Fetch Pet Plan
What this TMD is for
This Target Market Determination (TMD) applies to the Insurance component of the Fetch product. It was prepared on and is effective from 1 May 2023.
What this TMD does
This TMD describes:
The types of customers this product is designed and appropriate for
The distribution conditions or restrictions associated with the product
The standard review conditions and review triggers for the document
The reporting of issues to the issuer of the product
This TMD doesn't provide product advice or consider customers' personal needs, objectives or financial situations.
What our product does
Our Product has been designed for people who want cover towards eligible vet expenses experienced by pet dogs (as briefly outlined below). The Product Disclosure Statement (PDS) & Financial Services Guide (FSG) provide full detail about the product and should be reviewed before buying.
Cover type: Cover for both accidental injuries and illnesses
Benefit percentage: 80%, 90% or 100% of eligible vet bills
Excess: Customers selecting 80 and 90% cover can chose from $0 or $100 excess. Customers selecting 100% cover have a $100 excess. Excesses apply once per separate condition for the duration of the plan.
Annual benefit: Limit Up to $30,000 per year
Sub-limits: No annual limits apply to conditions covered by this plan
Additional cover: In addition to conditions covered by the plan, we cover:
Food - for 1 month to treat a chronic condition or whilst in hospital
Emergency boarding - 2 weeks
Behavioural, Physio, Complimentary therapy - one course each
Our Product is a monthly plan, which can be cancelled at any time by the customer.
Customers in our target market and their objectives
The target market is pet dog owners who want insurance to cover vet treatment costs. The product is related to the target market because it'll cover vet treatment costs for eligible expenses.
The likely objective of customers in the target market is:
Contribution towards eligible veterinary expenses they incur, to help ensure their pet can receive appropriate treatment and reduce the cost of that treatment to the customer.
Customers in the target market will be able to afford to pay:
their monthly premiums for the product;
any veterinary expenses above the accepted claim amount, including: their contribution (where applicable); costs above the applicable benefit percentage (where applicable); treatment not covered by their plan; and treatments which cost more than the annual benefit of $30,000; and
the full amount for treatment upfront to the vet before seeking claims reimbursement for the eligible expenses, unless using Fast Claims which include direct vet claims payments (in which case, customers need to be able to pay their contribution upfront). Customers will be able to check with their vet prior to authorising treatment whether they will be able to utilise Fast Claims.
Customers in our target market:
Must own or have full access to a smartphone which has the ability to connect to the internet
Be able to download and use apps (smartphone applications) on their device
Customers who don't meet our target market
Customers who this product may not be suitable for:
Want to cover vet treatment costs for previously known issues or conditions (pre-existing conditions)
Want to insure a dog over the age of 9
Want to insure any non-pet dog, like a guard dog
Want to insure an animal that's declared restricted, dangerous or menacing
Wish to seek cover for third-party/legal liability
Wish to seek cover outside Australia
Wish to seek cover for routine care, grooming, desexing and breeding
Wish to seek cover for elective and cosmetic procedures
Cannot afford to pay the applicable premium, upfront veterinary expenses before submitting a claim (unless Fast Claims is used), and/or veterinary expenses that are above the accepted claim amount
Our target market by product type and level
Our insurance product is the same regardless of cover level.
How we distribute
We distribute our product directly, as Fetch (ABN: 48 651 642 189, AFSL: 540762), acting on behalf of Pacific International Insurance Pty Ltd (ABN 83 169 311 193, AFSL: 523921), via our website, our app and indirectly through authorised distribution partners.
When applying for our product, the questions asked and the process followed by a customer will determine whether they fit the target market. Questions should be answered honestly and accurately to ensure the product is purchased by a consumer who's part of the target market.
When we review this TMD
We'll review this document annually. We'll also review this document if we believe it's no longer appropriate. This could be because:
Our product changes
Our distribution methods change
There are changes to regulations or laws
There are compliance breaches
We have relevant customer feedback
If we become aware of any issue that suggests the TMD is no longer appropriate, we'll review it within 10 business days.
What and when we report to the Product Issuer
We'll report to the issuer of the product monthly on:
Complaints number and nature
Product cancellation reasons
Any sales made outside the target market