British Insurtech company, Aquarium Software, announces it has won a contract with leading Australian insurance provider, Auto & General to support the company’s expansion into the pet insurance market. Auto & General will use Aquarium’s cloud-based pet insurance platform to entirely digitise the insurance process. Aquarium’s “pet insurance in a box” is a one-stop solution that allows pet insurers to manage all aspects of their business and provides customers with tailor-made policy premiums.
Aquarium’s platform uses machine learning to evaluate big-data, complex document content, and provide accurate decision support during policy and claims processes – vastly reducing operational overheads and slashing the time for the policyholder to get paid from multiple days to a few seconds.
The coronavirus pandemic created growth in the number of people purchasing pets in Australia. RSPCA Victoria received a 45 percent increase in dog adoption applications compared to the same time the previous season, while Pet Rescue also recorded double the amount of dog and cat adoptions in March and April compared to the previous year. The increase in pet ownership is a significant new business opportunity for the insurance sector.
Despite global travel restrictions, Aquarium was able to remotely implement its platform for Auto & General within a few months. This rapid implementation has given Auto & General the tools needed to go live in record time and meet the needs of its growing partner base.
Ed Shropshire, Managing Director of Aquarium Software, comments: “I am so proud of the way the team as risen to the challenge of implementing our solution for Auto & General during the pandemic. We have been able to provide them with a robust and scalable solution that will help the company achieve its ambitions for the pet insurance market in Australia. We look forward to seeing what Auto & General achieves and hope to replicate this success with other insurers.”
Patricia Kleinhans, General Manager, Pet Health Insurance at Auto & General added: “We are incredibly impressed by many aspects of the project including the core system functionality, the on-time delivery of the sprints and the professionalism of the team. Aquarium’s efficient delivery of the software has been remarkable – especially within such a tight time frame and under the coronavirus restrictions.”