Aquarium providing solution for dealing with wild range of Pet claims
A list released by the Veterinary Pet Insurance (VPI) Company based in California has charted the top 10 conditions that have triggered the need for a visit to the vets for cats and dogs across the US, ranging from routine problems, such as skin allergies and ear infections, to life threatening conditions including Lymphoma. With such a wide range of ailments now treatable by the vets, as well as an ever broadening array of treatments available, UK and US based software company Aquarium believes the need for intuitive technology to help support the growing pet insurance sector provide these treatments to its policyholders, has never been greater to improve claims efficiency and eliminate fraud.
Dogs suffered from conditions such as ear infections and dental diseases, as well as Arthritis which can make the dog immobile and sometimes cause intense pain and suffering that leads to the animal being euthanized. The main problem with cats was bladder or urinary tract diseases and they were more susceptible to dental diseases than dogs, with the problem being the second most common. Felines were also more affected by more serious diseases such as diabetes and lymphoma, which could involve ongoing treatment costing an average of $2,004 per pet.
The company compiling the list reported that it had to pay out a massive $66 million in 2013 to treat common medical conditions, a large sum, but merely a drop in the ocean when viewed in context of the expected $15.25 billion figure of total amount of vet’s bills for the end of 2014.
“The range and sophistication of treatments for a wide range of conditions can be extremely hard to keep track of for insurers,” said Mark Colonnese, Aquarium Software’s VP Sales and Marketing. “Here at Aquarium we’ve got the business processes side of pet insurance down to a fine art and our software, with efficiency built into its very core, can help insurers resolve these claims in a manner that will prevent fraud and keep on top of losses, whilst keeping the consumer at ease with the whole process.”
Aquarium’s software uses its own state of the art cloud based technology that utilises ‘management by exception’ to keep track of insurance claims, ensuring all loss and fraud prevention measures are taken in an efficient manner.
The company has a history of providing its own brand of bespoke software for insurance companies in the more traditional home and car markets, but has turned its attention to the pet market more recently in an attempt to make it a more profitable environment for insurers.
“Pet insurance is a relatively new industry compared to traditional insurance, and whilst it’s important that each claim is reviewed thoroughly, insurers equally need to ensure that the process isn’t impacting negatively on the consumer’s brand loyalty. If you respect the wellbeing of the owners beloved pets as much as them as customers themselves you may have a satisfied client for life. Our pet technology platform ensures that insurers are able to process claims quickly and effectively without compromising on the rigour of their processes, whilst at the same time making dramatic improvement to the all-important customer journey”, concluded Mark.