"For a market that is ripe for disruption, the solution lies in modern, cloud-based, low-code configurable core systems that deliver the agility and data granularity needed to make pet insurance policies more relevant, affordable, transparent, and easy to engage with over the lifetime of a pet. "
- Victoria Mills, Duck Creek Technologies director of international product
According to Duck Creek Technologies, the pet insurance industry is set to see accelerated growth, with estimates suggesting that by 2025, the sector could generate £1.5bn gross premium per year.
In a press release, Shreyas Vasanthkumar, Duck Creek Technologies managing director said “[Duck Creek Technologies] know from [its] research that the pet insurance market in the UK is ripe for transformation but one which presents insurers with a golden opportunity to provide customers with products that are relevant, affordable, transparent, and easy to access and manage throughout the product life cycle.”
Vasanthkumar explained that “customers are not always thinking about or being made aware of other factors in the purchasing process” including, pet vaccination plans, smart collars and online veterinary consultations which Vasanthkumar believes are “as important as simply taking out insurance to cover the costs when a pet needs veterinary treatment.”
“Consumers want is a holistic, seamless service that covers all eventualities – not multiple products and touch points with their insurance provider,” said Vasanthkumar.
In light of these findings, Duck Creek Technologies has invested in three key areas:
Out-of-the-box content includes pre-built content for all four standard Pet Insurance plans including lifetime cover, time-limited, accident only, and maximum benefit. Additionally, this will offer embedded coverage for the protection of smart collar devices with predefined dashboards for pet activity.
A renowned partner ecosystem will enrich pet-related underwriting and pricing information through a well-established partner ecosystem. Real-time pet tracking, together with online veterinary and vaccination support services will enable straight-through processing and provide a single window of service for policyholders.
Intelligent user journeys will be provided through pre-built digital journeys for sales, policy service, and claims conducted on preferred digital channels.
Commenting on these investments, Victoria Mills, Duck Creek Technologies director of international product, has said:
"For a market that is ripe for disruption, the solution lies in modern, cloud-based, low-code configurable core systems that deliver the agility and data granularity needed to make pet insurance policies more relevant, affordable, transparent, and easy to engage with over the lifetime of a pet. Such systems make the policyholder’s user experience not only more efficient but also stress-free and streamlined.
“Modern core systems that connect the data dots from the inception of a policy to renewal, add-ons, and claims can help deliver the transformation that this market needs. Cloud-based SaaS systems with open API architecture can also give insurers the option to easily tap the insurtech ecosystem and integrate cutting-edge innovations such as AI into underwriting and claims processing to improve profitability, reduce claims costs and make products more easily accessible, affordable, and relevant for consumers.”