Technology key to making Pet Insurance a valuable consumer product, says Aquarium
In response to findings that over half of Britain’s pets are still uninsured, Anglo-American software company, Aquarium Software have called for a new drive on bringing the industry’s technology in line with other general insurance markets. Many of those consumers taking part in the Asda Money survey explained that the high policy costs were the reason for not having pet plans. The technology experts at Aquarium already have the answers to making pet insurance more affordable.
“Pet Insurance is still a relatively new market and when compared to the more traditional forms of insurance that have been around a while, its systems are lagging behind somewhat,” said Mark Colonnese, Sales and Marketing Director at Aquarium. “This is making it hard for insurers to make a profit which in turn translates to expensive premiums for the consumer, making it a less than appealing product for many consumers.”
The figures on the Asda Money survey back up this fact with two-fifths of the sample of pet owners saying that the cover was simply “…too expensive”. The majority of the rest of the sample said that they would risk not purchasing insurance and rather pay for vet’s fees if needed. Most pet owners said that they expected the maximum amount they would have to pay to fix a poorly or injured dog would be £100, but Association of British Insurance (ABI) suggests that the average vet bill is £300, with the most serious pet ailments costing up to £3,500. This disparity is a cause for concern.
“What’s quite shocking is that many remain unaware of how much vets fees may actually cost; this may catch many people out when their animal is on the vet’s table,” said Mark. “The anticipated £100 bill that people expect to pay is a drop in the ocean for many treatments and ailments, and without insurance the average household wouldn’t be able to afford the more expensive. That’s why pet insurance really is a great investment to keep the beloved family pet healthy, but it’s really up to insurer’s to demonstrate the value.”
Aquarium provide all encompassing tailored ‘cloud’ software solutions that make pet insurance companies run smoother and smarter, from the start of the customer journey to the end. Aquarium’s integrated systems operate alongside comprehensive vets records using ‘management by exception’ to carry out loss protection measures, reduce claims leakage and to keep on top of fraudsters. However, it’s the speed and efficiency in which it carries out these checks and balances that make it an attractive proposition for its increasing number of clients.
“In an age of comparison sites and social media, it’s never been easier for customers to get an overall view of the products out there - inevitably they gravitate towards the most cost-competitive propositions,” said Mark. “Insurance platforms like Aquarium help insurers understand their risk profile and coupled with the process efficiency savings it brings helps companies price the business competitively yet at a level that will be profitable over the lifetime of the pet.”