Our approach to meeting the Products & Services Outcome and Price & Value Outcome – Information for introducers and consumers of the Product
This summary document is being provided to you to fulfil our responsibilities under PRIN 2A.3.16 R and PRIN 2A.4.16 R.
We’ve assessed that:
Complexity: The product complexity has been considered. A broad range of cover, that has been designed specifically for its target market; education businesses that use asset finance to acquire equipment for use in their establishments.
Availability of information to customers: Customers are provided with a full policy wording and an IPID along with the application form for the insurance.
Nature of product and risk of detriment: The nature of the product is tailored for this specific group of users. Risk of consumer harm is low.
Insurer experience: Insurance intermediary, Burnett & Associates Ltd. Insurers Great American International Insurance (UK) Limited and XL Catlin Insurance Company (UK) Limited.
What is covered: Protection against Accidental Damage and Theft of devices. The devices that can be insured include: Tablets, Laptops and Desktops
What is not covered: Breakdown as this is covered by a manufacturer warranty and including this would be a duplication of cover. Loss. Restrictions. UK residents excluding Jersey and Isle of Man
Further information: Policy wording, IPID, https://www.spbuk.com/our-sectors/education/
Overview: Insurance cover for Accidental Damage and Theft insurance to schools and educational establishments since 2006. The product provides the school or education establishment with protection against Accidental Damage and Theft of devices.
Cover:
• Where a device is accidentally dropped
• Where liquid is accidentally spilt on a device
• Where a device suffers fire damage
• Where a device suffers flood damage
• Where a device suffers malicious damage
• Where a device is stolen by actual or threatened force
• When a device is stolen from a vehicle
• Where a device is misappropriated by the user
• Cover anywhere in the United Kingdom including for school trips or family holidays
• Cover extended Worldwide for up to 90 days in any 12-month period.
• No excess to pay in the event of a claim
• Automatic reinstatement of the cover following a successful claim
• Online claim notification
Term: 12, 24 or 36 months. Other term requirements can be looked at on request.
The target market: Councils (local authorities are responsible for a number of schools), Universities, Schools and Colleges
The potential risks posed to the target market and how are these managed: The potential risks are minimal as the product is designed for establishments that use asset finance to acquire equipment
Who the product is not suitable for: Individuals consumers.
Steps that are taken to ensure the product is only marketed to the target market: Marketing is carried out by a single distributor to Establishments who have seeking asset finance agreements or have agreements in place.
Is the product likely to be available to vulnerable customers: No.
Risks vulnerable customers are exposed to and how are these managed: N/A
Has a product specification been completed and approved: Yes.
How has the product evolved: The education technology sector has changed dramatically since COVID-19, accelerating the adoption of device lease schemes as schools were forced to take their learning online.
The educational technology sector has now reached the same number of digital companies as financial technology, or fintech. The UK has more than more than 1200 edtech companies, approximately a quarter of the total number in Europe.
As a result of the recent Education Annual Product Review and the subsequent Educational Sector Review conducted by the business, the development of an online Education Portal to streamline and automate processes in the Education Sector and make Burnett easy to deal with has been implemented. This also included a review of the Burnetts website to ensure the marketing messages are clear and engaging for the target audience, and to ensure that all products, pricing, information, processes, information and support has been considered through a Consumer Duty perspective.
Intended distribution channels: Through a combination of funders and finance brokers.
How relevant information is provided to distributors: By funders / finance brokers during the quotation process, or upon activation of an asset finance agreement.
How pricing is clear to the customer: A single premium is prominently displayed on the quote
How we ensure pricing is fair: Comparison with direct competitors, analysis of each party's involvement in the product. This included: CPU insurance policies are designed and written by CPU Group Ltd and are administered by Advent Solutions Management Ltd. CPU Group Ltd is an Appointed Representative of Advent Solutions Management Ltd.
Is remuneration throughout the distribution chain proportionate to the work/effort being done for the customer: Yes. The commission is capped by the insurer.
