DISTRIBUTOR FAQs

DISTRIBUTOR FAQs

1. Why are the Product Value Information Exchange documents no longer available on this website ?

TMHCC has now partnered with an external platform provider, VisRisk, whose portal allows for an expedient information exchange process. All distributors should have received an invitation from VisRisk to log-in and complete their forms. If you have not received this invitation, please email our dedicated team at [email protected]. Brokers can only access TMHCC Fair Value Assessments after successfully completing their PVIE via VisRisk. 

2. Is Tokio Marine HCC (TMHCC) the legal name of the insurer (Manufacturer)?

No – this is simply a trading name we use to cover all of our underwriting platforms in the UK. The actual legal names of our insurer platforms are: 

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

It’s important for you to check which of our underwriting entities is providing the products you are distributing as this will be one of the first questions asked when you are completing your information for the Fair Value exercise.

3. Does TMHCC ask for the same Fair Value information as appears on the LMA’s template form?

Yes, it’s similar, but we ask for more information than what is provided in the original LMA template. We've enhanced the information requested so that it provides more detail and allows for a much more meaningful analysis to give us the assurance needed to be satisfied that our products are delivering Fair Value to the policyholder customer. 

4. Is TMHCC the sole product manufacturer or a co-manufacturer of the products it provides?

TMHCC will always be a manufacturer of the products it underwrites.  On occasions we may collaborate with Broker or Coverholder partners, making us Co-manufacturers with those firms.  Where TMHCC is a Co-manufacturer, we have formal agreements in place that clearly set out which firm is taking the lead on the various aspects of the manufacturing process, ranging from the product design and target market to the post product launch, monitoring and reporting. 

5. Has TMHCC undertaken a PROD assessment on its products?

Yes. All our products undergo a PROD assessment, which includes evaluating:

  • Target market for the product, 
  • Customers for whom the product is not intended or suitable, 
  • Product features, including what it is intended to cover and not cover, 
  • The distribution method or channel 
  • An initial risk rating assessment, including a Conduct Risk Questionnaire, which determines the level of risk to our customers. 

If any product requires significant changes, it will pass through the PROD 4 assessment process again for re-evaluation and approval.

6. How frequently does TMHCC undertake a PROD 4 assessment?

At least once annually but ad hoc PROD 4 assessments will be undertaken if a product changes before its annual assessment is due. 

7. Does TMHCC’s product approval process identify if the product will deliver fair value to policyholders? 

Yes. It is hugely important to us that our products provide our customers with a meaningful and genuine benefit and that they get fair value when purchasing one of our policies.  Our product approval process considers the issue of Fair Value in terms of the start of its “customer journey” but it is vital that you, as one of our Distributors, provide us with full responses to the questions we ask in the Fair Value exercise so that we (and you) can gain the assurance that the products are providing good outcomes to our policyholder customers. 

8. What factors does TMHCC routinely monitor to help it determine that its products are performing as intended? 

Our management information reporting requirements includes such aspects as policy sales versus cancellations, claims notifications versus declinatures, service standards performance (both qualitative and quantitative) for Distributors that utilise call centres for distributing our products, monitoring service level standards for third parties that handle claims on our behalf, and the results of peer reviews / audits undertaken.  In addition, we have a formalised programme of external audits for any third party to whom we provide some level of delegation of authority.  

9. How does TMHCC ensure that its product oversight processes work effectively?

All products are subject to scrutiny and challenge by our Product Governance & Distribution Committee (PGDC).  The PGDC oversees product development, implementation, and ongoing management throughout the product lifecycle.  Non-customer facing employees, act as Customer Advocates, ensuring product designs and the product documents we issue are appropriate for the intended target market.  The PGDC ensures that TMHCC can achieve compliance with its regulatory obligations – including the FCA’s Principles for Businesses and the Consumer Duty - to promote good customer outcomes.

10. What should I do if I encounter issues accessing the VisRisk platform?

If you’re unable to log in to the VisRisk platform, first ensure that you’re using the correct login credentials. Avoid entering your password incorrectly more than 3 times, as this will lock your account. If your account gets locked, contact the Fair Value team at [email protected] for assistance in unlocking it. They will reset your account and send you an email with a link to create a new password.  Please note the link will expire after 24 hours, so make sure to update your password within that time.  If the link expires, you will need to request a new reset link. Don’t forget to check your spam or junk folder if you don’t see the email in your inbox.

11. Can I upload PDF documents or other files to the VisRisk platform?

No, the VisRisk platform does not support PDF or file uploads. All necessary information should be entered directly into the designated fields within the platform. For assistance with completing your forms, please contact the Fair Value team for help at [email protected]. 

12. How can I add my sub-distributors to VisRisk?

Once your account is set up on VisRisk, you can add other distributors via the 'Distributors' tab. Simply enter their email address, and they will receive a link to set up their account. Each distributor will need to complete their own Fair Value Assessment (FVA) form. All the information is automatically linked to one central account for leaner management and oversight.

13. How can I check the status of my submitted PVIE?

To check the status of your Product Value Information Exchange (PVIE) information, log into the VisRisk portal and navigate to the submission dashboard. For any questions or concerns, please contact the Fair Value team at [email protected]. 

14. Can I save a partially completed PVIE and return to it later?

Yes, the VisRisk platform allows you to save your progress and return to complete the PVIE form at any time before submission. 

15. What if I need to set up a new user account on the VisRisk platform?

If you or a colleague needs to be set up on VisRisk to assist with completing the Fair Value Assessment (FVA), please contact the Fair Value team at [email protected] with the user’s full name and email address. The new user will receive a setup link via email. Make sure the account is activated within 24 hours, as the link will expire. If the link does expire, a new reset link will be required.

16. Can I be set up for the PVIE of two entities?

No, each user can only manage one entity per account. If you need to manage more than one entity, we recommend having a colleague set up an additional account in VisRisk to handle the second entity. Please contact the Fair Value team at [email protected] for account set up queries.

17. How can I add a combined product?

To add a combined product, first locate the product you distribute from the list provided on the platform. You will then have the option to 'add combined product' to include any other products that are combined with it.