Is pet insurance market missing a trick by not treating itself to the latest software?

Is pet insurance market missing a trick by not treating itself to the latest software?

Oct 27, 2014

According to latest figures published by VPI (Veterinary Pet Insurance) Halloween is among the busiest times of year for animal health services, with a 12% spike in calls to the Pet Poison Helpline alone1. Yet Aquarium Software Inc. point out the pet insurance market is missing a trick by not utilizing all the latest software can deliver in terms of handling such seasonal spikes and using the latest Management Information (MI) to identify other, less obvious trends.

Extra calls at certain times of year, like the Fourth of July and Halloween can be anticipated, even if chewing costume parts and eating candy can be less easy to predict. Yet the industry doesn’t need a crystal ball, when powerful MI is available to tell insurers everything they need to know about the future now. Such MI enables premiums to be adjusted accordingly and more importantly, enhance customer journey should the worst happen to their pet.

“This fascinating VPI research highlights a sharp increase in the risk of accidents to pets around this time of year, proving costly in veterinary fees at best,” said Mark Colonnese, VP, Sales and Marketing. “There is question mark over whether the pet insurance market is geared up to deal with busy periods in the same way that traditional markets are. Software can help predict them, but it can do so much more than that by identifying and predicting other trends.”

Imagine technology that can predict specific postcodes that return more Halloween incidents or identify pet breeds most likely to be affected adversely by too much candy and allow you to zero in on specific areas and advise customers in those areas and with those breeds appropriately and before the event.

“In 2011, Petplan used its data to show California was top state for accident prone pets2,” added Mark. “It is perhaps not surprising the most populous state in the US would throw up more accidents than say a Montana or West Virginia (38th most populous), but such findings can be a real eye opener, and if acted on, ultimately lead to better products, healthier pets and happier customers.”                                                                   

Aquarium has a track record of providing bespoke software solutions to various insurance sectors, yet with the pet insurance market struggling to come to terms with its rising popularity, software solutions can deliver both greater profitability and greater efficiency.  

According to Embrace Pet Insurance figures, 99% of pets are uninsured in the US3. In the main this is due to high premiums in comparison to other markets and unwillingness among some providers to recognise this market needs the same rigorous approach applied to the more traditional home and motor insurance markets. Whilst the VPI survey showed Halloween amongst the busiest time of the year for vets, Aquarium’s technology means such scare stories should hold no fears for insurers while also protecting pets and their owners by delivering reduction in overall premiums.

“Aquarium create bespoke software solutions to keep pet insurance specialist on top of insurance fraud and claims leakage whilst at the same time delivering an efficiency and measurability that can improve the customer journey,” added Colonnese. “Those wanting to exploit the full power of our software solutions can garner a greater understanding of pet insurance trends. The level of detail goes far beyond simply knowing that Halloween is a busy time for dogs experiencing stomach problems.”