Product Governance

We believe the products we offer consistently meet regulatory requirements and deliver genuine value to our customers and partners.

Product Governance

At Arch, we believe in upholding the highest standards of product governance to ensure our products not only meet regulatory requirements but also deliver genuine value to our customers and partners. Our approach to product governance is deeply rooted in data-driven insights and a commitment to good conduct, which guides our approach to product design and lifecycle management.

Our product governance approach is directly linked to two core customer outcomes.

  • Products and Services: Products and services are designed to meet the needs of the target market and are delivered through appropriate distribution arrangements.
  • Price and Value: The overall benefits of a product allow customers to achieve their financial objectives and are commensurate to the price paid.

By aligning our governance processes with these outcomes, our products are not only competitive and compliant but also support our mutual customers’ evolving needs. We are dedicated to delivering products that excel in the marketplace while enhancing customer trust and satisfaction.

PRODUCTS AND SERVICES Products and services are designed to meet the needs of the target market and are delivered through appropriate distribution arrangements. - Be Committed PRICE AND VALUE The overall benefits offered by a product allow customers to achieve their financial objectives and are commensurate to the price paid. - Be Prepared CUSTOMER UNDERSTANDING Communications are clear and understandable, with no misleading statements, and support customers’ ability to make effective, timely and informed decisions at all stages of the customer journey. - Be an Effective Communicator CUSTOMER SUPPORT Support offered to the customer throughout their journey is easily accessed, effectively meets their needs and provides good customer outcomes. – Be Fanatical about Responsiveness PEOPLE Our culture, values and incentives drive behaviors that put customer interests first and support good outcomes. - Be Collaborative

Utilizing Data to Monitor Conduct

Data is at the heart of our product governance strategy. We are continuously analysing data, service levels and performance metrics to monitor customer outcomes and conduct. Our proactive approach allows us to identify trends, anticipate needs and make informed adjustments to enhance product performance and customer satisfaction. Our rigorous data analysis ensures every product decision upholds our commitment to integrity and transparency.

Supporting Our Distributors and Partners

Supporting our partners is integral to our product governance framework. We use comprehensive data insights and innovative tools that support our partners and help us understand product nuances and market needs. This support ensures our partners can effectively align their strategies with our conduct standards and comply with all relevant FCA regulatory requirements, including PROD rules. By equipping our partners with the necessary resources and guidance, we ensure our practices not only meet but exceed the expectations for compliance and ethical conduct, enhancing the overall value delivered to the end customer.

Informed Product Design

Our product design process is informed by a thorough understanding of customer behaviours and needs. We leverage data analytics to shape our offerings and the services we provide, ensuring each product delivers optimal outcomes for you and our mutual customers. This data-driven approach helps us maintain flexibility in our product development, allowing for iterative improvements based on actual customer journeys and outcomes.

Assessing Fair Value and Pricing

Assessing fair value is paramount at Arch. We regularly evaluate our products to ensure they are priced fairly, considering the quality, features and benefits they offer. This evaluation is not a one-time check but an ongoing process that reflects changes in market dynamics and customer expectations. Our commitment to fair pricing is reflected in how we balance affordability with maintaining high service standards, ensuring all stakeholders receive real value from our products and services.

Customer Understanding

We believe effective communication and robust support are the cornerstones of a strong relationship with policyholders. Our approach to Customer Understanding is founded on clear, transparent and timely communication. We strive to ensure all our communications, with both partners and policyholders, are easy to understand and free from misleading information. This helps our policyholders make informed decisions about our products and services, enhancing their overall experience and satisfaction.

Customer Support

Customer Support is equally critical to our operations. We are committed to being there for policyholders whenever they need us. Our support teams are trained to address and resolve issues efficiently and empathetically, ensuring every interaction is a positive one. Whether it’s providing detailed product information, handling queries, or resolving challenges, our goal is to ensure every policyholder feels valued and supported.

We will continue to work with you to maintain these standards of communication and support. By collaborating closely, we can ensure customer journeys are seamless, satisfying and exceed expectations at every turn.