High tech shouldn’t mean high price when it comes to pet insurance, say Aquarium
A new electronic test to identify the early stages of Lymphoma in dogs is the latest high tech development to aid the veterinary sector. But with the tests expected to be more expensive to carry out, it will likely add to the rising cost of vets fees and continually rising insurance premiums. However, Manchester based pet insurance software specialists, Aquarium Software believe more can be done by insurers to make premiums more affordable, whilst still incorporating state of the art veterinary treatment into their policies.
“Some 5% of all dogs are affected by Lymphoma, but veterinary breakthroughs continue to come thick and fast as pet medicine moves closer to human medicine all the time,” explained Mark Colonnese, Sales and Marketing Director for Aquarium Software. “However, revolutionary treatment costs money, not just for pet owners, but for insurers too. This means insurers need to make sure they are doing everything they can to keep the costs down, so better treatment doesn’t mean bigger premiums.”
In the US, figures released by American Pet Products Association in May indicated they expected vets bills to rise to $15.25 billion by the end of the year. With estimates suggesting that only 1% of American pets are insured, the onus is on insurance companies to make pet plans more appealing. Yet industry watchers at Aquarium insist pricier treatment should not mean pricier premiums, with software solutions available to improve the performance of insurance companies worldwide.
“Aquarium has a long history of providing the insurance world with software that improves the way they process claims,” explained Mark. “We’ve applied our software to traditional insurance markets, including the car and home sectors for years, however with pet insurance lagging behind in its processes, it’s time to bring it in line with these more established sectors, improving the product all around.”
The Manchester software firm create bespoke technology platforms that is targeted at making the pet insurance market more profitable for the insurer, and at the same time more affordable for the consumer by using state of the art “cloud” technology that links up with comprehensive vets’ records and utilises ‘management by exception’.
The result is a more efficient way of tracking fraudsters, processing claims and developing an unprecedented customer journey that will inevitably lead to better customer loyalty.