New pet treatments show a clear and present need for pet insurance
Significant advances in pet treatment highlight more than ever the pressing need for pet insurance, says, Aquarium Software - following news that pet parents are paying up to £1,700 for stem cell treatments for their beloved pet dogs.
Recent reports have claimed that the pioneering new treatment is becoming rapidly popular to help pets with osteoarthritis and other debilitating conditions. Aquarium believes this demonstrates clearly the value pet insurance can provide to those that love their animals by making such advance treatments affordable to the average consumer.
But crucially, it will also drive pet insurance companies to adopt better insurance platforms enabling them to deliver affordable premiums to the consumer. Risk will have to be priced accurately both individually and across the book, whilst also passing on cost savings through greater operational efficiencies.
“When new treatments like this come along, it’s vital that ‘quote and buy’ systems and claims processes are updated along with it,” says Sales and Marketing Director, Mark Colonnese. “With this particular case, insurance companies will need to act smartly from an informed position, to assess the insurable risks involved and that is where we come in.”
“An interesting quandry for the pet insurance industry would be whether to price up or down, based on whether a prospective customer is likely in the future to require such a possible treatment. On one hand, educating customers to the availability of these treatments and their cost will drive up demand for insurance products, but it needs to be balanced with smart premium pricing to make it attractive to the end customer.
“Only accurate data will be able to shine a torch on correct premium pricing in the future, and it will not be an overnight process; more the start of a journey whereby insurers start to factor in stem cell treatments into their calculations. This shift in the market once again highlights the value of the correct software, which when correctly managed, will help insurers navigate through such complex challenges that lie ahead,” Mark says.
“It’s all about the best data being available in an intuitive format, so that the pet insurance industry can deliver more effective and competitive products at affordable prices. In many ways, this is a success story for the pet insurance industry as having insurance makes these kinds of treatments a realistic option for pet parents at a difficult time,” Colonnese concludes.