GlobalData surveying has found that the vast majority of pet customers have never used a remote/video vet consultation service before despite them proving popular among those who have used them. This suggests there is an opportunity for growth in the utilization of this technology.
GlobalData’s 2022 UK Insurance Consumer Survey has found that 86.2% of respondents have never used a remote/video vet consultation service from their provider, highlighting the opportunity for insurers in this space. Insurtech Waggel has recently partnered with Vet-AI to give Waggel policyholders access to Vet-AI’s app, Joii Pet Care. The app provides 24/7 video consultations, nurse consultations, and a symptom checker. It builds on Waggel’s existing digital offering, which provides lifetime insurance policies for cats and dogs.
The considerably low usage of these services is not due to low satisfaction ratings of consumers. As per our 2022 UK Insurance Consumer Survey, of those who had previously used a remote/video consultation service, 39.5% cited that they were extremely satisfied with the service, while 41.2% ranked the service four out of five. In contrast, only 0.9% of respondents said that they were not at all satisfied.
As the average cost of vet treatments continues to increase, insurers should encourage prevention more than treatment by advertising the benefits of services such as remote/video vet consultations. These consultations can be cost- and time-effective and also offer convenience to consumers. Additionally, they eliminate the need for travel, which can be important with rising fuel prices amid the cost-of-living crisis.
Overall, there is considerable room for growth in the utilisation of remote/video vet consultation services. Insurers should more effectively communicate with policyholders about the existence and benefits of these services.