Duck Creek Technologies (NASDAQ: DCT), the intelligent solutions provider defining the future of property and casualty (P&C) insurance, is pleased to announce today the launch of a new standard in pet insurance which delivers cutting edge data and analytics to enable UK pet insurers to stay ahead of the competition, achieve operational efficiencies and capture share in a rapidly growing market.
It is anticipated that the pet insurance industry in the UK will see accelerated growth, with some estimates suggesting that by 2025 the sector could generate £1.5 billion gross premium per year. With a significant majority of household pets currently uninsured, this remains a largely untapped market.
For this expanding class of business, Duck Creek is making a positive difference for insurers and policyholders of pet insurance – underpinned by its core principles of accelerating speed-to-market, improving operational efficiency, and delivering excellent customer experiences across the policy and claims management lifecycle – all of which are vital for this class of business.
“We know from our own 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,” said Shreyas Vasanthkumar, Managing Director, EMEA, Duck Creek Technologies. “What is very clear is that while price and affordability are key issues – particularly against a backdrop of high inflation and spiralling household bills – customers are not always thinking about or being made aware of other factors in the purchasing process including, for example, a vaccination plan for a pet, the wearing of a smart collar or online veterinary consultations which are as important as simply taking out insurance to cover the costs when a pet needs veterinary treatment.
What consumers want is an holistic, seamless service that covers all eventualities – not multiple products and touch points with their insurance provider. The key for optimum customer experience is having a ‘single view,’ simple bundled products and seamless interactions with their insurer where the customer can clearly see the value-add and benefits. Insurers need to deliver all of this rapidly and easily through multiple channels of choice”.
Duck Creek has invested in three key areas:
- Out of the box content – this includes pre-built content for all four standard Pet Insurance plans including lifetime cover, time limited, accident only and maximum benefit. In addition, the ability to offer embedded coverage for protection of smart collar devices with predefined dashboards for pet activity and comparison with the benchmark for the same breed to improve renewal underwriting is also available.
- Renowned partner ecosystem – a well-established partner ecosystem and pre-built integrations to enrich pet related underwriting and pricing information, real-time pet tracking, together with online veterinary and vaccination support services. This enables straight-through processing and provides a single window of service for policyholders.
- Intelligent user journeys – seamless customer and agent experience offered with pre-built digital journeys for sales, policy service and claims through digital channels of choice having a mobile first design.
“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,” said Victoria Mills, Director of International Product, Duck Creek Technologies. “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”.
Further information about Duck Creek’s Pet Solutions offering can be found here.
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