Polaris Standards are expanding with the latest release covering UK Pet Insurance.
The Pet Insurance Standards are now available to download and implement by Personal Lines Standards subscribers.
We developed these Standards as pet insurance is a relatively low cost insurance, ideal for digital trading, with a huge marketplace (according to Post Online, the pet insurance market generated £1bn premium income in 2017). Pet ownership is on the rise with the UK roughly owning 8.5million dogs, 8 million cats and 1.5 million rabbits (Statista 2016 report) with an annual spend of £4.7 billion on pets and related products (Statista 2018 report).
As of 2018, 45% of UK households had a pet of some kind, with 3.8m individuals having insurance cover for their pets. With vet bills on the rise, this will likely push more owners to take out insurance to cover the cost of claims. (Statista 2018 report).
Our Pet Insurance Standards provide a set of data for anyone wanting to build and sell pet insurance products on a digital platform. Covering cats, dogs and rabbits, the Standards were built with assistance and input from Polaris subscribers, who work across all areas of the insurance industry. The Standards cater for details of up to 10 pets (dogs, cat or a combination) and allow for limited details of pre-existing medical conditions (to allow minor conditions to be handled, but recognising that for more serious conditions specialist insurance will be required). Cover for accident only, illness, third party liability, or a combination is also supported. .
The Pet Standards can be implemented on customer and insurer based insurance quotation systems, such as broker systems and price comparison sites by new and existing customers.
If you would like to use our Pet Standards to build Pet Insurance products please contact
Steve Waller – Steve.Waller@polarisplus.co.uk.
Further expansion of the Standards will see a release covering travel insurance in 2020.