Duck Creek Technologies, a provider of intelligent solutions “defining the future of property and casualty (P&C) insurance”, has launched a standard for insurers in the UK pet insurance market.
According to Duck Creek, 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, the company said.
In fact, earlier this year Duck Creek published a survey which highlighted that the pet insurance market was “ripe for transformation”, as the market is currently under-delivering for its policyholders.
For this expanding class of business, Duck Creek said it 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.
Shreyas Vasanthkumar, managing director, EMEA, Duck Creek Technologies, said, “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.”
What consumers want, Vasanthkumar continued, is a holistic, seamless service that covers all eventualities, as opposed to multiple products and touch points with their insurance provider. Therefore, the key for optimum customer experience is having a ‘single view,’ simple bundled products and seamless interactions.
As such, Duck Creek has invested in three key areas: out of the box content, renowned partner ecosystem to enrich pet-related underwriting and pricing information, and intelligent user journeys.
Victoria Mills, director of international product, Duck Creek Technologies, said, “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”.
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