their income, and should have access to simple, fair and effective insurance that covers credit obligations during adversity.

We aim to provide simple products that meet these needs at a reasonable price.

Where we identify consistent risks of insured circumstances imposing financial hardship beyond credit commitments, we may, subject to cost, benefit and similar factors, compensate additional hardship.

Target market

Our target market determinations limit distribution of each product to customers with financial risks that the product will protect and who will be able to claim successfully if the need arises.

How we distribute our products

We distribute our products with the assistance of related and unrelated business partners who are involved in arranging or assisting in applications for credit.

We allow business partners to sell our products as Authorised Representatives under general advice, and we accept referrals from business partners for direct sales.

We require our business partners and our own team to test whether customers are within our target market, and whether they meet our product and claim eligibility criteria before offering insurance.

How we manage our products

Our focus is on ensuring our products continue to meet customer needs. Significant changes usually occur as we identify risks that lack protection or recognise changes in customer expectations.

Our product lifecycle can be sequenced as follows:

Development Significant evolution or extension of a product is backed by research and evaluation of customer needs and the development of clear, fair and accessible plain English disclosure documents.
Release We do not bring new or revised products to market until supporting processes, training, scripting, target market determination and compliance controls are in place.
Refine We continue to make minor improvements as opportunities are identified or changes to law or industry practice occur.
Run off We may withdraw products from sale for commercial reasons or when they no longer meet our product objectives. Our commitment to existing holders of withdrawn products is to maintain our standards of service and administration, including claims, as long as any policy remains in force.
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Copyright © 2021 All Rights Reserved | Insurance cover provided is subject to policy terms and conditions. LFI Group Pty Ltd | ABN 31 138 903 581 | AFSL 413613 (LFI). LFI is the issuer of LFI Mortgage Protection Insurance, LFI Loan Protection Insurance and LFI Vehicle Equity Insurance. LFI may refer clients to Insurance Australia Limited | ABN 11 000 016 722 | AFSL 227681 trading as CGU Insurance (CGU) for home and contents and car insurance products. CGU advises on and issues these products. This is general information only and may not suit your particular circumstances, objectives, financial situation or needs. Before purchasing consider your personal circumstances and objectives and the relevant Product Disclosure Statement available on this website or by calling 1300 888 318. Liberty Financial Pty Ltd | ABN 65 151 158 628 | Australian Credit Licence 286596 is a business partner of LFI. Liberty Financial does not itself underwrite insurance products or services.