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Product Oversight


As a result of the Insurance Distribution Directive (IDD) Product Oversight and Governance requirements which came into force on 1st October 2018, we would like to share with you an outline of the Product Approval Process that we use for new products as well as for significant modifications of existing products. We would also like to provide you with a description of our Target Market, to clarify who our products are intended for.

Product Oversight and Governance

Isis Conveyancing Insurance Specialists has well established product governance processes in place to oversee the design, approval and review of our products, which meet the requirements of the Insurance Distribution Directive.

New product developments and significant modifications to existing products are subject to a formal product approval process that:

  • Identifies the intended target market and the needs of those customers
  • Tests products to assure they meet the needs of the target market
  • Monitors post-sales performance and customer value.

We also regularly monitor and review our products to identify if any changes are required and ensure that they meet the policy holder’s needs.

As product co-manufacturer, in conjunction with Liberty Mutual Insurance Europe SE, Isis Conveyancing Insurance Specialists will continue to develop products suitable for our defined target market, and will monitor the performance of our products to ensure that they continue to meet the needs of the policy holders and deliver fair value.

Please continue to direct any product development requests, feedback or concerns about Isis’s products via your usual contact.

Target Market description

Missing Will and Missing Beneficiary products are designed for executors or administrators of a deceased’s estate who require insurance protection against future claims arising from beneficiaries who are either missing or unknown at the time of distribution of the estate. Cover is normally required when:

  • The deceased made a Will (or may have done) naming beneficiaries, but it cannot be traced, or there is only an unsigned copy available. Likewise, the family may suspect the deceased up-dated their original Will, but they cannot trace the latest version
  • An estate is being distributed in accordance with the terms of the deceased’s Will, but there is one or more named beneficiaries who cannot be traced
  • The deceased died without making a Will so the estate is being distributed to the traced family beneficiaries under the rules of intestacy, but:
    • one or more known beneficiaries cannot be traced; and/or
    • there is a possibility that other family beneficiaries exist, who are unknown
    • there is a risk the deceased made a Will, naming other unknown beneficiaries.

In addition to providing the protection required against future claims, the insurance product enables the assets of an estate to be distributed to the known beneficiaries after sufficient research has been carried out, and for distribution to be concluded fully, without any amounts having to be retained indefinitely to allow for future claims.

Cover will be arranged by a legal representative acting on behalf of the executors / administrators, a genealogist firm who has undertaken the research required, or a broker (the latter two of which will be authorised separately by the FCA).

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Isis Conveyancing Insurance Specialists Ltd is authorised and regulated by the Financial Conduct Authority. Firm Reference Number 455994

All policies underwritten by Liberty Legal Indemnities, part of Liberty Mutual Insurance Europe SE.

Registered office: Isis Conveyancing Insurance Specialists Ltd, The Union Building, 51-59 Rose Lane, Norwich, NR1 1BY. Registered in England and Wales No: 05866414