Over the years we’ve taken a look at many companies innovating in the insurance sector (most notably with Insurello and Omocom) and seen over and over again how the incumbents in the space are too slow to adapt to new trends and customer demands.
One easy example is pet insurance. After meeting Lassie, it’s clear that users deserve so much more than a quarterly payment to an insurance company and a phone number.
A few trends have come together to make the timing right for a new entrant. At a generational level, we’ve gotten closer to our pets– and with it animal healthcare costs have risen. Today we and our insurance companies open our wallets for cancer treatments, prescription medications, and whatever it takes to make our furry family members healthy again. We’re closer with our pets, as we should be with our pet insurance.
The pandemic has also changed the pet insurance market in new unexpected ways. The long quarantines have led to the COVID pet boom, where a record number of people have brought pets into their lives for the first time. We know pets bring out the best in people, but there has been a learning curve with all these new pet owners. Some clinics see up to 40% of their dog and cat visits related to preventable stomach issues! We have to fix this.