Fees: None
Everyone in the distribution chain is providing value to the end customer: A comparisons between Burnetts and the 2 biggest competitors, Compucover and CPU Cover has taken place, which focused on: Age of Device, Worldwide Cover, Theft Exclusion, Misappropriation, Accessory Cover and Excesses
Product monitoring and product development: The product is reviewed monthly as part of the product governance meeting. Ad-hoc issues are registered through Burnett & Associates Ltd management / compliance team and fed into the product governance meetings. An annual review of the product's performance against its specification is carried out. Underwriting performance is monitored monthly. An annual review meeting is held with the insurance company to review product performance
Our assessment concluded that the Product continues to deliver fair value for customers in the target market.
You’ll find information sheets on other Bluestone Products on our website at www.Bluestone.app/consumer-duty
If you have any questions rising form this document please contact our compliance team on email compliance@bluestone.app or by phone on 01924 248800
For any other enquiries please contact your Dedicated Account Manager
Our approach to meeting the Products & Services Outcome and Price & Value Outcome – Information for introducers and consumers of the Product
This summary document is being provided to you to fulfil our responsibilities under PRIN 2A.3.16 R and PRIN 2A.4.16 R.
We’ve assessed that:
Complexity: The product complexity has been considered. A broad range of cover, that has been designed specifically for its target market; education businesses that use asset finance to acquire equipment for use in their establishments.
Availability of information to customers: Customers are provided with a full policy wording and an IPID along with the application form for the insurance.
Nature of product and risk of detriment: The nature of the product is tailored for this specific group of users. Risk of consumer harm is low.
Insurer experience: Insurance intermediary, Burnett & Associates Ltd. Insurers Great American International Insurance (UK) Limited and XL Catlin Insurance Company (UK) Limited.
What is covered: Protection against mechanical breakdown or hardware failure to devices outside of the manufacturer’s warranty period. The devices that can be insured include: Tablets, Laptops and Desktops
What is not covered: Breakdown in the initial cover period by a manufacturer warranty and including this would be a duplication of cover.
Restrictions: UK residents excluding Jersey and Isle of Man
Further information: Policy wording, IPID, https://www.spbuk.com/our-sectors/education/
Overview: Insurance product provides the school or education establishment with protection against mechanical breakdown or hardware failure to devices outside of the manufacturer’s warranty period.
Cover:
• Where a device won’t turn on, and there has been no damage.
• Where the fan fails
• Where the hard disk drive fails
• Where the motherboard fails
• Where the screen fails
• Cover anywhere in the United Kingdom including for school trips or family holidays
• Cover extended Worldwide for up to 90 days in any 12-month period
• No excess to pay in the event of a claim
• Automatic reinstatement of the cover following a successful claim
• Online claim notification
Term: The premium may be paid upfront at inception or monthly / quarterly instalments by Direct Debit.
The target market: Councils (local authorities are responsible for a number of schools), Universities, Schools and Colleges
The potential risks posed to the target market and how are these managed: The potential risks are minimal as the product is designed for establishments that use asset finance to acquire equipment
Who the product is not suitable for: Individuals consumers.
Steps that are taken to ensure the product is only marketed to the target market: Marketing is carried out by a single distributor to Establishments who have seeking asset finance agreements or have agreements in place.
Is the product likely to be available to vulnerable customers: No.
Risks vulnerable customers are exposed to and how are these managed: N/A
Has a product specification been completed and approved: Yes.
How has the product evolved: The education technology sector has changed dramatically since COVID-19, accelerating the adoption of device lease schemes as schools were forced to take their learning online.
The educational technology sector has now reached the same number of digital companies as financial technology, or fintech. The UK has more than more than 1200 edtech companies, approximately a quarter of the total number in Europe.
