Quantee inks long-term deal to help insurer with pet pricing

Insurtech Quantee has inked a long-term partnership with Agria Pet Insurance.

The deal will see Quantee help the pet insurer deliver more competitive pricing through the use of enhanced risk assessment tools.

The partnership after ABI data from 2024 showed that the number of pet insurance policies taken out by UK consumers reached 4.4 million in 2023.

Figures from Pearson Ham, published in April 2024, also showed that premiums started dropping in March 2024 after the Competition and Markets Authority (CMA) said it was looking into the vets market.

Scott Holmes, director for northern Europe and Africa at Quantee, told Insurance Times “there is a responsibility and regulatory requirement from insurers to provide fair pricing to the consumer and to be transparent”.

He added: “The pet insurance market is seeing some significant growth in the UK right now and this is creating a more competitive environment for insurers, as well as for consumers.

“Pricing is vitally important in this environment to attract new customers, to grow market share and to do so profitably. As with most markets, claim costs can be high and it has been well publicised that veterinary costs have increased significantly in recent years, so this all factors into an insurer’s pricing.

“We have also seen more technology and more data being utilised in pet in order to prevent claims and better understand the risk, so this insight also needs to be factored into the pricing and it can be challenging to bring this all together efficiently.”

Selection process

Agria selected Quantee as its partner after running a formal process to find a pricing software provider.

Stuart Clarke, underwriting and finance director at Agria, said: “Quantee’s approach to the implementation and the quality of [its] systems gave us the confidence we needed to choose them as our long-term partner.

“We are delighted to have Quantee to support our strategy to continue to deliver fair and consistent pricing of our products for our customers and their pets.”

Holmes added: “Consumers need to understand how their data is being used for pricing and equally what they can do to improve their risk.

“All of this can be a difficult balancing act to achieve in the UK, but Agria have been doing a fantastic job at this so far and building a competitive offering. It’s great to be working with them and to now take this to the next level together.”