Niche insurer Bought by Many moves into pet insurance
UK insurtech Bought by Many has launched its own pet insurance products as it expands into ever more niche markets. The firm, which touts itself as the people-first insurer and has covered anything from model railways to health insurance for cancer sufferers, has moved onto cats and dogs after helping its customers find the best deals for their animals. The three products it's offering were tailored from more than 40,000 pieces of customer feedback.
LONDON, February 8, 2017 /PRNewswire/ --

BoughtBy Many, the people-first insurance company, has launched its first insurance products for dog and cat owners.

Bought By Manyis a challenger within the insurance market, using technology and data to find the best value insurance for customers whose needs are not currently being met. After successfully helping its 265,000 members get better deals from existing pet insurance providers, the company has launched its first insurance products, having listened to over 40,000 pieces of customer feedback about the gaps in provision available to pet owners in the UK.

Some of the most common frustrations include premiums that jump after the first year of cover and continue to increase over the life of a pet; customers receiving no benefit from pet insurance if they do not need to claim; and not being able to switch pet insurers and maintain cover for a pre-existing medical condition.

Customers can choose one of three products that include features no other insurers offer, designed in response to this consumer demand:

Fixed For Life - £20,000 of cover over the course of a pet's life, at a price that is guaranteed never to go up, even if a customer claims

- £20,000 of cover over the course of a pet's life, at a price that is guaranteed never to go up, even if a customer claims Money Back - Customers will have 20% of their pet insurance premium paid back for every year they do not claim

- Customers will have 20% of their pet insurance premium paid back for every year they do not claim Pre-existing- The only pet insurance policy that includes cover for a pet's existing medical conditions straight away, enabling switching in a market that has previously trapped consumers with the same insurer

Customers looking for conventional pet insurance can choose from the Value, Regular, and Complete products. These also respond to member feedback - for example, by offering the option of a zero excess or dental cover on certain policies. Bought By Many has also launched a low-cost Liability Only policy for dog owners that starts at £10 a year.

Customers can join Bought By Many to access these products athttps://boughtbymany.com/pets

Steven Mendel, Co-founder and CEO of Bought By Many commented: "When we started Bought By Many, we wanted to transform the customer experience of insurance, helping people find the right cover for their unique needs. Our social and digital model allowed us to gather a unique set of insights that led to us creating our own pet insurance product range."