As a result of the recent Education Annual Product Review and the subsequent Educational Sector Review conducted by the business, the development of an online Education Portal to streamline and automate processes in the Education Sector and make Burnett easy to deal with has been implemented. This also included a review of the Burnetts website to ensure the marketing messages are clear and engaging for the target audience, and to ensure that all products, pricing, information, processes, information and support has been considered through a Consumer Duty perspective.
Intended distribution channels: Through a combination of funders and finance brokers.
How relevant information is provided to distributors: By funders / finance brokers during the quotation process, or upon activation of an asset finance agreement.
How pricing is clear to the customer: A single premium is prominently displayed on the quote
How we ensure pricing is fair: Comparison with direct competitors, analysis of each party's involvement in the product. This included: CPU insurance policies are designed and written by CPU Group Ltd and are administered by Advent Solutions Management Ltd. CPU Group Ltd is an Appointed Representative of Advent Solutions Management Ltd.
Is remuneration throughout the distribution chain proportionate to the work/effort being done for the customer: Yes. The commission is capped by the insurer.
Fees: None
Everyone in the distribution chain is providing value to the end customer: A comparisons between Burnetts and the 2 biggest competitors, Compucover and CPU Cover has taken place, which focused on: Age of Device, Worldwide Cover, Theft Exclusion, Misappropriation, Accessory Cover and Excesse.
Product monitoring and product development: The product is reviewed monthly as part of the product governance meeting. Ad-hoc issues are registered through Burnett & Associates Ltd management / compliance team and fed into the product governance meetings. An annual review of the product's performance against its specification is carried out. Underwriting performance is monitored monthly. An annual review meeting is held with the insurance company to review product performance
Our assessment concluded that the Product continues to deliver fair value for customers in the target market.
You’ll find information sheets on other Bluestone Products on our website at www.Bluestone.app/consumer-duty
If you have any questions rising form this document please contact our compliance team on email compliance@bluestone.app or by phone on 01924 248800.
For any other enquiries please contact your Dedicated Account Manager.
Our approach to meeting the Products & Services Outcome and Price & Value Outcome – Information for introducers and consumers of the Product
This summary document is being provided to you to fulfil our responsibilities under PRIN 2A.3.16 R and PRIN 2A.4.16 R.
We’ve assessed that:
Complexity: The product complexity has been considered. A broad range of cover, that has been designed specifically for its target market; education businesses that use asset finance to acquire equipment for use in their establishments.
Availability of information to customers: Customers are provided with a full policy wording and an IPID along with the application form for the insurance.
Nature of product and risk of detriment: The nature of the product is tailored for this specific group of users. Risk of consumer harm is low.
Insurer experience: Insurance intermediary, Burnett & Associates Ltd. Insurers Great American International Insurance (UK) Limited and XL Catlin Insurance Company (UK) Limited.
What is covered: Protection against payers withdrawing from a scheme, whether this be a voluntary or deliberate action.
What is not covered: Anything that would be result in a duplication of cover.
Restrictions: UK residents excluding Jersey and Isle of Man
Further information: Policy wording, IPID, https://www.spbuk.com/our-sectors/education/
Overview: Provides the school or education establishment with protection against payers withdrawing from a scheme, whether this be a voluntary or deliberate action.
Cover:
This includes cover to:
• Pay off remaining balance of lease owed to finance provider
• Pay off remaining balance owed for Accidental Damage and Theft Insurance
• Pay off remaining balance owed for Parental Contribution Cancellation Insurance
• Pay off remaining balance owed for Extended Warranty Insurance.
• Pay off remaining balance owed for the Payment Manager service.
• No excess to pay in the event of a claim
• Automatic reinstatement of cover where the benefit of the insurance is transferred to another pupil or member of staff.
Examples of payers withdrawing could include:
• Parent experiences redundancy or financial hardship
• The pupil leaves the area and moves school
• The pupil is withdrawn from the school
• The direct debit is deliberately cancelled
Term: The premium may be paid upfront at inception or monthly/ quarterly instalments by Direct Debit.
