US Vet bills set to cost insurers $15.25 billion in 2014

US Vet bills set to cost insurers $15.25 billion in 2014

May 22, 2014

Anglo-American Aquarium Software has reacted to news that vets’ bills in the US are to rise to $15.25 billion by the end of 2014, saying that there is little reason for insurance premiums to go up as a result. Research by American Pet Products Association (APPA) indicates that the cost of vet bills will increase by $880million this year, reflecting a rising number of claims being put forward to US pet insurers.

Aquarium Software’s VP Sales and Marketing, Mark Colonnese, argues that the increased number of claims may not need to be as costly to insurers as first appears. Aquarium have developed a unique software suite for the insurance sector, allowing a multitude of claims to be processed with maximum levels of efficiency and offering at the same time significant improvements in claims leakage and the all-important, customer journey.

“Like all insurers, pet insurers need to be able to process claims with the greatest efficiency at the same time as acting with the greatest levels of diligence and empathy,” explains Mark. “Unfortunately in the past these factors did not necessarily go hand in hand, which led to increased costs, higher premiums and disenfranchised customers.

“We have created software that is tailor-made for the insurance market and is already helping pet insurance companies dramatically reduce their costs and increase insurance brand loyalty in the process. Our software ensures that companies are able to process claims quickly and effectively without compromising on the rigour of their processes.”

Aquarium’s insurance software is available in the US and Canada, where early adopters include the likes of Pets Plus Us, a wholly owned subsidiary of RSA (Canada). As US-based pet insurers now look to reduce their costs in the same way as technology pioneers in the UK, Aquarium’s software will prove an invaluable tool.