As a host of new pet treatments continues to see average veterinary bills escalate both in the UK and the US, an Anglo-American pet insurance technology specialist says technology is the key to keeping policy premiums affordable for pet owners and profitable for vendors.
Cross-pollination between veterinary science and human medicine means more treatments than ever are available – but this is not cheap, according to Aquarium Software. The most expensive pet claim in the US was more than $26,000 for a dog with a spinal disorder; while a cat with one collapsed lung and an abscess on the other was more than $21,000. Prices in the UK vary, but even something like a fracture can cost anywhere between £4,000-£6,000.
“People need to be aware of the costs involved before buying a pet, or at least look to source suitable insurance should the worst happen,” said Aquarium Software vice president sales and marketing Mark Colonnese. “The latest technology is linking insurance provider, vet and pet parent, which in the long run is acting as a catalyst to help keep premiums low.”
“Modern treatments are expensive and without an NHS for pets, vets must pass on costs to pet parents. Intuitive technology means insurers can identify where risks lie and price policies accordingly. Anything we can do to keep prices competitive is going to have a positive impact for all concerned, and increase the take up of pet insurance policies.”