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Target Market Determination
Product Commonwealth Bank Credit Card Insurances
What is a Target Market
Determination (TMD)
We’re required to have Target Market Determinations under the Corporations Act 2001.
A Target Market Determination is designed to outline the target market for a product by
describing:
• who the product is designed for and their likely objectives, financial situation and needs
• who the product is not designed for
• distribution conditions for the product
• reporting criteria, and
• review conditions for this product.
Date from which this Target Market
Determination is eective
This Target Market Determination applies for this product with a policy effective date on or after
02 June 2023. This Target Market Determination continues until replaced.
Disclaimer
In this document the terms “we” and “our” refer to Zurich Australian Insurance Limited
ABN 13 000 296 640, AFSL 232507.
The TMD does not form part of the terms of the cover. The examples of who the product is not
designed for and who may fall outside the target market is not exhaustive.
If you use, activate or purchase this product and it is not designed for your circumstances, you
may not get:
• the value from it that you expected, or
• any value from the product at all.
F
or more help in deciding if this pro
duct is right for you and for additional details on the
product benefits and features please refer to the Product Disclosure Statement (PDS) and
Information Booklet.
1. Whoisthisproductdesignedfor,andwhatarethelikelyobjectives,nancial
situation, and needs, of customer in this target market?
The Commonwealth Bank Credit Card Insurance product provides insurances for cardholders of a current and valid personal or business Gold,
personal or business Platinum, personal Diamond, personal Smart Awards or personal Ultimate Awards credit card issued by the Commonwealth
Bank.
This Target Market Determination (TMD) sets out the target market for the Commonwealth Bank
Credit Card Insurances:
• Overseas Medical
• Overseas Travel Policy and Upgrades
• Other Insurances
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Overseas Medical
2. Who is the product designed for?
This product is a group policy between the insurer and the Commonwealth bank. The policy provides emergency overseas medical coverage to
eligible cardholders as beneficiaries of the group policy. The cover is provided as a benefit of their credit card account. It is designed for eligible
cardholders to avail themselves of where the financial loss suffered may be material if there is no cover.
This product is designed for people who:
This product would not be suitable for
people who:
Overseas Medical
Person who
is an eligible
cardholder
Live in Australia and are travelling overseas
Are under 80 years of age
Are cardholders of a current and valid personal
or business Gold, personal or business Platinum,
personal Diamond, personal Smart Awards or
personal Ultimate Awards credit card issued by
the Commonwealth Bank
Are not an eligible cardholder
Require travel insurance with the intention of
making a claim for something that has already
happened that affects their travel plans and/or
leads them to incur costs or suffer a financial loss
Are travelling for a period of more than 12 months
Health
related
attributes
Require cover for emergency medical expenses
overseas for a new medical condition or injury
May have an existing medical condition(s) or
pregnancy
Are having a medical condition investigated or
have signs or symptoms of a medical condition
but have not seen a doctor yet
Are travelling to have routine, continuing,
cosmetic or elective medical or dental procedures
or treatment
Require cover for childbirth or medical care for a
newborn
Activities
May be travelling on a multi-night cruise.
May require cover for participating in sports
activities on the trip in a professional capacity
Require cover for high risk activities that are
excluded in the PDS
Require cover for COVID-19 while travelling on a
multi-night cruise.
This product is subject to acceptance criteria.
This TMD was prepared 13 April 2023.
Insurance administered by Cover-More Insurance Services Pty Ltd (ABN 95 003 114 145, AFSL 241713) and issued by Zurich Australian Insurance Limited (ZAIL) ABN 13 000 296 640, AFSL 232507.
The Commonwealth Bank is not the insurer of the insurance referred to in this document. Any advice is general advice only. Please consider your financial situation, needs and objectives and
read the PDS and Information Booklet before deciding to buy this insurance.
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Overseas Travel Policy and Upgrades
2. Who is the product designed for?
The Overseas Travel Policy provides travel insurance coverage to eligible cardholders. The cover is provided as a benefit of their credit card
account when customers activate a trip on the Netbank app or via the website. The customer can purchase upgrades for an additional premium to
select an appropriate level of cover relevant to their own circumstances.
