Better software could ease pet insurance market headaches
The Consumers’ Association, Which?, has outlined a variety of customer concerns surrounding the pet insurance industry, ranging from inflated premiums to onerous exclusions when renewing existing policies, the latter being compounded by AXA who recently and unexpectedly withdrew from the pet insurance market.
Such customer facing issues could be resolved in part if not in full, by the industry adopting more intuitive technology platforms, according to global pet tech integrator, Aquarium Software.
“The recent complaints and issues over the pet insurance market that Which? has identified are nothing that we weren’t already aware of, and at Aquarium Software we sympathise with the ‘pet parent’ who, in some cases has had short shrift from the pet insurance industry for far too long. The good news is brand leaders like Pets at Home and RSA Canada’s Pets Plus Us are blazing a trail and have deployed technology platforms that will have long-term benefits for all,” said Mark Colonnese, Sales and Marketing Director.
“Insurers are currently working hard to combat the rising cost of vets’ fees and inevitably that’s being felt by the consumer in the form of higher premiums; but with better technology, there may be smarter ways for insurers to save money.”
Customers complained to Which? about the unaffordability of insuring pets that have existing health issues; excessive admin fees when cancelling existing policies; and issues when transferring policies from the defunct Axa pet insurance division. Aquarium believes that it may have the answer to many of the problems raised in the report.
“Excessive admin fees for cancellation and the problems of transferring policies are a direct hangover from rigid and dated systems,” said Colonnese. “With more versatile platforms these problems could be removed virtually overnight, offering a more seamless and rewarding customer journey from ‘quote to claim’. Platforms that utilise adaptable business rules in an instant, to ensure more personalised quotes, seamless fraud checks and speedier claims resolution.”
“Our aim for 2015 is to create a pet insurance industry that is both sustainable and profitable for the insurer, but which also provides a more valued and at the same time affordable service for the pet owner,” added Colonnese. “By bringing pet insurance technology platforms in line with other markets we are providing the opportunity for more pets to be insured and their long term health to be well protected.”