One of the key features of the Co-Op Insurance’s new pet insurance policy is the use of 24/7 video consultations with vets. GlobalData surveying shows this is becoming a more established feature among policies. It is a strong offer for both policyholders and insurers, as it allows potential issues to be spotted early, which in turn can potentially reduce large problems and claims.
GlobalData’s 2021 UK Insurance Consumer Survey found that 16.7% of pet owners in the UK had used a video vet consultation from their insurance provider. It also found that the vast majority of consumers who had previously used video consultations were either satisfied or extremely satisfied with the outcome. Overall, 38.4% of respondents said they were satisfied, while 40.8% said they were very satisfied. Only 1.6% of consumers were either unsatisfied or very unsatisfied (the remining 19.2% were neither satisfied nor unsatisfied).
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The Co-Op launched its new policy alongside Markerstudy brokers, which bought the Co-Op’s underwriting arm in 2020. The policy will offer unlimited video consultations. These can be critical as routine vet checkups are expensive, meaning many owners delay appointments until an issue is obvious. In contrast, it is very easy to arrange a quick and free 10-minute video consultation.
The pet market has struggled in recent years, with soaring vet prices pushing premiums up every year, which has seen consumers priced out of the market. This has led to a rise in co-insurance and vet pet health plans (which offer basic care and vaccines). Including video calls as standard in policies is likely to increase significantly in the coming years, as it shows consumers they can get value out of policies even if they are expensive.
The pandemic has also seen people of all ages become more comfortably with technology such as video calls, which have become increasingly common in the health market too. Therefore, this will no longer be an obstacle to many older owners and is likely to become a relatively standard feature in pet insurance.
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