33: Fraud in Pet Insurance
We are going to be talking about the pitfalls of pet insurance and the lengths fraudsters go to in an attempt to profit off insurers. We also examine what insurers are doing to combat fraud in the pet insurance industry.
Sarah and Nigel are joined by Oke Elazu, COO of Bought by Many to talk about the surprisingly wide-spread issue of fraud in pet insurance.
We kick things off with a roundtable discussion on the challenges facing the pet insurance industry, the difficulties of verifying the vital information of pets and bad actors in the pet world. 45% of the population of the UK own a pet, and statistical studies estimate there to be about 51 million pets in the UK, and 6.6m people have taken out pet insurance. Pet insurers paid out £775 million in claims in 2017 – the highest figure on record representing a 10% year-on-year increase – to help Brits with the unexpected costs associated with pet ownership.
All that and much more on this week's episode of Insurtech Insider.
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This episode of Insurtech Insider was produced by Laura Watkins and edited by Alex Woodhouse.
Special Guest: Oke Eleazu.