INSURANCE TECHNOLOGY

Spot Pet Insurance Enters the Global Pet Insurance Market

Spot Pet Insurance | April 08, 2022

Spot_Pet_Insurance
Spot Pet Insurance, a digital-first pet insurance provider in the United States has strengthened its reach internationally with the launch of its services across Canada. With an estimated 8.3 million Canadian households that own cats, and 8.2 million that include a dog, Spot offers affordable plan options for the pet-centric community to help them secure their pet's well-being so they may enjoy healthier lives together.

Only 3% of pet parents have pet insurance for their furry friends in Canada[ii]. Spot's mission is to help protect pet parents while continuing to help build strong communities of pet lovers. Through pet health-focused education, we spread the importance of peace of mind, to enjoy many years of pet health together."

Trey Ferro, CEO at Spot.
 
Caring for pet parents is just as much a priority for Spot as caring for their pets. With that in mind, the business focuses on a 'Love Brand' approach to pet health and supports policyholders in the U.S. with personal calls welcoming them to Spot, and bereavement calls when their pet has passed away.

The pet insurance provider recognizes the many challenges of pet parenting, and aims to reduce difficult decision-making when it comes to the love for their furry family members. Through a holistic approach to pet health, plan options in the U.S. provide coverage for behavioral problems, alternative therapies for covered conditions, and additional options for Preventative Care coverage at a nominal extra fee. Pet insurance plans provided by Spot in the U.S. feature:

  • Easy claims submission through the Spot App., website or email.
  • 24/7 VetConnect™ telehealth support whenever you need it.
  • Up to 90% reimbursement rate.
  • 30-Day money-back guarantee[1] if the policy is cancelled within the first month.

Technology and innovation is at the forefront of Spot's approach to pet wellness, conveniently enabling pet owners to create custom plans and easily manage their entire account on https://spotpetins.com/. Claims submissions are processed fast in a secure, dedicated web platform and mobile app. Assisted by automation processes, the claims team works to speed up reimbursements whenever possible. The user-friendly site is also able to quickly generate a free quote in under 30 seconds, and additional pets receive a 10% multi-pet discount with plans in the U.S.

Spot's digital-first, self-service members portal allows pet parents to easily access its cat insurance and dog insurance offerings, and rest assured of reimbursements of covered vet costs.

Spot's agile business model allows us to react quickly to market trends and drive technology and innovation, which has helped us enhance critical processes such as the user experience, customer service, and digital claims, As an insurtech our focus on technology, innovation, and people sets us apart from other businesses and helps Spot stand out."

Spot President, Scott Taylor.

Administering the claims for U.S. pet insurance policies offered by Spot is one of the trusted industry veterans and specialists in insurance policies for cats and dogs, C&F Insurance Agency, Inc. U.S. pet insurance policies offered by Spot are underwritten by United States Fire Insurance Company.

Canadian pet insurance policies offered by Spot are underwritten by Northbridge General Insurance Corporation and administered by PTZ Insurance Services Ltd.

About Spot Pet Services, LLC:
Spot Pet Services, LLC is an insurance producer founded in Miami and West Palm Beach, Fl.

In the U.S., Spot offers plan options that include Accident-Only and Accident & Illness insurance. Spot provides insurance plan options, communications, and employees that support humans in forming the best relationship with their pets over a long, healthy life together.

Pre-existing conditions are not covered. Waiting periods, annual deductible, co-insurance, annual limits and exclusions may apply. For all terms and conditions visit spotpetins.com/sample-policy. Preventive Care reimbursements are based on a schedule. Accident and Illness coverage reimbursements are based on the invoice. Products, schedules, discounts, and rates may vary and are subject to change. More information available at checkout.

About Spot Pet Insurance Services, ULC:
Spot Pet Insurance Services, ULC is a company with an Ontario, Canada-based team that offers products in Canada.

In Canada, Spot Pet Insurance plan options include Accident-Only, and Accident & Illness insurance with optional Routine or Preventative Wellness Rider. Spot pet insurance plan options, communications, and employees help support humans in forming the best relationship with their pets over a long, healthy life together.

Spotlight

In trying to meet the new demands of the sharing economy, the insurance industry faces a number of distinct challenges that will require new approaches to doing business. Regulations are at best rapidly changing and often nonexistent. As a competitive advantage, some sharing economy firms do not make financial information public which the insurance community could use to more fully evaluate their risk and exposure. Most startups allocate capital toward growth rather than devoting it to collateral that insurers typically use to validate credit exposure. Firms grow so quickly, there is little, if any, historical loss information with which to predict future losses and set rates for emerging risks.


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INSURANCE TECHNOLOGY

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INSURANCE TECHNOLOGY

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AM Best | July 06, 2022

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