Recently pet insurance has become a big trend with pet owners. More owners are purchasing insurance in order to save themselves money when their pet needs to be treated by a veterinarian. Much like health insurance for humans, pet insurance requires owners to pay a monthly premium, and then if their pet becomes ill much of the veterinary expenses will be covered by the insurance company.
A new pet insurance company, Figo Pet Insurance, began offering insurance to customers in California and Illinois last month. What makes the insurance they offer so unique? The company allows customers to file claims and upload documents using cloud technology.
Pet owners are able to file claims for surgeries, exams, and unexpected deaths, as well as manage their records online or with an app on their smartphone. Policyholders can also communicate with customer service representatives of the company through text messaging.
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Rusty Sproat, company president and CEO, said that the idea came to him a few years ago when he owned an Allstate insurance branch in Chicago. Someone visiting from the corporate office spoke to him about pet insurance and he began doing research on it.
The first thing he noticed was the large gap between pet insurance brands and technology. He was surprised with the lack of technology in the pet insurance field because we live in age where it seems like technology is all around us and is constantly pushed to try and make everything faster and easier.
He’s been working on his new business since 2012 and decided to launch it in California first. Figo offers three different coverage levels; $10,000, $14,000, and unlimited coverage annually. Basic coverage includes vet fees, non-routine dental care, prosthetic devices, surgeries, prescription medications, ultrasounds, X-Rays, euthanasia and more.
Higher-end policies include unexpected death of a pet and even vacation cancelation due to a pet needing emergency life-saving treatment. Unlike health insurance for humans, almost everything can be managed through the company’s MyPetCloud.com.
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Policy owners can upload documents, like records and certificates, as well as file certain claims through the cloud. The cloud also offers free pet tags, registration, and social profile pages for the policy holder’s pets.
The app also sends texts and email alerts to users when their pet is due for shots or vaccines and will show pet owners where nearby parks and pet-related businesses are. Sproat is hoping that the additional features that his pet insurance brand offers will entice customers to choose Figo Pet Insurance over other brands.