There is a newcomer in the increasingly competitive UK pet insurance market after Building Block PPC and Alpha Underwriting announced a new partnership.
The Malta-based specialist has teamed up with the underwriter to launch the Perfect Pet brand, which will offer cover for cats and dogs. It aims to differentiate itself through “comprehensive and straightforward wordings” with Natalie Surtees joining the firm from Animal Friends to lead its push.
“Perfect Pet will use all price comparison sites as the main distribution channel and, while much of the volume will be driven by price comparison sites, we will be using other channels including affiliate sites, direct sales and the broker market,” she said.
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“We believe this segment is a good entry point. Perfect Pet will offer in-house claims service headed up by Katy-Grace Alexander, a former veterinary practice manager and pet claims manager. The plan will be to strengthen the claims team with ex-veterinary nurses to support the in-house claims function.”
Paul Brierley, the CEO of BBI, who
spoke to Insurance Business about Brexit issues last week, believes there is a fantastic opportunity in the UK pet market given that it is expected to grow to £1.1 billion GWP annually.
“Growth is being driven by awareness that vets’ fees are expensive, and a relatively low product penetration rate also means this market is a significant opportunity,” he said. “Although it is highly competitive at acquisition, once a purchase has been made, retention rates are high, he added.”
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