Specialist pet insurance technology provider confirmed as Associate Member of NAPHIA
Anglo-American Aquarium Software has today confirmed that following its sponsorship of the North American Pet Health Insurance Association (NAPHIA) Summit in 2014 and lead sponsor status in 2015, the firm is now an Associate Member and will be attending NAPHIA’s board meeting in San Diego on 17/18 May.
Aquarium has established itself over the past few years as a global player in the insurance technology sector and becoming an Associate Member of NAPHIA is seen as a logical next step to taking relations with the Association and the North American pet insurance market more generally to the next level of engagement.
“We are delighted to be associated with NAPHIA and look forward to playing our part in the future direction of pet insurance in North America,” said Mark Colonnese, Aquarium’s VP Sales and Marketing. “Becoming an Associate Member was a natural progression following on from our sponsorship of last year’s Summit. We hope that our views and experience on new and emerging technologies will be beneficial, not only to NAPHIA and its members, but all pet parents in North America.”
The status of Associate Member is for those companies and organisations that are closely aligned with NAPHIA’s mandate and vision and who are interested in the pet health insurance industry and marketplace, all things Aquarium has a proven track record in – both in the UK and North America.
“Aquarium is already a global business and our assets deployed in the US market reflect that,” added Colonnese. “NAPHIA is a key plank of our US pet strategy and Associate Membership provides us with additional collateral to further underscore our presence in the US pet insurance sector. We are here to stay and the strengthening of our position with NAPHIA makes our intentions and commitment clear where no one can miss it and we are very much looking forward to San Diego next week.”
Pet insurance growth in the US in 2014 was triple the pace of accident and health coverage and what is already a $600 million industry is expanding. Aquarium Software can already boast an ongoing trans-Atlantic partnership with leading pet insurance brands having already delivered an adaptable platform tailored to the complexities of the pet insurance market.
“Our work with existing clients in North America and Canada is based on ‘transactional revenues’ or ‘risk sharing’ but call it what you will, they are phrases the sector’s going to be hearing a lot more of,” added Colonnese. “Instead of a huge up-front fee and charging per user, the only cost is for volume of policies sold, renewed, or claims processed through the system. This way, clients keep the vast majority of their capital intact to spend on marketing and business development.”
While not a new concept within Property & Casualty Insurance (P&C), the introduction of transactional revenues into the pet insurance market certainly is. For an industry with such massive growth potential, Colonnese is clear that the industry must lead the way in treating the product with the same intellectual rigour and methodology as any other P&C line.
“The time is right to push pet insurance to the next level,” added Colonnese. “Associate Members of NAPHIA include everyone from White Label Partners to Vetinary Practice Groups and Animal Hospitals. Working together we can accomplish extraordinary things – from better pet care to an enhanced customer journey. Our strategy is nothing less than to be the worldwide defacto pet insurance technology platform supplier and anything we can do to help NAPHIA members will only assist us on that journey.”