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Fair Value

Fair Value, General Insurance Pricing Practices and Product Governance

Delivering Fair Value

At Tokio Marine HCC delivering Fair Value to our customers is a high priority and an important part of the customer journey experience. To meet the expectations of the Financial Conduct Authority (FCA) we need all of our Distributors, wherever they may sit in the distribution chain between us and the end customer, to complete the annual Fair Value Exercise and provide the information necessary to be able to assess if our products are delivering Fair Value to policyholders.

How do Distributors provide Tokio Marine HCC with Fair Value information?

We have adopted a secure online platform called VisRisk to make the information sharing and submission process more efficient.  This platform is designed to streamline the Fair Value exercise by reducing the time and resource draining impact of completing the exercise using manual, paper-based methods. Our experience with VisRisk has also shown that it improves data accuracy. You can find out more about VisRisk using this link VisRisk.

Distributors are provided with a secure link (that has a unique user ID and password) to enable them to input and submit to us the Fair Value information requested.  That data is securely stored and allows you access to your records at any time. The platform also enables you to monitor the status of your submissions, allows for communication exchanges between us and you in the event of any queries, and facilitates timely completion of the Fair Value exercise in compliance with FCA requirements.

For the process to work as intended it is vital that our Distributors engage with our VisRisk platform, as the method by which we assess whether Fair Value is being delivered to customers.  As such, we will be unable to issues distributors who do not use VisRisk for a Fair Value Assessment.

Information we share with Distributors

As the insurer and product manufacturer, Tokio Marine HCC is responsible for providing our Distributors with detailed information about the products we underwrite. This includes products from:

  • HCC International Insurance Company plc (HCCII),
  • HCC Underwriting Agency Ltd (HCCUA), the Managing Agent of Lloyd’s Syndicate 4141,
  • Houston Casualty Company (London Branch) (HCCL)

This information will provide details of the insurance cover our product offers (and does not offer), its intended target market and any particular features of the product that may be unique or unusual in comparison to other similar products available in the Market. 

 
Need help?

If you have any questions about how we use VisRisk for the Fair Value exercise, or you are experiencing any issues with your user account setup, login, or completion of your Fair Value information, please contact us at [email protected]

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