Feedback from pet insurance buyers in the UK has exposed the market as under-delivering for its policyholders, according to a survey from Duck Creek Technologies.
A recent survey by Duck Creek Technologies was conducted on pet insurance buyers about insurance pricing, availability, products and service offering.
According to Shreyas Vasanthkumar, Duck Creek Technologies managing director for the EMEA region, the feedback showed that the market is “ripe for transformation”, presenting insurers with a “golden opportunity” to provide customers with products that are relevant, affordable, transparent, and easy to access.
None of the pet insurance buyers Duck Creek spoke to said that they were completely happy with the coverage they could get at a price point they could afford, leaving many to purchase a more basic plan than they would have preferred, which would only cover emergencies.
Another painpoint that was pointed out by many of the customers was the difficulty in adding non-standard coverages and building modular policies. Not only is the process often cumbersome and impersonal, they also said that by the time they had added everything they wanted to cover, the premium had become even more unaffordable.
While this is anecdotal, it does indicate a market with vast potential for disruption. Duck Creek said insurers need to enhance the end-to-end experience for customers through, for example, data enrichment, simple digital experiences, streamlined online web support and greater personalisation.
Vasanthkumar said, “What consumers want is a holistic, seamless service that covers all eventualities – not multiple products and touch points with their insurance provider. The key for optimum customer experience is having a ‘single view,’ simple bundled products and seamless interactions with their insurer where the customer can clearly see the value-add and benefits. Insurers need to deliver all of this rapidly and easily through multiple channels of choice.”
Some players have recognised this potential in the market and seem to be faring well so far. For example, Pawlicy Advisor recently raised $12m in Series B funding, Paris-based pet insurance startup Dalma raised €15m in Series A funding and Sweden-based pet insurance platform Lassie secured €11m also in a Series A round.
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