Treatment for high insurance premiums of needy dogs

Treatment for high insurance premiums of needy dogs

Jun 30, 2014

American comparison company ValuePenguin has released a list of what it believes to be the top ten most expensive dogs to insure, with some breeds on the chart leaving owners coughing up to 63% more on their premiums; but in a period where pet owners are already paying through their snouts for their pedigree chums, Anglo-American pet insurance technology company Aquarium Software believes it has the medication to cut down the cost of pet plans, for even the most needy of pooches.

The list which was compiled based on information shared by a number of the sites partners, including leading US pet insurance company Trupanion, featured mainly big breeds, most of which require more veterinary care than their smaller counterparts. The iconic Great Dane breed was the costliest dog to insure, perhaps most notable for legendary cartoon character Scooby Doo, which can weigh up to 200kgs and has an average life span of only six to eight years.

Also featured on the list were the huge Bernese Mountain Dog, costing 58% more than the average pooch, and the Irish Wolfhound, which cost 41% more than average to insure. The English Bulldog was the second most costly dog to insure costing 60% more, and the Boxer dog breed snuck on to the list at number ten - both of which are renowned for having breathing difficulties and a number of health complications. Yet although acknowledging higher premiums for some breeds are unavoidable, Aquarium feels insurers are still missing a trick when it comes to keeping prices down.
“With the cost of some premiums on the increase, it’s more important for owners of these dogs to know that insurers are doing everything possible to cut down their premiums,” said Mark Colonnese, VP Sales & Marketing for Aquarium Software Inc. ““Treatments are becoming more expensive which it why buying pet insurance is such a good idea for consumers but an increasing cost of premium to policyholders is due to fraudulent claims. We are working with our clients to clamp down on crooked claims to make the industry more profitable for insurers and more affordable for consumers.”

Aquarium tailors bespoke software packages to meet each client’s individual needs and using state of the art cloud technology which utilises ‘management by exception’ they have kept tabs on fraud in traditional insurance markets including car, home and gadget insurance and have now turned their focus to the pet market. Along with more advanced veterinary records, Aquarium has a solution for catching fraudsters, preventing fraudulent claims from happening and reducing claims leakage.

“We understand that protecting your business from fraud and providing customers with a smooth and efficient service are both crucial factors for insurance companies, and we have developed our software not only to process volume claims as effectively and efficiently as possible – but also to offer unprecedented levels of Management Information (MI) that can help in specific target areas such as fraud reduction,” concluded Mark.