Target Market Determination (TMD) – Flip Roaming

Effective date of TMD: 29 November 2023
Version: 1.0
 Review trigger explanationObligations

1. Regulatory environment

The commencement of a significant change in law that materially affects product design and/or distribution of this product.We must monitor relevant regulation, legislation and/or ASIC instruments relating to the change in law, as required.
2. Product performance

Product performance is materially inconsistent with our expectations having regard to:

  • the number of times cover is sold, and the periods for which cover is sold;
  • cancellation rates;
  • the product claims ratio;
  • the number or rate of paid, denied, and withdrawn claims;
  • the Net Promoter Score (NPS); or
  • the number or rate of new and active customers.

We must monitor product performance metrics on a quarterly basis against targets and expectations.

Flip Insurance,  as the distributor of this product,  must report on these metrics on a monthly basis. This information must be shared with us within 10 business days of the end of the reporting period.

3. Product changes

Material changes in the product design or distribution which in our view could change:

  • the target market; or 
  • the distribution conditions which will make the product more likely to be issued to customers who are within the target market.

We must assess changes to product terms or distribution to determine if they trigger a review.

4. Product intervention powers

ASIC’s use of its Product Intervention Powers in relation to the distribution or design of this product where we consider this reasonably suggests that this TMD is no longer appropriate.

We must monitor the terms of any Product Intervention Order made or proposed to be made by ASIC which affects the product, as required.

5. Complaints

Significant or unexpectedly high number of complaints regarding product design, claims, or distribution where we consider that this reasonably suggests that the TMD is no longer appropriate. 

Flip Insurance, as the distributor of this product,  must record all complaints relating to Flip Roaming cover and must report the following on a monthly  basis:

  • the total number of complaints they received during the reporting period; and
  • the nature and details of each complaint.

This information must be shared with us within 10 business days of the end of the reporting period.

6. Significant dealings

We determine that a significant dealing in the product outside the target market (except for an excluded dealing) has occurred.

Any dealing in the product to a person which we or Flip Insurance, as the distributor of this product, becomes aware is not consistent with the TMD must be reported to us within 10 business days of becoming aware of the dealing.