Software Company aiming to give pets celebrity treatment
The news that UK TV personality and renowned pet lover Paul O’Grady forked out over £8,000 in chemotherapy treatments for his Cairn terrier, Olga, is cold comfort for ordinary members of the public with sick pets who cannot afford such sums. The rising cost of new treatments coupled with increasing insurance premiums is driving up the cost of pet ownership but Aquarium Software has a solution to control the upward pressure on premiums.
Whilst the £8,000 might only be a drop in the ocean for celebrities, ordinary members of the public don’t have the means to pay similar sums when their furry friends fall desperately ill. With premiums increasing 15 times quicker than inflation, pet insurance is far from affordable for the average household, yet revolutionary new software could help control the pressure on premiums by cutting pet insurance fraud a key contributor to the cost of pet insurance, enabling pet owners across the country to afford to keep their furry friend healthy.
“When a high profile case of such an expensive vet bill hits the headlines, it sheds light on why we choose to protect ourselves and our pets by paying for insurance,” explained Mark Colonnese, Sales and Marketing Director. “Understanding that fraudulent claims cost all people with pet insurance it's important as an industry we do what we can to help control these costs.”
With their own brand of tailored and bespoke cloud software that can aggregate information from veterinary practices and animal medical records, Aquarium is beginning its fraud battle in the pet marketplace, just like they have helped insurers keep a tight grip on car and home insurance. Although over 2.7 million pets are insured in the UK, Aquarium’s experience can help insurers keep on top of spiralling costs, allowing more consumers the opportunity to protect their pets.
“Although a small minority are abusing a position of trust when they commit fraudulent acts, insurance companies are missing a trick by not utilising vital tools that put preventative information right at their fingertips,” continued Mark.
“Whilst it might not reduce the cost of the futuristic treatments available for our animals, it can help make insurance premiums that are driven up by fraud affordable once again.”
The average cost of pet insurance is believed to be around £220 a year according to figures published in 2011. Figures from the Association of British Insurers report that detected pet insurance fraud soared to £2m in 2010, from £420,000 the year before that, it’s clear that the cost of fraud is also hitting consumers’ pockets hard.
“As insurers are now able to gain access digitally to pets veterinary records, coupled with a national anti-fraud pet claims database which is being established, we will now be able to bring the same means of identifying bogus claims that have been applied to the car and home insurance markets to the pet market,” concluded Mark.