The target market: Councils (local authorities are responsible for a number of schools), Universities, Schools and Colleges
The potential risks posed to the target market and how are these managed: The potential risks are minimal as the product is designed for establishments that use asset finance to acquire equipment
Who the product is not suitable for: Individuals consumers.
Steps that are taken to ensure the product is only marketed to the target market: Marketing is carried out by a single distributor to Establishments who have seeking asset finance agreements or have agreements in place.
Is the product likely to be available to vulnerable customers: No.
Risks vulnerable customers are exposed to and how are these managed: N/A
Has a product specification been completed and approved: Yes.
How has the product evolved: The education technology sector has changed dramatically since COVID-19, accelerating the adoption of device lease schemes as schools were forced to take their learning online.
The educational technology sector has now reached the same number of digital companies as financial technology, or fintech. The UK has more than more than 1200 edtech companies, approximately a quarter of the total number in Europe.
As a result of the recent Education Annual Product Review and the subsequent Educational Sector Review conducted by the business, the development of an online Education Portal to streamline and automate processes in the Education Sector and make Burnett easy to deal with has been implemented. This also included a review of the Burnetts website to ensure the marketing messages are clear and engaging for the target audience, and to ensure that all products, pricing, information, processes, information and support has been considered through a Consumer Duty perspective.
Intended distribution channels: Through a combination of funders and finance brokers.
How relevant information is provided to distributors: By funders / finance brokers during the quotation process, or upon activation of an asset finance agreement.
How pricing is clear to the customer: A single premium is prominently displayed on the quote
How we ensure pricing is fair: Comparison with direct competitors, analysis of each party's involvement in the product. This included: CPU insurance policies are designed and written by CPU Group Ltd and are administered by Advent Solutions Management Ltd. CPU Group Ltd is an Appointed Representative of Advent Solutions Management Ltd.
Is remuneration throughout the distribution chain proportionate to the work/effort being done for the customer: Yes. The commission is capped by the insurer.
Fees: None
Everyone in the distribution chain is providing value to the end customer: A comparisons between Burnetts and the 2 biggest competitors, Compucover and CPU Cover has taken place, which focused on: Age of Device, Worldwide Cover, Theft Exclusion, Misappropriation, Accessory Cover and Excesses
Product monitoring and product development: The product is reviewed monthly as part of the product governance meeting. Ad-hoc issues are registered through Burnett & Associates Ltd management / compliance team and fed into the product governance meetings. An annual review of the product's performance against its specification is carried out. Underwriting performance is monitored monthly. An annual review meeting is held with the insurance company to review product performance
Our assessment concluded that the Product continues to deliver fair value for customers in the target market.
You’ll find information sheets on other Bluestone Products on our website at www.Bluestone.app/consumer-duty
If you have any questions rising form this document please contact our compliance team on email compliance@bluestone.app or by phone on 01924 248800.
For any other enquiries please contact your Dedicated Account Manager
Our approach to meeting the Products & Services Outcome and Price & Value Outcome – Information for introducers and consumers of the Product. This summary document is being provided to you to fulfil our responsibilities under PRIN 2A.3.16 R and PRIN 2A.4.16 R.
We’ve assessed that:
Complexity: The product complexity has been considered. A broad range of cover, that has been designed specifically for its target market; education businesses that use asset finance to acquire equipment for use in their establishments.
Availability of information to customers: Customers are provided with a full policy wording and an IPID along with the application form for the insurance.
Nature of product and risk of detriment: The nature of the product is tailored for this specific group of users. Risk of consumer harm is low.
Insurer experience: Insurance intermediary, Burnett & Associates Ltd. Insurers Great American International Insurance (UK) Limited and XL Catlin Insurance Company (UK) Limited.
What is covered: Payment Collection service enables schools to pass the cost of 1:1 device schemes on to the parents or other contributors.
