How GapOnly® is Innovating and Improving the Claims Experience for Pet Parents

The level of veterinary care available to pets has improved exponentially in recent years, and whilst there isn’t Medicare for pets, there is pet insurance and increasingly Australians are recognising its value.

Covering a portion of the cost of eligible vet bills for unexpected accidents and illnesses, pet insurance can help remove the financial barriers to treatment. With significant technological and medical advances in the veterinary industry, insurance can assist pet parents to seek specialist treatment and the best possible care for their fur baby.

Having a pet insurance policy can help minimise out of pocket costs for unexpected health issues, but having the right kind of insurance and understanding what is covered is important. PetSure research found that there is confusion among policyholders about what type of policy they have. There’s a difference between wellness policies and pet insurance which covers unexpected illnesses and accidents. Our research indicates that $3,000 is the financial tipping point at which pet parents find the investment unmanageable and at which point some might consider economic euthanasia, so insurance can play an important role in helping pet parents manage unexpected pet healthcare costs.

While pet insurance penetration amongst pet owners is relatively low in Australia, when comparing PetSure data to all types of general insurance, the average pet insurance policyholder is 27% more likely to claim on their pet insurance each year than they are on any other form of general insurance11. In fact, 45% of our customers claim at least once a year with many claiming up to four times. This demonstrates the value that customers receive from their insurance product.

As the claims process is cited as a common pain point of using insurance, PetSure policies offer GapOnly®, an innovative, award-winning payment service that’s transforming the pet insurance claims experience.

When using GapOnly®, pet parents simply pay the gap (the difference between the vet’s invoice and the pet insurance claim benefit under their policy), reducing upfront vet expenses. It’s creating a better experience for vets and pet parents alike, with less paperwork, on-the-spot processing and less upfront expense.

2022 was a year of significant growth for GapOnly®. We expanded our GapOnly® pet insurance partner network, so GapOnly® is now available to all pet insurance brands administered by PetSure. The number of GapOnly® claims processed grew by 99.5% over the year, and the average processing time for a GapOnly® claim has reduced from 10 minutes to just 6 minutes. Plus, we now have more than 900 GapOnly® enabled vet clinics around Australia. GapOnly® was also recognised by Canstar in 2022, receiving a Canstar Innovation Award. Canstar commented that GapOnly® was a unique and convenient payment service, having a significant impact on customers by helping to reduce the costs of eligible vet bills as they simply pay the gap and go.

PetSure developed GapOnly® to help reduce the stress and worry for customers when making healthcare decisions for their pets at the clinic. PetSure continues to invest in GapOnly®, building on its availability and functionality to help make pet insurance more accessible to Australians and to improve health outcomes for pets and their people.