No case for soaring pet insurance premiums

No case for soaring pet insurance premiums

Jun 19, 2015

Pet owners can still find themselves seriously out of pocket, even when shopping around for insurance to cover their animal friends for life. Complaints to the UK’s Financial Ombudsman Service have reached almost 800 this year with insurance products offering life cover among those that are proving especially contentious.

But Aquarium Software says the industry is looking to address the ongoing issue of rocketing pet insurance premiums, even in the case of traditionally high-risk pets such as elderly animals and those with chronic health conditions.

According to a recent article in the Daily Telegraph, one owner has faced a bill of up to £3,400 a year and the cost of pet insurance is becoming so prohibitive that many animal-lovers are abandoning cover altogether. The newspaper cited another London dog owner who saw her premiums rise by more than 600 per cent after just one year when her Cocker Spaniel puppy needed vet treatment for eye and stomach problems – pushing the annual insurance fee way above the cost of care.

Aquarium state-of-the-art cloud software produces an individual risk assessment and tracks a range of data including vet’s records, claims history and personal pet details.  All of which significantly improve the intelligence insurance quotation process. Sales and Marketing director, Mark Colonnese pointed out that the data currently available for insurers to use was somewhat limited. “The big idea is to make the pet insurance industry much more personal, like that of the motor and home market where we use a range of quality data to offer a fair and accurate insurance quote that is no more expensive than it needs to be,” he explained.

“The grand vision would be a more unified pet industry with vets, insurers and even animal charities and authorities teaming up to share data on which to base quotes. This means that the vast majority of pet parents will save money and the lives of animals will be improved or prolonged by having a greater number of insured pets,” added Mark.