Pet insurance industry could benefit from a bit of puppy love, says Aquarium

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Japanese researchers have just discovered that a similar chemical reaction takes place in the brain during owner and pet bonding as to that of paternal bonding with a child. Insurance technology specialists Aquarium Software Inc. believe this latest study, published in Science Magazine in April 2015 could act as further encouragement for the pet insurance sector, with scientific proof that there is an innate caring bond between human and animal.

Mark Colonnese with Poodle

These latest findings clearly signpost a need for an improved customer journey. Pets can no longer be seen as an insurable commodity like a car.

Japanese researchers have just discovered that a similar chemical reaction takes place in the brain during owner and pet bonding as to that of paternal bonding with a child. Insurance technology specialists Aquarium Software Inc. believe this latest study published in Science Magzine could act as further encouragement for the pet insurance sector, with scientific proof that there is an innate caring bond between human and animal.

“Now the bond has been recognised and considered to be comparable with that of a parent and child, it could have far reaching implications for the pet insurance industry,” said Mark Colonnese, VP Sales and Marketing at Aquarium. “A stronger overall bond between pet parents and their pets will inevitably lead to the pet-owner relationship coming under further microscopic scrutiny, as insurers look for new and interesting ways to engage with pet owners and drive up policy penetration and profitability.”

The bond is two way as research shows that dogs who trained a long gaze on their owners had elevated levels of oxytocin, a hormone produced in the brain that is associated with nurturing and attachment. What amazed researchers even more, was the owners also experienced an increase in oxytocin levels when they trained a long gaze on their pets. This draws clear comparisons with parent and child bonding.

Despite the latest findings offering possible encouragement to the future growth plans of the pet insurance industry, Aquarium Software has also pointed to the added demand placed on insurers by more diligent pet owners.                

“These latest findings clearly signpost a need for an improved customer journey,” said Colonnese. “Pets can no longer be seen as an insurable commodity like a car. They are as valuable as people – at least in the eyes of many pet parents – and insurers’ soft skills when dealing with claimants need to be both further enhanced as well as underpinned by the best possible 360 MI about the claim, the owner, and the pet.”

Aquarium specialises in improving the efficiency and effectiveness of the entire journey from the initial quote and buy, right the way through to policy administration and claims management. It has long provided technology for other niche general insurance sectors, however they turned their focus to the pet market in an effort to improve its floundering profitability by bringing its dated technological solutions in line with historically more progressive insurance markets.

Its platform solution utilise the cloud to access veterinary records and claims history in a seamless manner, carrying out checks using processes such as management by exception.

For further information contact Aquarium Software on +44 (0)161 927 5620 or visit http://www.aquarium-software.com

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Jon Gardner
BeyondPR
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