Allianz Assistance Product Oversight
and Governance Statement

The Financial Conduct Authority (FCA) has considerably increased its focus on product value, and as a result, implemented successive regulatory requirements. These requirements apply to both manufacturers and distributors of insurance products and for both commercial and personal lines of business. The requirements place the onus on brokers’ and insurers’ internal operations and controls to ensure that the industry as a whole works towards providing customers with products and services that deliver fair value.
Our product oversight and governance processes have been updated. Embracing the value–focussed regulatory developments, our product value assessment activity now requires completion every 12 months as opposed to the previous review timelines.
We undertake the product assessment and monitoring activity in accordance with the FCA’s requirements. Our product oversight and governance processes have been amended to ensure we’re aligned to the updated PROD (Product Intervention and Product Governance) Sourcebook requirements, which came into effect on 1 October 2021.
We typically administer policies by our manufacturer AWP P&C SA (who underwrite our policies).

Yes, we review each product to:

  • Understand the insurance products we offer.
  • Determine the identified target market for the insurance products.
  • Identify any customer segment for whom the insurance product is not compatible, particularly in relation to their needs, characteristics and objectives.
  • Carry our distribution activities for the relevant insurance products with the customer’s best interests at heart.

This is also outlined in our internal product and consumer protection policies.

We conduct a detailed review covering the FCA PROD 4 requirements. These include, but are not limited to:

Product performance:

  • Claims frequency
  • Claims acceptance
  • Claims rejections
  • Claims walkaways
  • Complaints



  • Loss ratio
  • Commission levels
  • Pricing models
  • Risk profile depreciation



  • Ensuring that the distribution model is in the consumer’s best interest

Governance due diligence:

  • Product approval process
  • Product testing


Product monitoring:

  • Customer journey
  • Customer understanding (policy terms and conditions)
  • Market analysis
  • Customer feedback
  • Benchmarking
Whilst our products have been assessed at an overall level, there may be certain products and schemes which have been tailored and assessed for specific partners. If you have any queries about a potential specific scheme and the products contained therein, feel free to enquire about the individual results of our fair value assessment by reaching out to your Allianz Assistance contact.