Leitch thinks of pet insurance as a wellbeing product – private medical insurance for cats and dogs, effectively. He cites pet obesity as a big issue that results in a lot of claims, so if pet telematics can encourage owners to have healthier, more active pets, he’s for it.
“It’s great for the pet, it’s great for the customer, and it works commercially, so it works all round,” says Leitch.
RSA is currently an active participant in the field of pet telematics, with a product that’s currently on the market, called Waggle Pets. Leitch thinks of it as a wellbeing product – one that stores all the info you need for your pet, from the supplements and drugs he or she needs, to an activity monitor and pet insurance.
What’s in it for consumers?
The use of telematics in everyday life and activities puts consumers in the driver’s seat when it comes to their insurance policies and premiums. By having access to detailed data on their driving, home security and petcare, ordinary consumers can become more aware of the risks around them, which could spur them to change or improve their behaviour.
“Insurance allows people to buy homes, own pets, start businesses, to invest… it underpins the facilities of normal, everyday life. But people don’t want to make claims. People want to be healthy and happy, and not have to deal with the aftermath of an insurance event,” says Leitch. “The common thread across everything we’re doing with telematics is that we’re using technology to create propositions that either prevent or minimise the impact of claim events.”