Pet Pointers: Is Pet Insurance Really Worth It?

ODIE Pet Insurance Shares Why Pet Owners Should Consider It.
By ODIE Pet Insurance Marketing, LLC
February 28, 2020

When it comes to dogs and cats, modern-day pet owners are spending more than ever before on their furry companions. $72 billion to be exact according to the American Pet Products Association's 2018 report. A whopping 25% of that total -- roughly $18 billion -- is dedicated to veterinary care not including over the counter medications. With numbers that high, it's surprising only 2% of pet dogs and cats in the U.S. have medical insurance. Miles Thorson, Co-Founder and Managing Partner of ODIE Pet Insurance, is here to share the ins and outs of pet health insurance, why it's becoming more popular, and help you decide if it's right for you.

What is pet insurance?
Pet health insurance helps pet owners protect themselves against financial risk when it comes to emergency vet care. It covers things like accidents, injuries and illnesses -- the unexpected stuff. Say for instance your brand new puppy decides to eat your car key (yes, this happens) and needs emergency care. Without pet insurance, you would come out of pocket for the entire cost of those veterinary services. That means x-rays, possible surgery, medications, etc. which could costs thousands of dollars. Depending on your plan, pet insurance would reimburse you up to 90% of those costs.

Some pet insurance companies will also offer coverage to help with the "expected" costs of owning a pet. For example, ODIE Pet Insurance offers a routine care plan, for an additional monthly fee, to help cover vaccinations, flea and tick medication, microchipping and even blood and fecal exams. This additional offering can help pet owners budget annual spend on their furry family members.

Why buy pet insurance? Is it necessary?
With the rising costs of quality veterinary care, pet insurance is becoming extremely popular. However, many pet owners wonder if the additional cost is really worth it. While purchasing pet insurance is highly dependent on your personal financial situation, it should be considered if the you are concerned about being able to afford taking your dog or cat to the vet. We want pet owners to be able to provide their pets with the best possible health care no matter their financial status.

What sets ODIE apart from other pet insurance companies?
ODIE's biggest competitive advantage comes from our parent company owning the entire process. From administering policies to processing claims, this gives the business a lot of flexibility to offer very affordable rates across the market. ODIE isn't limited by external partners in terms of what it can do so it focuses on direct client needs and optimizes its products and services accordingly. That means better pricing, better options, and better coverage.

What is different about today's pet owners and how is ODIE catering to them?
Modern-day pet owners are incredibly tech savvy and accustomed to the ease of e-commerce. With the power of the internet, they're able to make educated choices about their purchases and expect immediate delivery. Most industries have updated its services and products to accommodate today's consumers but insurance tends to lag behind. It order to cater to the U.S. market, ODIE was built to perform and function around technology leaving the old ways of paperwork and excel sheets behind. Customizing quotes, purchasing coverage and managing your pet's insurance policy can all be done on our online platform. We're also working on some great partnerships that will certainly add value to our customers.

How is a technology-based insurance solution implemented in your company?Everything from our rating mechanism to our claims process is technology-based. We see a huge advantage in utilizing technology to improve the speed of our service. Our back-end system enables customers to create quotes instantly, receive policy documents immediately after purchasing, and get claims processed in as little as 5 business days. Our team is constantly testing ways to make our customer experience better.

Coming from an insurance background, what made you want to launch an insurance program specifically in the pet insurance industry?
We are a big family of pet lovers who just happen to be in the insurance business. When looking for pet insurance for our own dogs we felt the options were quite expensive and lacked adequate coverage. There was also little transparency into how claims were being processed which we knew could be improved upon. After a bit of research, we saw a tremendous need in the marketplace for something better. Coupled with our passion for pets, it felt like a great next step for our family business.

 “Pet Industry Market Size & Ownership Statistics.” American Pet Products Association, American Pet Products Association, 2019, www.americanpetproducts.org/press_industrytrends.asp.