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Bupa Insurance Limited (BINS) manufactures private medical insurance (PMI), dental, cash plan and stop loss insurance products. Under rules described in the ‘product intervention and product governance sourcebook (PROD)’ from the Financial Conduct Authority (FCA), BINS is required to provide distributors with information about:

  • the main features and characteristics of the insurance products, their risks and costs, including implicit costs
  • Bupa’s product approval process
  • the identified target market for each insurance product.

The purpose of this page is to help distributors meet their responsibilities under PROD 4.3, which requires you to obtain and understand or identify:

  • the intended value of the insurance products established by Bupa
  • any effect the distributor may have on the intended value that has not been fully taken into account by the firm when assessing value, and therefore which the distributor should take into account
  • any type of customer for whom the insurance product is unlikely to provide fair value
  • the characteristics of each insurance product 
  • the target market of each insurance product
  • the outcomes of the fair value assessments.
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This page is a place for you to get that information and includes links to: 

  • product guides, IPIDS, policy wordings, policy summaries and tables of cover
  • target market statements and distribution strategies
  • Bupa’s approach to monitoring products, including summaries of our fair value assessments and any conclusions we make
  • Bupa’s approach to managing conflicts of interest.
 

Information is also available from the intermediary portal, Bupa Connect or from your account manager.

Product information, policy guides and tables of cover

This section will cover the purpose of each of our products, and how they have been designed to meet the needs of our target market. It will also cover details of eligibility criteria of cover and any exclusions. These are described in our policy guides, IPIDs, summaries and tables of cover. You, as the distributor, are responsible for getting enough information from the customer to understand their needs, and assess which of our products might be appropriate.  The process you follow will depend on whether you offer an advised or non-advised sales service.

Target market statements and distribution strategies

BINS has identified groups of customers for whom its products provide value, and those customers, for whom the product is unlikely to provide value. This is summarised in our ‘target market statements’. When selecting a suitable product for your customer they should meet the relevant criteria in order for the product to meet their needs. 

As part of our product design process and annual product reviews, we review our distribution strategy to decide which channels and medium are appropriate for selling individual products. 

We expect you to be able to distribute BINS products in line with our distribution strategy. All intermediaries must comply with the terms, limitations and restrictions as set out in their ‘terms of business agreement’ with Bupa.

Bupa’s approach to monitoring products

Product lifecycle management ensures our products continue to meet the needs of our target market. We assess our products, from initial development and propositions, through to ongoing monitoring of the product when people are using it.

We have summarised our approach to monitoring products, including our ‘product approval process’ and our ‘lifecycle management’, to help you understand how we assess value and the data-points used to reach our conclusions. 

Fair value assessment summaries

We carry out a fair value assessment every year on our FCA regulated products to assess that: 

  • remuneration is proportionate to BINS’ costs 
  • the total benefits provided are proportionate to the costs
  • the distribution strategy remains appropriate.

We have summarised our conclusions, and whether our products offer fair value in our ‘schedule of fair value assessments’. The schedule provides the dates we conduct our fair value assessments and the high level outcome. Further in this section, we have created more detailed summaries for each of our products about our conclusions of value.

Bupa’s approach to conflicts of interest

We have identified some conflicts of interest, and documented our high-level approach to managing these.

Admin, marketing and support documents

This section contains more documents that you may need to assist your clients.

Healthcare built for your clients

^We may record or monitor our phone calls. Lines are open on Monday to Friday 8am to 6pm.

Bupa health insurance, dental insurance and cash plan are provided by Bupa Insurance Limited. Registered in England and Wales with registration number 3956433. Bupa Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Arranged and administered by Bupa Insurance Services Limited, which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales with registration number 3829851. Bupa Health Assessments and Occupational Health services are provided by Bupa Occupational Health Limited. Registered in England and Wales with registration number 631336. Registered office: 1 Angel Court, London, EC2R 7HJ.

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