This product is designed for people who:
This product would not be suitable for
people who:
Overseas Travel Policy and Upgrades
Person who
is an eligible
cardholder
Live in Australia and are travelling overseas
Are under 80 years of age (persons over 80 years
of age can apply for an upgrade. An additional
premium applies)
Are cardholders of a current and valid personal
or business Gold, personal or business Platinum,
personal Diamond, personal Smart Awards or
personal Ultimate Awards credit card issued by
the Commonwealth Bank
Are not an eligible cardholder
Require travel insurance with the intention of
making a claim for something that has already
happened that affects their travel plans and/or
leads them to incur costs or suffer a financial loss
Are travelling for a period of more than 12 months
Health
related
attributes
May have an existing medical condition(s)
(persons can apply for an Upgrade and if
accepted, an additional premium applies)
Require cover for emergency medical expenses
overseas for a new medical condition or injury
Are less than 24 weeks pregnant while travelling,
have a low risk pregnancy and only require cover
for unexpected, serious pregnancy complications
e.g. miscarriage (persons can apply for the
relevant Upgrade and if accepted, an additional
premium applies)
Are having a medical condition investigated or
have signs or symptoms of a medical condition
but have not seen a doctor yet
Are travelling to have routine, continuing,
cosmetic or elective medical or dental procedures
or treatment
Require cover for childbirth or medical care for a
newborn
Trip
cancellation
related
attributes
May want cover for prepaid travel and
accommodation costs that would not be refunded
if the trip is cancelled or amended in certain
scenarios
Require cover for circumstances known or
foreseen at the time of purchasing the policy that
could lead to the trip being delayed, abandoned
or cancelled. This could include a location or
situational event that has been publicly identified
e.g. reported weather events such as a cyclone
Activities
May be travelling on a multi-night cruise
May be participating in high risk activities such
as motorcycle riding (above 50cc), quadbike
riding and winter sports (persons can apply for
the relevant Upgrade and an additional premium
applies).
May require cover for participating in sports
activities on the trip in a professional capacity
Require cover for high risk activities that are
excluded in the PDS
Require cover for COVID-19 while travelling on a
multi-night cruise.
This product is subject to acceptance criteria.
This TMD was prepared 13 April 2023.
Insurance administered by Cover-More Insurance Services Pty Ltd (ABN 95 003 114 145, AFSL 241713) and issued by Zurich Australian Insurance Limited (ZAIL) ABN 13 000 296 640, AFSL 232507.
The Commonwealth Bank is not the insurer of the insurance referred to in this document. Any advice is general advice only. Please consider your financial situation, needs and objectives and
read the PDS and Information Booklet before deciding to buy this insurance.
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Other Insurances
2. Who is the product designed for?
This product is a group policy between the insurer and the Commonwealth bank. The policy provides insurance coverage to eligible cardholders as
a benefit of their credit card account, subject to eligibility requirements.
This product is designed for people who:
This product would not be suitable for
people who:
Other Insurances
Interstate
Flight
Inconvenience
Are a Commonwealth Bank personal Platinum,
business Platinum, personal Diamond, personal
Smart Awards or personal Ultimate Awards credit
card cardholder
Charge the entire cost of their return interstate
flight to their eligible credit card account.
Are residents of Norfolk Island.
Transit
Accident
Are a Commonwealth Bank personal Platinum,
business Platinum, personal Diamond, personal
Smart Awards or personal Ultimate Awards credit
card cardholder travelling internationally
Are on a trip outside Australia where, prior to the
trip, the entire payment for the trip was charged
to the cardholder’s eligible credit card account.
Require this type of accident cover on a trip for
an injury or death sustained while travelling as
a pilot, driver or crew member.
Price
Guarantee
Are a Commonwealth Bank personal Platinum,
business Platinum, personal Diamond, personal
Smart Awards or personal Ultimate Awards credit
card cardholder
Charge the entire cost of personal goods or
business items to their eligible card, in Australia,
at a store.
Purchase personal items or business goods on
the internet.
Purchase
Security
Are a Commonwealth Bank personal or business
Gold, personal or business Platinum, personal
Diamond, personal Smart Awards or personal
Ultimate Awards credit card cardholder
Purchase new personal goods or new business
items anywhere in the world and charge the
entire cost of those items to their eligible card
or purchase them by redeeming Commonwealth
Awards points.
Require more than 90 consecutive days of
cover (from the date of purchase) in the event
of loss, theft or damage of new personal goods
or new business items.
