Fintech Finance presents: The Insurtech Magazine 04

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PET INSURANCE

Back in 1890, a Swedish gentleman by the name of Claes Virgin had the idea of insuring horses and other animals that ploughed the country’s fields and pulled its carriages. An instant hit, his policies were based on the understanding that working animals were financial investments worth protecting. But Virgin’s policies didn’t die out with the soon-to-be-overtaken handsom cab. Rather, they evolved to cover Sweden’s growing population of pets. The world’s first protection for a pooch was written there in 1924. Fast forward almost 100 years and Swedes lead the world in indemnifying their emotional assets: 60 per cent of their pets are insured and it’s a market that UK-based Bought By Many is intent on getting its paws on. But that’s just the

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TheInsurtechMagazine | Issue 4

The biggest insurtech fundraise so far in the UK was secured by a pet insurer in the middle of a pandemic. So what has Bought By Many got that other’s haven’t? We asked its Chief Commercial Officer Charlotte Halkett start. Having this year closed the biggest UK insurtech fundraise to date, its sights are set on pet lovers across the world. The fact that the value of a pet is not measured in the cost of its replacement or repair, but by the affection in which it is held, defines its approach. “Motor insurance is a stress purchase, because you’re told you have to get it, and I’d describe home insurance almost as a

fear purchase. But pet insurance is different: it’s a love purchase,” says Charlotte Halkett, Bought By Many’s CCO. “I’ve been involved in insurtech for the last 10 years and pet insurance is unlike any other personal and casualty (P&C) line of business. It’s the way people buy it, the way they think about it, the way you have to think about their customer journey. The usual concept of an insured item doesn’t really work in pet insurance.” Having begun life offering niche cover in multiple sectors, Bought By Many began to focus its energies on pets in 2017. It amassed some 40,000 comments from owners that helped pinpoint exactly what they wanted a pet insurance policy to fulfil and built this insight into its digital DNA. It continues to genetically improve the business, which leverages both its tech and its people to create an intensely customer-focussed hybrid www.fintech.finance