The purpose of a Target Market and Fair Value Statement is to explain the identified target market and the expected distribution strategy for each AXA Retail Insurance product manufactured by AXA Insurance.

It also outlines our approach to Product Oversight and Governance to demonstrate how we design, monitor and review our products to ensure they continue to provide fair value and meet the needs, characteristics and objectives of the target market including vulnerable customers.

Product Oversight and Governance

AXA UK’s Product Governance Policy sets out the standards that AXA Retail is required to implement to ensure the achievement of fair value and good customer outcomes by having robust product oversight and governance arrangements, systems, policies and procedures in place, which encourage a business culture with customers’ interests at its core.

  • We identify, define and assess our target markets at an appropriate level, based on the nature and complexity of our products.
  • We undertake appropriate testing of our new products before launch, to make sure they meet our customers’ needs and provide fair value.
  • The design and performance of all our new, existing and legacy products are subject to regular assessment and review to ensure products provide fair value and that there is a continuing customer-centric focus, achieving good customer outcomes.
  • The features, nature and complexity of our products are carefully matched to our intended distribution channels to ensure they reach our identified target market.

These requirements are in place in order to ensure that all AXA UK customers receive fair value and that good customer outcomes are delivered in line with AXA UK’s defined customer outcome statements.

Target Market Statements

Target Market Statements provide information about all of the AXA Insurance products distributed. This includes:

  • The main features and optional covers associated with our products.
  • Who our products are designed for and who they are not designed for.
  • How our products should be distributed.
  • The complexity of our products.
  • How to ensure that our product provides fair value to customers as intended.

Home products - Target Market Statements and Product Strategy Documents

Motor products - Target Market Statements and Product Strategy Documents

Fair Value Assessments

Our Fair Value Assessments consider the performance of our products against a number of areas including:

  • pricing
  • customer experience
  • claims
  • servicing metrics.

Home products - Fair Value Assessments

Motor products - Fair Value Assessments

Fair Value Assessments - Broker FAQs

AXA Personal Lines and Consumer Duty

Update on FCA Consumer Duty July 2023.