Technology can deliver healthier pets and prices in 2017
As a host of new pet treatments continues to see average veterinary bills escalate both in the UK and the US, Anglo-American pet insurance technology specialist Aquarium Software says technology is the key to keeping policy premiums affordable for pet parents and profitable for vendors.
Cross-pollination between veterinary science and human medicine means more treatments than ever are available but this is not cheap. The most expensive pet claim in the US was over $26,000 for a dog with a spinal disorder; while a cat with one collapsed lung and an abscess on the other was over $21,000. Prices in the UK vary, but even something like a fracture can cost anywhere between £4,000 - £6,000. “People need to be aware of the costs involved before buying a pet, or at least look to source suitable insurance should the worst happen,” said Aquarium Software VP Sales and Marketing, Mark Colonnese. “The latest technology is linking insurance provider, vet and pet parent which in the long run is acting as a catalyst to help keep premiums low,” he added.
“Modern treatments are expensive and without an NHS for pets, vets must pass on costs to pet parents,” explains Colonnese. “Intuitive technology means insurers can identify where risks lie and price policies accordingly. Anything we can do to keep prices competitive is going to have a positive impact for all concerned, and increase the take up of pet insurance policies,” concluded Mark.
YouGov research conducted for Aquarium Software recently revealed almost half of pet owning Brits (47 per cent) think the cost of pet insurance is about right. The threat of higher premiums is best averted by software and if integrated correctly, a tailored, technology platform enables the sector to set premiums based on reliable data and takes the guesswork out of costing pet health.