AXA XL Target Market Statement for Insurance Products

This document is a Target Market Statement for AXA XL Insurance Company, outlining the identified target market and distribution strategy for its insurance products. It provides detailed information on the product category, specifically focusing on the JCT product, which is designed for small and medium-sized construction companies undertaking contracts up to £25 million in value. The document clarifies the characteristics of the target market, including customer vulnerabilities, and specifies who the product is not appropriate for. It also details the key value elements of the product, notable exclusions, and the distribution method through a specialized broker. Additionally, the document explains how to ensure fair value for customers and the governance process AXA XL follows for product design, approval, and review in compliance with FCA regulations. The importance of monitoring post-sales performance and the process for providing feedback to AXA XL is also discussed.