Starr’s Product Oversight and Governance Arrangements

Starr is committed to ensuring its products offer value to customers both at the point of sale and throughout the product’s lifecycle.

Starr has established a product governance framework which ensures new products are subject to a product approval process and that existing products are regularly reviewed by a Product Oversight Group (POG). POG is authorised by Starr’s Board to ensure that the development, marketing, distribution, and sale of products are appropriately approved and distributed in line with company strategy and to ensure that customers are receiving good outcomes at all stages of the customer journey.

When reviewing products, Starr may group similar products together where this does not detrimentally affect POG’s ability to review each product appropriately and assess whether the product is delivering fair value. ‘Similar products’ will be those products that are intended to deliver similar cover and outcomes for customers where the target markets are consistent.

Fair Value Assessments

Starr has completed product reviews and fair value assessments for each of the products we manufacture. Our fair value assessments are reviewed regularly to ensure that our products and services are offering value to the intended target market.

Starr has assessed ‘fair value’ by reviewing a number of key factors relating to the product and service, including but not limited to:

• nature of the product and coverage provided
• cancellation rates
• claims volumes, declinature rates and average claims pay-out
• loss ratios
• customer feedback including complaint volumes and root cause analysis
• product pricing model and total acquisition costs including commissions and other distributor remuneration
• the reasonableness of any administration and/or cancellation fees
• the suitability of the distribution strategy
  
  

Starr’s current FVAs for in-scope products (all products excluding contracts of large risk and reinsurance) can be downloaded below:

• A&H – Contractual Performance Indemnity
• A&H – General
• A&H – Medical Expenses (MedEx)
• Aerospace – Airports
• Aerospace – Ancillary Services
• Aerospace – Component Manufacturers
• Aviation – StarrLink Airside Liability
• Aviation – StarrLink Component Parts
• Aviation – StarrLink UK Glider
• D&O – Starr Secure
• Employers Liability – UK
• General Liability - UK
• Professional Indemnity

If you have any questions about the documents or their content, please contact productvalue@starrcompanies.com