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Embrace Pet Insurance: Turning Challenges into Opportunities in the US Market

Are you facing challenges in setting up a pet insurance company in the US? From convincing investors to perfecting your product design, learn how Embrace Pet Insurance overcame obstacles. Explore customizable policies and innovative solutions. Get insights on data, product design, and the journey of creating something from nothing with Embrace. Discover how to navigate the pet insurance landscape with success.

wendy-cash
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Embrace Pet Insurance: Turning Challenges into Opportunities in the US Market

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  1. Laura Bennett lb@embracepetinsurance.com 440-484-2261 www.embracepetinsurance.com blog.embracepetinsurance.com

  2. Pop Quiz You just moved to the US with your family. Which of the following is the most challenging?

  3. Pop Quiz A: Persuading your family to let you spend your life savings on setting up a pet insurance company with your first child a few months away and an unemployed husband?

  4. Pop Quiz B: Deciding on just the right name and logo for your innovative pet insurance company?

  5. Pop Quiz C: Persuading angel investors to invest in your pet insurance business plan because you said so?

  6. Pop Quiz D: Persuading an insurance company to partner with you? They’ve never heard of you, you’ve never done this before and only you know anything about the product.

  7. Pop Quiz E: All of the above

  8. Embrace Timeline

  9. Creating Something From Nothing • Challenges • Data • Product design

  10. Data • Veterinary clinic data • Issues: • Uninsured data • Referral clinics missing • Exposure understated • and more…

  11. For Example: Rate of Claim Rate per thousand Future Years Age of Dog

  12. Rate of Claim Adjusted Rate per thousand Future Years Age of Dog

  13. Product Design - Existing • Low, medium, high priced options • Average pricing

  14. Pet Parent Survey • Findings: • Want claims paid and on time • Hereditary & chronic conditions • Routine care included • BUT… • No-one knew what they needed

  15. Solution: Customizable Policy Benefit to Customer PICK YOUR PRICE Benefit to Insurer PRICE YOUR RISK

  16. Parameters: Product Deductible Copay Maximum Drugs and dental Chronic care

  17. Parameters: Pet Species (dog or cat) Breed Age Spay/neuter

  18. Parameters: Pet Parent Location Payment method Microchip Service dog Veterinary worker

  19. L&H meets P&C LAW: Property / Casualty insurance NATURE:Life & Health insurance

  20. Underwriter Experienced in pet insurance Responsible for 3 of top 4 programs in the UK

  21. The Product – Get a Quote

  22. The Product – One Click Later

  23. The Product – One Click Later

  24. The Product – One Click Later

  25. Technology Scalable Microsoft platform Off-the-shelf customized Further integrate accounting & billing Real time Extensible e.g.Online claims processing

  26. Results Positive response A lot of pre-existing claims Loss ratio within reason Tweaked terms & conditions 40% of book will claim each year

  27. Laura Bennett lb@embracepetinsurance.com 440-484-2261 www.embracepetinsurance.com blog.embracepetinsurance.com

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