What is not covered: Any other form of collection outside of the product cover
Restrictions: UK residents excluding Jersey and Isle of Man
Further information: Policy wording, IPID, https://www.spbuk.com/our-sectors/education/
Overview: Payment Collection service enables schools to pass the cost of 1:1 device schemes on to the parents or other contributors.
The service enables the school to retain control over the scheme whilst minimising the administration associated with running a scheme.
Cover:
Supports clients through:
• Integration of the service into the client’s own online sign up system
• Integration of the service into third party software suppliers
• Provision of a simple sign up service through a dedicated website
Each of the above solutions validates the payer’s bank details in real time, leading to higher take up and instant reporting for schools.
To ensure the maximum number of collections each month and for the duration of the scheme, SPB supplies each school with a Service User Number (SUN).
Manages all aspects of the administration of the scheme.
• Schools are notified of all defaults / cancellations within 5 working days
• Schools are notified what actions have been taken
• The status of each parent’s payment (in arrears, outstanding balance, breakdown by month, commentary)
• Full visibility of the performance of the collection service
The target market: Councils (local authorities are responsible for a number of schools), Universities, Schools and Colleges
The potential risks posed to the target market and how are these managed: The potential risks are minimal as the product is designed for establishments that use asset finance to acquire equipment
Who the product is not suitable for: Individuals consumers.
Steps that are taken to ensure the product is only marketed to the target market: Marketing is carried out by a single distributor to Establishments who have seeking asset finance agreements or have agreements in place.
Is the product likely to be available to vulnerable customers: No.
Risks vulnerable customers are exposed to and how are these managed: N/A
Has a product specification been completed and approved: Yes.
How has the product evolved: The education technology sector has changed dramatically since COVID-19, accelerating the adoption of device lease schemes as schools were forced to take their learning online.
The educational technology sector has now reached the same number of digital companies as financial technology, or fintech. The UK has more than more than 1200 edtech companies, approximately a quarter of the total number in Europe.
As a result of the recent Education Annual Product Review and the subsequent Educational Sector Review conducted by the business, the development of an online Education Portal to streamline and automate processes in the Education Sector and make Burnett easy to deal with has been implemented. This also included a review of the Burnetts website to ensure the marketing messages are clear and engaging for the target audience, and to ensure that all products, pricing, information, processes, information and support has been considered through a Consumer Duty perspective.
Intended distribution channels: Through a combination of funders and finance brokers.
How relevant information is provided to distributors: By funders / finance brokers during the quotation process, or upon activation of an asset finance agreement.
How pricing is clear to the customer: A single premium is prominently displayed on the quote
How we ensure pricing is fair: Comparison with direct competitors, analysis of each party's involvement in the product. This included: CPU insurance policies are designed and written by CPU Group Ltd and are administered by Advent Solutions Management Ltd. CPU Group Ltd is an Appointed Representative of Advent Solutions Management Ltd.
Is remuneration throughout the distribution chain proportionate to the work/effort being done for the customer: Yes. The commission is capped by the insurer.
Fees: None
Everyone in the distribution chain is providing value to the end customer: A comparisons between Burnetts and the 2 biggest competitors, Compucover and CPU Cover has taken place, which focused on: Age of Device, Worldwide Cover, Theft Exclusion, Misappropriation, Accessory Cover and Excesses
Product monitoring and product development: The product is reviewed monthly as part of the product governance meeting. Ad-hoc issues are registered through Burnett & Associates Ltd management / compliance team and fed into the product governance meetings. An annual review of the product's performance against its specification is carried out. Underwriting performance is monitored monthly. An annual review meeting is held with the insurance company to review product performance
Our assessment concluded that the Product continues to deliver fair value for customers in the target market.
You’ll find information sheets on other Bluestone Products on our website at www.Bluestone.app/consumer-duty
If you have any questions rising form this document please contact our compliance team on email compliance@bluestone.app or by phone on 01924 248800.
For any other enquiries please contact your Dedicated Account Manager.
