German and European dogs’ participation in shows leads to insurance issues
Global interest in travelling to international dog shows from German owners (among others), could lead to contentious insurance issues in the future, says Aquarium Software. Aquarium believes using proven technology is the answer to managing the pet insurance premium time bomb, which could add value to pet plans for the vast majority of customers, whilst still maintaining healthy profit for the insurer.
The UK, one of Aquarium’s home markets, offers an insight into the challenge and the opportunity. Ever since quarantine laws were changed in 2001, Crufts has seen a soaring number of international pets being entered for the world’s most prestigious canine competition. In 2015, over 10% (2,987 of 23,722) of entrants were foreign, with several class winners in recent years coming to the UK on a pet passport. Despite the relatively small historical number of overseas entrants, foreign dogs have seen extraordinary success over the last few years. Overseas pooches in the show are overwhelmingly European, with a high proportion from Germany specifically, leading to Aquarium speculating that insurance problems may arise if the surge of foreign entrants continues.
“There’s very little travel cover for pets included in standard pet policies,” said Mark Colonnese, Sales and Marketing Director. “One notable exception is Allianz, who, via its Petplan policies have recognised the logic of including travel within certain pet policies, as part of an apparent effort to reward loyal customers.” With pet parents, breeders and their dogs from all over the world travelling to Crufts, it presents a major future dilemma for pet insurance providers, particularly given the breeding value of some of the world’s most highly prized pooches. “Previously undefined pet travel risks may have to be paid for more directly in the future,” asserts Colonnese, “and this is where Aquarium can help,” he adds.
Aquarium’s software solutions have helped pet insurance companies innovate both here in Europe and North America. “We provide the tools that enable insurers to: think differently, service their customers better, manage and price risk accurately and work in a way that is operationally efficient and cost effective,” adds Colonnese.
“We like to think we’re top dogs in this area, and we are collecting a growing array of ‘best in class’ rosettes from some of the world’s most impressive insurers to prove it. Aquarium has honed in on the pet insurance sector in particular, where technology lags behind more traditional insurance markets such as home and motor.”