Duck Creek Technologies launches new business accelerator suite for UK pet insurers

Duck Creek Technologies yesterday (12 September 2022) launched an ‘out of the box’ suite of technological solutions for UK pet insurers.

The software company said that its new solution would help insurers to achieve operational efficiencies and capture share in a rapidly growing sector.

Its suite of technological solutions for pet insurers includes out of the box content – pre-built content plans for four standard pet insurance plans including lifetime cover, time limited, accident only and maximum benefit.

The solution also includes a pet partner ecosystem to support pet related underwriting with pricing information, real-time tracking and online vetinary and vaccination support services.

Duck Creek said that is hoping to disrupt the UK pet insurance market by offering providers and policyholders with a more efficient and user-friendly product offering. 

Shreyas Vasanthkumar, managing director for Europe, Middle East and Africa at Duck Creek Technologies, said: “We know from our own research that the pet insurance market in the UK is ripe for transformation but one which presents insurers with a golden opportunity to provide customers with products that are relevant, affordable, transparent and easy-to-access and manage throughout the product life cycle.”

The UK pet insurance industry could generate £1.5bn gross written premium per year by 2025 according to Duck Creek – with a significant majority of household pets currently uninsured, the firm believes it is a largely untapped market.

Duck Creek said that its new platform would accelerate speed-to-market, improve operational efficiency and improve customer experiences across the policy and claims management lifecycle. 

Price and affordability

Vasanthkumar said: “What is very clear is that price and affordability are key issues – particularly against a backdrop of high inflation and spiralling household bills.”

Meanwhile, Victoria Mills, director of international product at Duck Creek Technologies, believes that “for a market that is ripe for disruption, the solution lies in modern, cloud-based, low-code configurable core systems”.

This, she said, could “deliver the agility and data granularity needed to make pet insurance policies more relevant, affordable, transparent” over the lifetime of a pet.