laura bennett [email protected] 440-484-2261 blog.embracepetinsurance.com
TRANSCRIPT
Laura Bennett [email protected]
440-484-2261
embrace
PE
T IN
SU
RA
NC
E
www.embracepetinsurance.com
blog.embracepetinsurance.com
Pop Quiz
You just moved to the US with your family.
Which of the following
is the most challenging?
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?
Pop Quiz
B:
Deciding on just the right name and logo for your innovative pet insurance company?
Pop Quiz
C:
Persuading angel investors to invest in your pet insurance business plan because you said so?
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.
Pop Quiz
E:
All of the above
Embrace Timeline
1/ 1/ 2003 10/ 31/ 2007
2004 2005 2006 2007
Sep 06Seed Round 2
Mar 07Launch eCommerce
website
J ul 03Embrace Pet Insurance formed
10/ 05 - 10/ 06Program Development
Oct 06First policy sale
8/ 04 - 10/ 05Lloyd's Discussions
Dec 03Actuarial tables
and models developed
Dec 04Seed Round 1
Aug 06Pet Community
Blog starts
Oct 07Series A funding
Feb 07Microsoft
Pinnacle Award Announced
7/ 03 - 8/ 04Product & Plan Development
Apr 06Lloyd's Signed
Agreement
Aug 04Lloyd's of London
introduction
10/ 06 - 3/ 07Soft Launch
3/ 07 - 10/ 07Full Steam Ahead
Apr 03PAWS Team wins
Wharton Business Plan Competition
Apr 05Pet Insurance
Blog starts
1/ 03 - 7/ 03Exploration
Dec 05Product design
finalized
Creating Something From Nothing
Challenges
Data Product design
Veterinary clinic data
Issues:Uninsured dataReferral clinics missingExposure understated
and more…
Data
For Example: Rate of Claim
Age of Dog
Rate perthousand
FutureYears
Rate of Claim Adjusted
Age of Dog
Rate perthousand
FutureYears
Product Design - Existing
Low, medium, high priced options
Average pricing
Pet Parent Survey
Findings:
Want claims paid and on time
Hereditary & chronic conditions
Routine care included
BUT…
No-one knew what they needed
Solution: Customizable Policy
Benefit to Customer
PICK YOUR PRICE
Benefit to Insurer
PRICE YOUR RISK
Parameters: Product
Deductible
Copay
Maximum
Drugs and dental
Chronic care
Parameters: Pet
Species (dog or cat)
Breed
Age
Spay/neuter
Parameters: Pet Parent
Location
Payment method
Microchip
Service dog
Veterinary worker
L&H meets P&C
LAW:Property / Casualty
insurance
NATURE:Life & Health
insurance
Underwriter
Experienced in pet insurance
Responsible for 3 of top 4 programs in the UK
The Product – Get a Quote
The Product – One Click Later
The Product – One Click Later
The Product – One Click Later
Technology
Scalable Microsoft platform
Off-the-shelf customized
Further integrate accounting & billing
Real time
Extensible e.g.Online claims processing
Results
Positive response
A lot of pre-existing claims
Loss ratio within reason
Tweaked terms & conditions
40% of book will claim each year
Laura Bennett [email protected]
440-484-2261
embrace
PE
T IN
SU
RA
NC
E
www.embracepetinsurance.com
blog.embracepetinsurance.com