AI breed recognition is just one of many insurtech tools that can make customer onboarding quicker and more personal. Our pet insurance solution, used by major players like Admiral, includes the option for AI breed recognition, and we look at why this matters.
The popularity of pet insurance is on the rise, in accordance with an influx of pet ownership since the start of the pandemic back in 2020. The struggle to convince pet owners to take out a policy, on the other hand, is another matter.
One might expect to see a reflection of the sharp increase in the number of people who own pets when it comes to the number who are taking out policies. However, the uptake of pet insurance is slower than the uptake of actual pets.
Research shows us that 98% of American pet owners do not hold insurance. People list a variety of reasons for their reluctance about taking out a pet insurance policy, but the main issues are that consumers don’t trust insurers to pay out or they feel that they can’t afford to pay for a monthly policy.
As an under-insured space and a growing market, more and more insurers are entering the scene, hoping to snap up customers eager to protect their pets. Yet, where does this leave those insurers who have established themselves within the pet insurance landscape?
For existing pet insurers who have been providing a trustworthy service to animal lovers, this increase in competitors is likely to be a large concern – and a valid one at that. When trying to satisfy customers who are tempted by the next shiny thing, how can pet insurers keep their customers loyal?
It’s no secret that drumming up customer loyalty in the insurance world is tricky. In fact, stats from the UK’s YouGov surveys tell us that an overwhelming 73% of policyholders are shopping for a new insurer.
The insurance brands making the most noise and wowing customers are those who are harnessing sleek technology that elevates their offering, such as AI breed recognition. Pet insurers like Lassie AB are finding ways to embrace tech and personalization in such a way that their customers benefit beyond simply having their pets covered in the unfortunate event of an accident or serious illness.
Meanwhile, health insurers like Vitality are embracing gamification and telematics to allow customers to improve their health and well-being, get perks and discounts in the process, and even lower their insurance premiums. What’s stopping established pet insurers from finding a way to disrupt the industry and set themselves apart?
For most, the answer to that question is simple – they can’t invest in the necessary technology like AI breed recognition to really offer something unique, exciting, and reliable to their customers. Technology is what consumers want, and so insurers must find a way to give them just that.
That’s where FintechOS comes in.
Insurance customers want the same for their pets as they do for themselves. That means reliable, quality care with plenty of perks, technology, and no hassle.
Smooth end-to-end journeys are also key, and so technology that is dependable and not prone to glitches, over-complication, or impossibility to use are all vital for anything that insurers plan to offer. Our pet insurance solution, including AI breed recognition, is exactly what can help pet insurance brands offer such benefits.
We’ve been helping insurance and financial brands to perfect their digital offerings and bring their products into the future with our solution. Our platform provides a way for insurers to escape siloed legacy systems and gain customer trust, attention, and loyalty by using our technology to create responsive and innovative digital and parametric insurance products that are hyper-personalized to customer needs. Consumers want technology, and we can help you give it to them.
Specifically for pet insurers, we’ve developed an AI breed recognition tool. This allows your customers to hold their pet up to their webcam, and automatically identify the breed so that they don’t have to enter the information themselves. Customers can also further personalize their experience by uploading their pet’s picture to your website and using them as their avatar for their site profile.
The benefit of AI breed recognition is that it makes the onboarding process much smoother and quicker, and most customers want to avoid a clunky or lengthy registration process. In addition, it will allow you to tailor the premiums you offer to the breed of a customer’s pet, such as the likelihood of the animal getting sick. You can also offer customers healthcare advice specific to their animal and its breed, effectively helping customers to take better care of their pets so that they are less likely to need to claim on their insurance.
To find out more about our AI breed recognition tool, see our pet insurance solution page.
