MORE TH>N has agreed a partnership with PitPat, a specialist provider of wearables for dogs, to help their pet insurance customers manage and monitor their dogs activity. Claims in the pet insurance market have climbed annually from 2013-17, but this approach could help to reverse the trend.
According to the Pet Food Manufacturers’ Association, 52% of UK dogs were found to be obese. With obesity contributing to a number of serious ailments, from cardiovascular to joint issues, anything which endeavours to reduce it will impact the cost of claims.
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The technology will provide personalised daily exercise goals for each dog based on its age, breed, and weight, ensuring a healthy and active lifestyle if the targets are met. Those that manage to will receive points up to a value of £100. These points can be exchanged for perks, such a discounted dog food, or can be put towards the MORE TH>N policy renewal cost .
GlobalData’s 2018 UK Consumer Insurance Survey found that 10.9% of dog insurance customers are currently using this technology to monitor their dogs’ fitness and activity, while a further 51.7% would be open to using these devices. With this in mind, the partnership between MORE TH>N and PitPat look set to be well received.
The use of this technology gives an indication of future developments which will gradually become the norm for markets such as pet insurance. Instead of directly personalising premiums, the wearable devices are currently being used to gamify policies, as owners can only benefit from rewards once certain targets have been achieved. Policy personalisation will occur when the data gathered from PitPat devices, or others like them, is directly used to influence premiums on an individual basis.
Personalisation at this level is still some way off. This is due in part to the technological challenges of utilising such vast quantities of data, as well as the persisting consumer hesitancy to share personal information with insurers. Once these are overcome, however, the benefits will not be isolated to the pet insurance market, with application across life, private medical and even motor insurance a possibility as well.
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