Building Block PCC Ltd, the Malta-base niche and specialist insurer is partnering with Alpha Underwriting Ltd to enter the UK’s fast growing pet insurance market. Paul Brierley, BBI’s CEO, said the partnership has kicked off with simple Pet Insurance products covering cats and dogs, marketed under the Perfect Pet brand.
Natalie Surtees, who was recruited to Alpha Underwriting from Animal Friends, and is responsible for the Perfect Pet brand, said: “Perfect Pet will use all price comparison sites as the main distribution channel and, while much of the volume will be driven by price comparison sites, we will be using other channels including affiliate sites, direct sales and the broker market.”
“I am confident that we can differentiate Perfect Pet Insurance through comprehensive and straight forward wordings and competitive ratings.”
Paul Brierley, CEO of BBI, said: “We are delighted to partner with Alpha to enter the pet insurance market, which is scheduled to grow overall to £1.1bn GWP annually by 2018, according to Trimetric research.”
“Growth is being driven by awareness that vets’ fees are expensive, and a relatively low product penetration rate also means this market is a significant opportunity. Although it is highly competitive at acquisition, once a purchase has been made, retention rates are high, he added.”
Surtees explained that initially the Perfect Insurance brand will focus on cats and dogs. “We believe this segment is a good entry point. Perfect Pet will offer in-house claims service headed up by Katy-Grace Alexander, a former veterinary practice manager and pet claims manager. The plan will be to strengthen the claims team with ex-veterinary nurses to support the in-house claims function.”