Advising International MGA On Its Product Governance Requirements
The Client’s Needs
The client is one of the largest independent MGAs in the London Market with a significant overseas presence writing specialty lines and is growing quickly. Its diverse product range gives rise to complex product governance considerations as it looks to streamline processes wherever possible. The client required help undertaking a complete review and update of its product governance framework, policies and procedures.
Our initial approach involved a complete audit of the clients product range to understand the nature of the business. We were able to advise the client on the specific implications of UK Product Governance obligations and requirements under the Product Intervention and Product Governance Sourcebook (PROD) rules including design, approval, distribution, marketing and management of products throughout their lifecycle.
The second phase of work involved the development of suitable product governance policies, processes and templates that were proportionate and suitable for the client’s specific business requirements and working processes. Thereafter we provided advice and support on implementation and embedding of the new controls.
An ICSR director and senior member of the ICSR team with significant experience in product governance matters worked collaboratively to assist the client with undertaking the review itself.
The client’s Product Governance Framework, policies and processes were completely reviewed and updated, with new policies, processes and templates deployed to enable it to meet its PROD obligations.