Pets living in connected houses with connected owners offer insurers an opportunity to digitally transform connected insurance services.
According to the Association of British Insurers (ABI), a record £1.8m was paid out in pet insurance claims every day last year. Unusual claims in 2016 included a £790 bill for a Burmese python needing treatment for anorexia and a £3,400 fee for an English springer spaniel who swallowed a grass seed.
Legal & General growing its pets insurance business
Insurance giant Legal & General has agreed to buy pet insurer Buddies with the hope of cashing in on Britain's love for cats and dogs. The FTSE 100 company said it would be purchasing the Northamptonshire-based business, which was set up by husband and wife Marianne Metaxas and Avi Levine in 2000, for an undisclosed sum as part of a wider ambition to expand into the rapidly growing pet insurance space.