The online pet supply retailer Pet Circle has introduced a dog insurance service that provides plans with up to $30,000 in yearly coverage. The insurance policies offered by the firm may be customized with different yearly limits for different types of dogs, reimbursements of up to 90%, and annual excesses that range from $0 to $150.
A 360o Care Optional Extras package, which includes dental diseases, behavioral issues, and supportive treatments like physiotherapy, acupuncture, and hydrotherapy, can also be added to assist pets in recovery after stressful events.
"Our Pet Circle Vet Squad which works in veterinary clinics, told us that many pet insurance policies were not up to scratch, with sub-limits catching out pet parents. In fact, about 85 per cent of Australian pet insurance products impose sub-limits that could restrict pets from receiving the best possible treatment," said Pet Circle co-founder and CEO Mike Frizell.
Australian Pet Insurance Providers
Pet Circle Launches a New Insurance Program for Cats and Dogs
Trend Themes
1. Customizable Pet Insurance - Pet insurance coverage is being offered with customizable yearly limits, reimbursements, and excesses - presenting an opportunity for innovation in the pet insurance industry.
2. Additional Wellness Coverage - Pet insurance providers offering additional wellness coverage options that include supportive treatments like physiotherapy and acupuncture could displace traditional pet wellness providers.
3. Transparency in Pet Insurance - Pet insurance companies offering more transparent policies with fewer sub-limits could disrupt the industry and gain market share.
Industry Implications
1. Pet Insurance - The pet insurance industry can take advantage of customizable options and additional wellness coverage to disrupt the market and gain an edge over competitors.
2. Pet Supplies - Stocking customizable and wellness-enhancing pet insurance plans represent an opportunity for pet supply companies to diversify their offerings and tap into a growing market.
3. Veterinary Services - Veterinary services that partner with transparent and non-sublimit pet insurance companies can improve customer loyalty and retention.