Pet insurance market reaches a coming of age
Pet insurance technology expert Aquarium believes the release of a new report which shows that more UK families have pet insurance than income protection or critical illness combined, supports their understanding that this is a new dawn for pet insurance and technology platforms will need gear up for a growing industry.
Aviva’s upcoming Family Finances Report indicates that 20% of UK families have pet insurance, whilst only 8% have income protection, with 11% having critical illness cover. These statistics may reveal that pet insurance is finally coming of age, a process which requires up-to-date technology says Mark Colonnese, Aquarium Sales and Marketing Director.
“These recent statistics show a distinct change in UK attitudes to pet insurance,” says Mark. “This being the case, the processes and technology platforms underpinning the pet insurance market will have to adapt as demand increases.”
Mark believes that with Aquarium’s help, insurance providers can create profitable pet businesses, raising questions as to whether the decision of those who have already exited the pet insurance market may prove premature.
“When pricing premiums, insurers will need accurate MI and systems that provides them with intelligent, accurate and up-to-date information. Our technology platform operates in an ‘exceptional’ way, acting as a catalyst for these data ideals to be delivered. As pet insurance becomes a more popular household expense, the technology simply has to advance with the volumes and customer expectations about the whole of life journey.
“Furthermore, it will no longer be adequate simply to cover a pet. Insurers will increasingly be required to understand the emotional relationship between pet and owner, and respond intuitively to the emotional ups and downs of the pet parenting life-cycle,” concluded Colonnese.