2014-03-17 12:38:43 - Insurance technology specialist, Aquarium Software is reporting a dramatic increase in the speed of pet insurance claims resolution, due to improvements in processing technology. Aquarium reports some clients achieving 85% of claims are handled in less than a day, and almost 97% of pet claims closed within just five days.
This news comes in the wake of figures from the financial ombudsman showing 830 new complaints against pet insurers in 2012-13, an increase of 50% on the previous year. More worryingly, over 50% of these claims were upheld. The question is why on the one hand are service levels increasing and other customer complaints on the rise?
“The pet insurance industry has had its problems and while the Ombudsman figures highlight some insurers getting it wrong, our figures demonstrate that with the right systems in place, it is possible to get it right,” said Aquarium Software’s Sales and Marketing Director Mark Colonnese. “The figures are also misleading unless you understand the way this market has developed in a short space of
There are ‘lies, damned lies and statistics’ and what the figures don’t show is the rapid growth of a market that is already estimated to be worth £700m and with only 35% of UK pets covered, insurers have barely scratched the surface of this market. Pet insurance has been one of the fastest growing insurance sectors for several years and increasing claims have tracked a corresponding rise customer complaints. The sector has had to face both issues simultaneously and the Ombudsman figures suggest that only those with the appropriate technology to cope are succeeding.
“In an industry worth £700m with only 35% coverage, you don’t need Carol Vorderman to calculate this sector could be one very big cash cow,” added Mark. “But processes, technology solutions and soft skills have to be right to deliver on the customer promise and this is where we can really help.”
Bringing together intuitive process management and smart 2-way SMS engagement can really help make the customer journey stand out from the competition. Furthermore, we are working closely with some clients to use 2-way SMS engagement to continually measure customer satisfaction via NPS scoring. This then feeds back in to product offering to reflect exactly what their customers are telling them they need and want.
“Quality of the customer journey and brand loyalty could make all the difference in the insurers’ race to be top dog in pet. Our software is all about better customer engagement coupled with operational flexibility and efficiency. The best brands harness the power of management information for more effective customer and risk profiling and use that to drive future marketing strategy; put quite crudely, solutions like ours are ultimately going to help determine the pedigrees from the cross-breeds.”
For further information contact Aquarium Software, on +44 (0)161 927 5620 or visit www.aquarium-software.com