Report offers new leads for a purr-fect pet insurance industry, say Aquarium Software
There’s one dog to every three people in the North East; Charlie is the most popular pet name in the UK; and 17% of people trust their animal more than their partner - according to an all-encompassing pet report from Pets at Home. However, aside from the often quirky facts detailed within it, Aquarium Software believes that the research provides clues to a more efficient and effective pet insurance industry in the future.
The Pet Report, which was released in October 2014 covers a range of aspects of pet ownership, including location of pets, ownership by gender, popularity of different animals, health benefits and the pet industry economy. It uses a collection of their own data and a aggregation of other research and survey carried out by different sources within the pet industry.
“The fascinating booklet, which details a range of practical research that could be both useful and interesting to a British pet owner, also provides pointers towards a more data driven pet insurance industry,” says Mark Colonnese, Sales and Marketing Director. “There are so many useful statistics in this report to add to the massive arsenal of data that the pet insurance industry is already sitting on; as an industry we should be better pooling this Big Data resource and collaborating for the benefit of all,” he adds.
“All except the fraudsters that is. Big Data is going to drive down premiums and improve the customer journey, but the losers will be fraudsters who will eventually have no hiding place,” asserts Colonnese.
Aquarium Software has previously provided bespoke software platforms for the insurance industry as whole, and focussed its attention on the Pet Insurance market in particular - after discovering that over half of all cats and dogs in the UK were without insurance and that ‘pet parents’ were not always experiencing a good customer journey. Aquarium has the technology to improve policy administration, reduce claim leakage and even lower premiums and is putting its ideas into action with some of the top names in the market both in the UK and US.
“By utilising the masses of data already available and by generating more useful Management Information (MI), we can realistically narrow the gap between what people want to pay for pet insurance, and the premiums the industry currently dictates.”
The Manchester based firm, which also operates in the US insurance market, uses its cloud platform and a method known as “management by exception” to track claim leakage, keep tabs on insurance fraud and provide a smoother and more enjoyable customer journey. The Aquarium platform allows instant access to cross check veterinary data registers and current insurance records and pet medical history to process claims in a quick yet effective fashion, but this method could still improve further.
“When processing car insurance claims, it’s already taken into account how old a car’s owner is, what car they drive and where they live; if the pet market had a similar cross section of data available and a methodology to apply it, we could give more accurate and personal quotes - whilst at the same time spotting anomalies that could pinpoint fraudulent activity.
“Data like that presented in the Pets at Home report could provide the key to bringing the pet insurance market further in line with its more traditional counterparts; we just need pet insurers to recognise a greater use for Big Data in the pet market, and specify the right technology to instantly interpret it in a way that’s meaningful to insurers and fair for the customer,” Mark concludes.