One in 10 unhappy with their pet policies
Greater communication and data sharing between pet insurance providers and other agencies such as vets is essential for the future sustainability of the pet insurance market, says Aquarium Software.
This follows research which shows that one in 10 pet owners are unhappy with their pet insurance provider. A study of 2,000 owners revealed that 16 per cent of those unhappy cite either poor or very poor communication with their provider as the reason for their dissatisfaction.
Aquarium’s Sales and Marketing Director, Mark Colonnese says the communication gap can be rectified easily through the smarter use of technology, allowing insurers to better engage with their policyholders not only at the time of the claim but also throughout the year by value-add communications that reinforce the benefits that continuous cover provides for their furry loved ones.
“Communication is key for any business and perhaps even more so for pet insurance providers specifically where the issue is particularly emotive,” said Mark. “What we’re seeing in these survey results are chains of basic, poor communication between key stakeholders at critical times in the customer journey. Technology can significantly help in this area: and there many examples that would really help move the industry forwards and promote market growth. Imagine if via the vet’s practice management systems vets can see whether or not a customer is insured and whether or not an excess might be due. This is technologically within our grasp today and it simply requires the vision and the leadership from the industry to make it and other ideas a reality. Aquarium is ready to play its part and if we act together we increase awareness of the value of pet insurance amongst pet owners and vet professionals.”
This latest survey, conducted by Which?, also found that 12 per cent of respondents believed their pet insurance product to be either poor or very poor value for money, something else Mark says technology platforms can have a positive impact on.
“The latest software allows pet insurance providers to deliver a better deal for pet parents, but it needs to be deployed in a more cohesive environment,” said Mark. “Correctly pricing premiums based upon accurate appraisal of risk, rather than attempting a ‘one size fits all’ approach, ultimately leads to a fairer deal for owners. This can only be done if agencies commit to sharing key data for the good of all.”
Aquarium’s software is currently implemented by a number of key pet insurers, and affinity partners in the UK, Europe, USA and Canada. Its software ensures efficiency is improved along with the insurer’s policy administration and claims strategy, whilst at the same time improving the customer journey.
“The pet insurance market has in the past been viewed with some scepticism, and the findings from this survey show that it is in all our interests to do better,” said Mark. “Improving the customer journey is a priority in the pet insurance chain and should be an objective all involved in the profession should be working towards, whether it’s vets, insurers, or technologists like us,” concluded Mark.