Extended
Warranty
Are a Commonwealth Bank personal or business
Gold, personal or business Platinum, personal
Diamond, personal Smart Awards or personal
Ultimate Awards credit card cardholder
Purchase new personal goods or new business
items in Australia and charge the entire cost of
those items to their eligible card or purchase
them by redeeming Commonwealth Awards
points.
This product is subject to acceptance criteria.
This TMD was prepared 13 April 2023.
Insurance administered by Cover-More Insurance Services Pty Ltd (ABN 95 003 114 145, AFSL 241713) and issued by Zurich Australian Insurance Limited (ZAIL) ABN 13 000 296 640, AFSL 232507.
The Commonwealth Bank is not the insurer of the insurance referred to in this document. Any advice is general advice only. Please consider your financial situation, needs and objectives and
read the PDS and Information Booklet before deciding to buy this insurance.
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Distribution of the product
3. Who is this product distributed through and are there any conditions of this
distribution?
This product is designed to be distributed by Cover-More, and the Commonwealth Bank, to Commonwealth Bank customers.
Travellers can purchase this product via a direct channel (e.g. on a website or the phone).
The Commonwealth Bank is authorised to distribute travel insurance on behalf of Cover-More. Only distributors authorised by Cover-More are
able to distribute this product as they understand the market this product has been designed for, have been trained in the relevant acceptance
criteria and have the appropriate levels of authority.
Cover-More and its distributors are required to take reasonable steps to ensure that the product is distributed to a customer in such a way that it
is likely to meet the customer's objectives, financial situation and needs.
Conditions and restrictions that may impact the distribution of this product include:
• the type of platforms used to sell the product
• compliance with underwriting criteria, and
• regulatory requirements and obligations.
Reporting
The Commonwealth Bank works with Cover-More to ensure that this product is distributed appropriately to Commonwealth Bank customers in
accordance with this TMD.
Cover-More is required to report issues to the product issuer in the following circumstances:
Reportable matter When must it be reported
Complaints The number of complaints received by the distributor about the
product in the reporting period and the nature of the complaints.
Every 3 months
Signicantdealings
identied
If there have been any significant dealings by the distributor that
are inconsistent with our target market.
As soon as practicable after
becoming aware of the matter, and
within 10 business days
Claims data If there have been any significant claims denials where the
cardholder fell outside our product target market.
Every 3 months + 10 business days
This TMD was prepared 13 April 2023.
Insurance administered by Cover-More Insurance Services Pty Ltd (ABN 95 003 114 145, AFSL 241713) and issued by Zurich Australian Insurance Limited (ZAIL) ABN 13 000 296 640, AFSL 232507.
The Commonwealth Bank is not the insurer of the insurance referred to in this document. Any advice is general advice only. Please consider your financial situation, needs and objectives and
read the PDS and Information Booklet before deciding to buy this insurance.
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Review
4. When will we review this document?
This TMD may be reviewed at any time to ensure that the TMD continues to be appropriate, including where the following events or
circumstances suggest that the determination is no longer appropriate:
• Customer experience and feedback
• Claims experience of this product
• If we make a material change to the cover provided by the product
• Changes to how we allow cardholders to activate this product or to the way the Upgrades are sold
• A material amendment to our product governance framework
• Amendments to our underwriting guidelines, pricing or reinsurance requirements
• Feedback or changes in our distribution arrangements
• Changes to our broker or intermediary arrangements
• An amendment to laws or guidance from industry bodies
In all other circumstances:
This TMD may also be reviewed in response to material complaints we receive about this product. This includes material complaints that are
raised with our distributors in which case, we will review the product and this TMD within 3 months of receiving any such material complaints.
Review period
We will review this TMD within 2 years from the date of preparation to ensure it remains appropriate and every 2 years since the last review.
This TMD was prepared 13 April 2023.
Insurance administered by Cover-More Insurance Services Pty Ltd (ABN 95 003 114 145, AFSL 241713) and issued by Zurich Australian Insurance Limited (ZAIL) ABN 13 000 296 640, AFSL 232507.
The Commonwealth Bank is not the insurer of the insurance referred to in this document. Any advice is general advice only. Please consider your financial situation, needs and objectives and
read the PDS and Information Booklet before deciding to buy this insurance.
C27_TMD_CBA Credit Card insurances_PSUN-019634-2023
