Bought By Many pet insurance Qorus Innovation in Insurance Awards 2017

Submitted by

Bought By Many

Premium
10/03/2017 Insurance Innovation
Bought By Many listened to the frustrations of over 40,000 pet owners to create unique insurance that fills unmet need with a tech solution that makes getting a quote easier.
Innovation details
Country
United Kingdom
Category
Best Disruptive Product or Service
Keyword
Targeted-niche offerings, Pet Insurance

Innovation presentation

Over 40,000 pet owners told us they were frustrated with the state of pet insurance so we listened and created policies with features that no other provider offers. Everything was done with the customer in mind, their feedback was our inspiration and our three unique products had to exceed their expectations. We launched: Fixed For Life - The premium will never increase even if the pet owner claims. Customers don't have to worry about prices increasing when their cat or dog reaches a certain age, which is a consistent gripe with existing policies. Any owner of a cat or dog under two years old can buy this policy. Pre-existing - We're the only pet insurer to offer cover for conditions experienced by the pet in the past two years. Many people had been trapped in policies they couldn't leave because other insurers would not cover a condition they had previously claimed for. MoneyBack - We created a product to appeal to people who normally self-insure. If a policyholder does not make a claim in a policy year, they will receive 20% of their premium back. They don't have to do anything, we'll automatically refund it. We use a natural language quote form and have policy documents that are the first to win Fairer Finance’s Clear and Simple Mark. We gained investment, hired staff and worked intensely on the project for a year. We sold over 400 policies in the first four weeks of sales and have had excellent customer feedback.

Want to keep reading?

Become a Qorus member to get access to all our innovations

Interested in learning more?

Qorus has a library of almost 8,000 innovation case studies across critical areas like customer experience, sustainability, marketing & distribution and more that can be used to inform your decision-making.

Related Content