The vast majority of British pets are uninsured and at risk of costing their owners thousands of pounds, according to the Association of British Insurers.
Up to 67 per cent of dogs and 84 per cent of cats – a total of 8.2 million pets – are not insured. With treatment costs continuing to rise, insurance is becoming a necessity rather than a luxury. the ABI cites a case in 2017 where it cost £10,000 to treat a dog’s broken bone, while the average cost for surgery is £1,500.
According to UK Pet Insurance: Market Dynamics and Opportunities 2017, a report published by the digital media company GlobalData, the pet insurance sector is taking off both in terms of gross written premiums and in the development and application of insurtech.
Pet owners are now increasingly looking for the right insurance products, which presents a big opportunity for insurers with technology that makes it simple and affordable to buy cover. RDT’s mobile app technology is taking advantage of this growing market sector, helping insurers to build and deliver their products while providing pet owners with a fast and fuss-free way of obtaining cover.
RDT’s insurtech platform is the power behind digital broker TRiCE, which sells through a smart phone app and can provide pet insurance in little more than a minute. TRiCE provides an ultra-swift customer journey, thanks to RDT’s powerful rating engine Equator, which processes a huge volume of data to deliver carefully focused quotes. The result is speed, precision, and pet cover at the right price.
Contact us to find out more about our insurtech platform and how our app technology can build a customer-winning proposition for pets and other personal lines.