I thought that finding the right pet insurance for my puppy, Thea, would be a simple task. Especially since I work in insurtech and have pretty solid knowledge of the local insurance market.
To my surprise, the process was much more complicated than I had both expected and hoped. I’ll give you my first-hand insights on my criteria, seemingly minor problems that made me cancel my existing insurance, and how I finally ended up with the right policy.
1. Nail the first impression
Going into the research stage, I had quite a clear idea of what I was looking at:
I also knew that I needed to get it as soon as possible to avoid any unnecessary complications and the price increasing every day.
I started with a simple Google search. After going through some reviews and my list of findings, I reached out to 4 different insurers. These seemed to check off quite a few of my wants and needs while appearing to have relatively simple sign-up processes. Already at this first step, I experienced several surprising frustrations.
First, it was taking up much more of my time than I had foreseen. Finding an offering that looked seemingly fine and then reading through fine print and quotes directly opposing them was tedious and irritating. Second, the sometimes unnecessary need for human interaction astounded me. Some companies only gave me the option to contact me during working hours.
Lastly, I was hoping one of my current insurance providers would cover my bases, with some wiggle room for ease of having things in one place. They didn’t offer any loyalty benefits, and their digital presence was severely lacking. After I told them I wasn’t interested, they still contacted me multiple times a day. This experience made me cancel my subscription.
The issues I mentioned above seemed so easily avoidable and would drastically improve my experience and make buying insurance easy for me.
So, what could these insurers have done to prevent me from falling off right away? Here are some tips on strengthening precious first touchpoints with customers from my experience.
Want to learn how you can get these insights about your own pet insurance business? Check out 4 revenue increasing, customer-centric tips here>>.
2. Deliver on your promises
I settled with a different significant player on the Scandinavian insurance market, where I also had my renters and travel insurance. Their main selling points were: digital customer journey, loyalty discount, and free digital vet visits. This offer sounds excellent, so why didn’t I stay with them?
First, it turned out that they weren’t fully digital, as promised.To purchase my policy, I had to wait to receive physical documents in the mail to sign and send back. This prolonged the process of buying insurance and also meant that Thea was uninsured for a length of time.
Second, when one evening Thea had an allergic reaction, I couldn’t get a reply on any of the company’s channels even though they’d clearly stated 24/7 support. This situation affected me in two ways:
- One night of care could rack up over $3000 in just bills, excluding the $500 for consultation and $1000 for possible medicine. Contrary to the veterinary’s recommendation, we couldn’t leave Thea at the hospital. Firstly, we didn’t know if the insurance would cover the costs. Secondly, we couldn’t afford to pay it out of pocket.
- The only way we were allowed to take Thea home was to ensure that someone would constantly watch her for the coming 24 hours. Ultimately, staying up with the constant stress of her not making it through the night, which we did. Luckily, Thea got better.
Good pet insurance should have additional effects outside of simply paying for care, both for the insurer and the insuree. Some of these are:
3. Be there when your customers need you
Realizing that this insurer was making my life more complicated, I decided to ask around for recommendations. The first person who came to mind was Havard L. Nilsen, Cloud Insurance’s CTO, and father of our Chief Happiness Officer, Willy.
He recommended a small player that he had good experience with and who always helped out. He was impressed with their low price and excellent digital service. Shortly it became clear they were the one. This insurer checked all my boxes with added perks.
Want to learn more about how you can improve your pet insurance business? Check out this post on Pet Insurance and COVID-19: How insurers should respond>>
Accessibility, transparency, and ease through digital journeys are crucial elements to acquire customers. Furthermore, value-added services such as digital vets and regular health check-ups are nice extras that can increase retention, decrease churn, and prevent loss for both parties. For your customers, more regular check-ups mean catching possible conditions or injuries earlier. In turn, this translates to fewer claims altogether for your company and less costly ones when they do occur.
Finally, be there for your clients, especially when they need you. It will keep them around for a long time and make them brand ambassadors, bringing you new business. These practices will allow you to get your own Havard – a person so satisfied with your brand service and experience that they’ll actively refer you to others.
About Cloud Insurance
Cloud Insurance is a seamless SaaS solution made by insurance experts for insurers since 2016. We feature all the aspects of your daily work and help to reduce time on managing policies, claims, financials, and reports through APIs, AI and rule-based technology. Get all the functionality in one place and at a reduced cost. Learn more about us here>>.