Vets: important touchpoint for insurance
Jan 23, 2013 (Datamonitor via COMTEX) --
Many pet owners look for the cheapest policy when shopping for pet insurance. However, the cheapest option often does not provide adequate cover for their needs. Vets are the principal point of contact concerning pets' wellbeing, and are in a good position to help inform consumers about insurance.
As the main point of contact regarding pets' health, vets should work together with insurers to ensure that pet owners have adequate cover for their pets.
Industry experts interviewed by Datamonitor have underlined the need to educate consumers about pet insurance. According to Datamonitor's 2012 General Insurance Consumer Survey, 29% of cat and dog insurance customers tend to pick the cheapest policy.
However, pet owners picking the cheapest policy often discover that they are not covered for the condition that they are claiming for, leading to hefty vet bills. Switching providers is not always a solution as insurers will not usually cover pre-existing conditions - or will do so for a much higher price - potentially trapping customers with no or inadequate cover.
Vets have both the necessary knowledge and incentive to inform pet owners about their pets' state of health and therefore the type of insurance cover needed. They should do so more often - together with insurers, and staying within the limits of regulation - to ensure that pet insurance is serving its purpose.
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