Predefined Insurance Products
When making a quote offer and generating a policy to a customer, you can benefit from a faster time to market by using our sample insurance products that come along with the accelerators. You can also use the sample insurance products to test them out in digital journeys before modifying and transforming them into your very own products, ready to be launched on the market.
The Pet Insurance Quote & Buy journey comes with the pre-configured, ready to use insurance product, Pet Protect. Use Pet Protect as it is pre-configured, if you find it fills your business needs, or use it as starting points for your custom products to define tailored offerings for your customers.
Pet insurance is a fast-growing line of business, providing owners with financial protection against unplanned veterinary treatment costs resulting from pet illness or accident.
The customer can receive coverage for one or more of the following assets and liabilities: dentistry, emergency boarding, holiday cancellation, accident, illness, ligament cover, scans, theft/straying, damage, injury, veterinary fees and work absence. Optionally, they can choose to cover complementary medicine and therapeutic diets.
Each of the coverages has a premium amount assigned, that is calculated using a pre-defined formula. Learn about the formulas used to calculate the premiums for each coverage by accessing the Configure the Pet Formula page.
Pet Protect has a daily prorata. The customer receives the premium invoice 5 days before its due date. If the customer fails to pay the premium on the due date, they receive 15 grace days to do so, before the contract is suspended. The Pet Protect contract can be suspended for 30 days. For claims, the customer needs to send the notification in maximum 48 hours after the incident has occured.
The customer can have the contract renewed after its end date. They receive a notice 7 days before the end date, and they can either choose to end the contract or have it automatically renewed, with a new version. The contract has a free withdrawal period of 14 days, the tariff type is set per coverage, and the underwriting type is set per product.
These configurations are done using Insurance Product Factory, and you can customize them according to your business needs.
The Pet Protect contract is set to be automatically renewed when the expiration date is approaching.