Laura Bennett 440-484-2261 blog.embracepetinsurance.com.

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Presentation transcript:

Laura Bennett blog.embracepetinsurance.com

Pop Quiz You just moved to the US with your family. Which of the following is the most challenging?

Pop Quiz A: Persuading your family to let you spend your life savings on setting up a pet insurance company with your first child a few months away and an unemployed husband?

Pop Quiz B: Deciding on just the right name and logo for your innovative pet insurance company?

Pop Quiz C: Persuading angel investors to invest in your pet insurance business plan because you said so?

Pop Quiz D: Persuading an insurance company to partner with you? They’ve never heard of you, you’ve never done this before and only you know anything about the product.

Pop Quiz E: All of the above

Embrace Timeline

Creating Something From Nothing Challenges Data Product design

Veterinary clinic data Issues: Uninsured data Referral clinics missing Exposure understated and more… Data

For Example: Rate of Claim Age of Dog Rate per thousand Future Years

Rate of Claim Adjusted Age of Dog Rate per thousand Future Years

Product Design - Existing Low, medium, high priced options Average pricing

Pet Parent Survey Findings: Want claims paid and on time Hereditary & chronic conditions Routine care included BUT… No-one knew what they needed

Solution: Customizable Policy Benefit to Customer PICK YOUR PRICE Benefit to Insurer PRICE YOUR RISK

Parameters: Product Deductible Copay Maximum Drugs and dental Chronic care

Parameters: Pet Species (dog or cat) Breed Age Spay/neuter

Parameters: Pet Parent Location Payment method Microchip Service dog Veterinary worker

L&H meets P&C LAW: Property / Casualty insurance NATURE: Life & Health insurance

Underwriter Experienced in pet insurance Responsible for 3 of top 4 programs in the UK

The Product – Get a Quote

The Product – One Click Later

Technology Scalable Microsoft platform Off-the-shelf customized Further integrate accounting & billing Real time Extensible e.g.Online claims processing

Results Positive response A lot of pre-existing claims Loss ratio within reason Tweaked terms & conditions 40% of book will claim each year

Laura Bennett blog.embracepetinsurance.com