Insurtech is gradually reaching the pet market for both prevention and cure.
See "Pet insurance market ripe for digitisation"
Global Data said more technology has emerged in the sector over the last year. One example is PitPat, a Fitbit equivalent for animals, which gained investment from RSA.
Another is 360Globalnet's mature PaaS digital wrapper for insurers to automate, speed up settlement, strip out cost and improve NPS.
Ben Carey-Evans, general insurance analyst at Global Data, said: “The greatest issue facing this market is that insurers cannot continue raising premiums by almost 10% every year without driving customers away. “Solutions are needed, and for the short to medium term the response looks to be utilisation of co-insurance.” The research revealed that comparison sites are now the main distribution channel for pet products, leading to increased education, with consumers becoming more aware of the differences in policies. Insurtech is gradually reaching the pet market. Global Data said more technology has emerged in the sector over the last year. One example is PitPat, a Fitbit equivalent for animals, which gained investment from RSA.
https://www.postonline.co.uk/insurer/3333091/pet-insurance-market-breaks-ps1bn-mark-in-gwp
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