4 New Pet Insurance Technologies for Happier and Engaged Customers
- Pet insurance is more popular then ever.
- Insurers must leverage the technologies mentioned here to boost product design and align themselves with customers.
The last couple of years has seen a massive spike in people buying pet insurance, presenting many new opportunities for insurers.
However, this growth potential hasn’t gone unnoticed, and businesses need to stand out to reap the benefits. Using cutting-edge technology is a unique way for your business to differentiate on the market while at the same time putting customers front and center. Here are 4 new technologies that are trending in pet insurance circles.
Lowering the bar for potential customers to purchase policies will leave a solid first impression. One way to do this is through snout recognition technology.
Animals’ nose prints are as unique as our fingerprints and can accurately identify them over 99% of the time. Using AI and integrating with insurance providers, pet owners upload photos of their pets, which create a digital profile to purchase and store all insurance information. It rids the need for keeping physical documents and is not nearly as invasive, meaning less expensive and risky.
Another way for pet insurers to create a holistic experience for their customers is through all-in-one apps.
Creating a mobile app that provides customers with access to their policies and claims is a great way to improve your digital customer journeys. It’s then possible to add more value by building a community that lets them connect to other pet owners and places they can enjoy with their four-legged friends.
You can also send them reminders about important events like upcoming vaccines and so on. These bonuses make you a pet owner’s one-stop-shop, ultimately improving your customer relationships.
Historically, touchpoints between insurers and their customers have been few and far between. Usually, customers purchase a policy, pay their premium, and seldom communicate unless they make a claim. As such, this means lacking trust and making it hard to build a proper relationship between the two. For more tips on attracting and keeping new customers, check out this article >>.
Today, an excellent way for pet insurers to consistently and meaningfully engage with their customers is through device or sensor-driven alerts. With consumers spending more money on their pets than ever, the pet wearables market is shooting through the roof. You can use this to your advantage by partnering with third-party wearable devices such as health trackers.
Health and activity trackers give pet owners deep insight into their furry one’s physical and mental well-being. Allowing them to keep an eye on their daily exercise and sleep patterns, among other things, makes it easy to discover potential damages earlier. Integrating this with your insurance offering translates into healthier and safer pets for customers while providing valuable data and insights for your business.
Providing loss prevention services will strengthen your customer relationships while being a powerful differentiator. Digital veterinarians are another significant value-add to your offering that will help your customers keep their pets in top form. This allows pet owners to visit the veterinarian at their leisure, and from the comfort of their home.
Digital veterinarians are a branch of telemedicine that offers video meetings with experienced veterinarians directly from the customer’s device, whether smartphones, tablets, or computers. The benefit of having it digital is that you can offer extended opening hours (many do 24/7) to diagnose and refer a pet to the right specialist quickly. These features effectively lower waiting times, costs and minimize potential damages. Whether you’re integrating with existing service providers or teaming up with vets to provide your own, it’s sure to add value to your business.
Leveraging these 4 new technologies will help pet insurers provide an experience that continuously engages and satisfies their customers. At the same time, it can give them a substantial competitive advantage and even improve their in-house processes.
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