Pet Insurance is one of those things that many people intellectually understand they need, but never actually take the time to purchase. As any pet owner knows, this is not because people don’t care for their pet, but rather that the hassle of purchasing an insurance policy simply causes this task to remain low on the priority list; often indefinitely. Waggel, a new insurtech company based out of the U.K., is looking to change that.
Waggel was founded by Andrew Leal and Ross Fretten. Leal and Fretten set out to create a company that offered coverage for your pet that the average person could actually understand. Waggel takes that idea a step further by also striving to offer pet insurance policies that actually provide value to their customers. Too many traditional pet insurance policies do not actually translate into savings for policy holders.
Leal spoke with TechCrunch about Waggel. “The biggest problem in pet insurance and insurance in general is the lack of value that customers get with a policy,” says Leal. “You pay a monthly fee and get nothing in return except maybe a promise to pay out a claim in the future. On top of this, pet insurance has become extremely complicated for users, with confusing policy names and jargon-rich wording. The industry is still largely paper-based, slow and terrible at communicating with customers and as a result falls well short of today’s consumer expectations. Insurance is very much a grudge purchase.”.
Pet insurance is always an interesting topic. Some people insist that it is an essential purchase for every pet owner, while others view it as a waste of money. It is up to each individual to come to their own conclusion, but we are willing to bet that insurtech will bring with it a resurgence in the popularity of pet policies. Waggel seems to be leading that charge.