Item Reimbursement Protection

Target Market Determination

Effective Date: 1 Nov 2023

This Target Market Determination (TMD) has been designed to help our members of Asservo Mutual Limited ACN 664 040 975 (Asservo), potential members, staff and distributors understand who the Item Reimbursement Protection (the product) is suitable for (target market). We may review this TMD at any time.In this TMD, the terms ‘we’, ‘us’ or ‘our’ refer to Asservo. When making a decision about this product, members and potential members should consider the Item Reimbursement Protection Product Disclosure Statement (PDS) to decide whether the product is right for them. The PDS can be found in your quote or your XCover account.

Our product

Item Reimbursement Protection can provide protection for members who would like to cover their items against loss.

Below is a description of the key terms, features and attributes that affect whether this product is likely to be suitable for a member’s needs, objectives and circumstances and which affect the determination of the target market. 

Key FeatureDescription of Feature
Discretionary Risk ProtectionThis product is a discretionary risk product. This means it is not a contract of insurance, does not give the certainty of a contract of insurance, and is not suitable for people who require a contract of insurance.
Protection for item/sThis product will either reimburse members or provide a replacement if their item/s  are lost.
Limit of protectionItem Reimbursement Protection offers protection up to the limits stated in the member’s certificate.

Who is the target market for our product

Item Reimbursement Protection has been designed for members who would like to cover their items. It is intended to cover misplacement or loss but not accidental damage and theft.

The product is likely to be consistent with these likely objectives, financial situation and need because it provides (at Asservo’s discretion) protection for the loss of items.

This product is suitable for members who…
  • are a resident of Australia
  • have purchased a Tile product
  • require protection against loss of these items; and
  • choose to include Tile Premium Protect subscription.
This product is not suitable for members who…
  • require the certainty of a contract of insurance
  • are not a resident of Australia
  • want protection against general wear or tear and accidental damage or theft
  • want protection for an item which is on the list of excluded items outlined in the “Terms and Conditions” section of the wording; and
  • require limits beyond those outlined in the certificate.

Full details of the benefits, its limits and any excess should be reviewed by checking the Product Disclosure Statement (PDS) before purchasing Item Reimbursement Protection.

Distribution of the product

This product can only be distributed by our agent Cover Genius Pty Ltd ABN 43 159 983 598 (Cover Genius) via:

  • Our Authorised Representatives. We have chosen these Authorised Representatives to distribute Item Reimbursement Protection. These Authorised Representatives will only distribute the Item Reimbursement Protection product to members through the Tile platform.

Cover Genius can only distribute our product through Authorised Representatives that have received adequate training from us and when they follow the guidance we give to them regarding selling the product. For example, online content and sales scripting will include threshold questions to confirm that any potential members meet the key eligibility criteria for the product.

The above distribution conditions make it likely that the product will only be distributed to consumers that fall within the target market described in this TMD because:

  • Cover Genius and its Authorised Representatives have knowledge of the product’s benefits and conditions; and
  • The sales processes are specifically designed to identify members outside the target market and prevent the product being sold to those members.

Reviewing our target market determination

It is important that we review this TMD to make sure it is appropriate for the needs of our potential and existing members. When we review this TMD, we will consider information collected by our representatives. This information covers:

  • Eligibility for protection
  • Sales information
  • Customer information
  • Claims information
  • Feedback and complaints
  • Cancellations

The first review will take place 2 years from the effective date of this TMD and then we will review this TMD each subsequent year to ensure it is still appropriate.

Review triggers

Certain events and circumstances taking place could mean that a review should take place earlier than the annual review. This is because the TMD could no longer be appropriate. These events and circumstances are called review triggers. Below is a list of review triggers for this TMD:

  • We make a significant change to the eligibility criteria for Item Reimbursement Protection.
  • We make a significant change to the product, including the protection provided.
  • We make a significant change to the way Item Reimbursement Protection can be distributed by our representatives
  • We receive a significant number of complaints which reasonably suggest that the TMD is not longer appropriate.
  • Claims data suggests that the product is being distributed outside of the target market.
  • We identify that we or our representatives have been selling Item Reimbursement Protection to people outside the target market
  • Changes to our product suitability metrics suggests that the TMD is no longer appropriate, taking into account:
    • Member satisfaction;
    • Product acceptance;
    • Financial performance;
    • Benefits to members; and
    • Product value and affordability
  • Feedback, orders or directions from a regulator or external dispute resolution body like AFCA suggests the TMD is no longer appropriate.

Our representatives also consider whether a review trigger has taken place. If they think an event or occurrence is a review trigger, they must tell us within 10 business days.

If we decide we have enough information to identify that a review trigger has occurred, we will review this TMD within 10 business days of our decision.


We will keep records of any actions we take to make sure this product is distributed only to customers who fit this TMD. We will also keep records of any decisions and reasons for:

  • The TMD for Item Reimbursement Protection
  • How we set review triggers
  • How we decide if a review trigger has taken place
  • How often we review this TMD
  • The general information in this TMD.


We record all complaints that we receive about Item Reimbursement Protection. Our representatives must also record any complaints related to Item Reimbursement Protection. They must report these complaints to us quarterly.

Cover Genius is required to report to us on a monthly basis with incident-based reporting on key metrics (see the heading ‘Reviewing our Target Market Determination’). Cover Genius must also report sales data to us on a monthly basis including the number of products issued and cancelled.

If our representatives believe that Item Reimbursement Protection has been sold to a member who does not fit with this TMD, they must report this to us within 10 business days.

Item Reimbursement Protection is issued by Asservo and distributed by its agent Cover Genius Pty Ltd ACN 159 983 598  AFSL 490058. Please read the Product Disclosure Statement before considering whether Item Reimbursement Protection is right for you. This document was prepared on 1 Nov 2023.