Innovation Masters: How insurers generate new revenues with pet ecosystems

Digital Reinvention
14/02/2024 Article
profile picture of Boris Plantier

Boris Plantier

Qorus

Head of Content

The global pet insurance market is experiencing unprecedented growth, driven by an increased awareness of the importance of comprehensive healthcare for pets. The market, valued at billions of dollars, reflects the growing trend of treating pets as family members, leading to a surge in demand for insurance coverage. This expansion is not confined to traditional markets; emerging economies are witnessing a rising middle class with higher disposable incomes, contributing significantly to the pet insurance boom.

Key players in the industry are adapting to this surge by introducing innovative products and services. Insurtech companies leverage technology to simplify processes, offering seamless digital experiences for pet owners. Customizable policies, covering everything from routine veterinary care to specialized treatments, have become the norm. Moreover, strategic partnerships with veterinary clinics, pet stores and online platforms enhance accessibility and awareness.

The market's evolution also involves addressing challenges, such as standardizing policy terms and clarifying coverage details to alleviate consumer concerns. Transparency is a focal point, building trust between insurers and pet owners. As the industry continues to mature, regulatory frameworks are being refined to ensure ethical practices and consumer protection.

Below is a selection of innovative projects submitted for the Qorus Innovation in Insurance Awards in recent years.

Want to keep reading?

Create a web account to get access to more insights

Related news & insights

Insurance
17/04/2024 Interview

Allianz Partners takes top prize for MAvalue app at Qorus Reinvention Awards – Europe 2024

Last month at the Qorus Reinvention Awards – Europe 2024, Allianz Partners won the Operational Efficiency gold award for MAvalue,...

Insurance
15/04/2024 News

Allianz Partners introduces instant online chat for HCF travel insurance customers

This pioneering service furnishes HCF members with real-time support for their travel queries, broadening the avenues through which customers can...

Insurance
15/04/2024 News

MetLife Pet Insurance partners with the Association of Animal Welfare Advancement

MetLife Pet Insurance and the Association of Animal Welfare Advancement (AAWA) have joined forces to address pet owners' challenges in...

Insurance
15/04/2024 News

Lemonade expands homeowners insurance offering in France

Lemonade, the digital insurance company, has expanded its offerings in France by introducing Homeowners insurance in partnership with BNP Paribas...

Digital Reinvention
13/04/2024 News

UK property market leaders collaborate to revolutionize home buying

Lloyds Banking Group, Nationwide, NatWest, and Rightmove have united in a strategic investment in Coadjute, a London-based property technology firm....

Embedded Insurance
12/04/2024 Video

Empowering green mobility: Laka's vision for sustainable insurance with embedded solutions

Tobias Taupitz, the CEO and Co-Founder of Laka, drives his company's aspiration to become the world's leading green mobility partner....

Mobility
09/04/2024 Study

Driving forces: The interplay of financial services and the EV sector

The financial services sector and the electric vehicle (EV) sector are two dynamic realms undergoing a significant transformation in today's...

Insurance
09/04/2024 News

MMA's new mobile app: Redefining customer experience

This new offering is tailored for both individual and professional clients, with a primary goal of simplifying their day-to-day interactions...