With one in five pets having a lifetime healthcare cost of over $50,000^^, Australia’s largest bank partners with PetSure to help Aussies manage veterinary costs
24 January 2024, Sydney, Australia – Today the Commonwealth Bank of Australia (CommBank) announces its partnership with PetSure, Australia’s leading pet insurer, to offer pet insurance for the first time in the bank’s history.
Following the pandemic pet boom, almost half of all Australian households have at least one dog (48%, up from 40% in 2019) and a third of all households have at least one cat (33%, up from 27% in 2019).** The boom led to a greater proportion of new pet parents who need tailored information, products and services to navigate pet parenthood and pet healthcare costs.
Identifying an opportunity to expand its existing insurance portfolio, CommBank has introduced Pet Insurance (issued by PetSure) to help Australians prepare for pet healthcare costs.
The product offering includes two levels of comprehensive cover with the option to add Booster Care cover and/or Routine Care (non-insurance benefit). Depending on the level of cover, customers can choose to get up to 90% back on eligible vet bills^.
Pet Insurance distributed by Commonwealth Bank (issued by PetSure) includes additional access to value-add services including VetChat and GapOnly®. VetChat is a vet telehealth service+ that connects pet parents with Australian registered vets for expert vet advice and triage via video or messaging consultations. This gives pet owners the reassurance they can access vet care 24/7, which is especially important for first-time pet parents.
GapOnly® is an innovative payment solution that allows the customer to claim on the spot for eligible expenses, and only pay the difference between the vet’s invoice and the eligible claim benefit under the policy (‘the gap’), rather than paying the full amount upfront and waiting to be reimbursed later. GapOnly® is available at participating vet clinics across Australia.
CommBank General Manager Insurance Partnerships, Vanessa Rowe, says helping customers manage unforeseen pet expenses has never been more important.
“PetSure claims data from 2016 to 2023 shows that 1 in every 5 pets have a lifetime healthcare cost exceeding $50,000^^ and the research by CBA shows that only 28% of owners have a pet insurance policy~.
“As Australia’s leading pet insurer that administers over eighty percent of the local pet insurance market, PetSure was the right partner to help us bring this quality offer to customers,” she said.
PetSure Chief Insurance Officer, Joni Hudson, says the new partnership reflects the value of pet insurance and how it can assist everyday Australians. “Pets are beloved family members, and we are fortunate to have access to world-class veterinary treatment in Australia to help us take care of them.
“The partnership between PetSure and CommBank aims to help Australians prepare for the costs of veterinary treatment so that we can focus on enjoying our time with our furry companions.
“The start of a new year is a popular time for Aussies to welcome a new pet into their home, and a good reminder to check how prepared we are for the financial responsibilities of being a pet-parent. Whether your pet is young or old, accidents and illnesses happen, and treatment can be a significant and unexpected expense that pet insurance can help with.”
For more information, visit www.commbank.com.au/insurance/pet-insurance.html.
Sources and disclaimers:
**Pets in Australia: A national survey of pets and people, Pets in Australia: A national survey of pets and people – Animal Medicines Australia (Animal Medicines Australia, November 2022)
^ Policy terms and conditions, limits, exclusions and waiting periods apply. Sub-limits and excess may apply.
^^ Average lifetime healthcare costs estimated using output from PetSure proprietary modelling. This modelling incorporates PetSure claims and policy data from ~c. 2016 to 2023 across all insured breeds. This estimate is representative of current monetary terms and relies on an assumption that the mix of breeds remains consistent with those currently insured with PetSure brand partners.
+VetChat is a non-insurance product that is separate from Pet Insurance and is provided by VetChat Services Pty Ltd.
Please note testimonials and customer experience may vary depending on individual circumstances. Claims are assessed subject to policy terms and conditions.
Pet Insurance is issued by PetSure (Australia) Pty Ltd ABN 95 075 949 923, AFSL 420183 and promoted and distributed by Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (CBA). Any advice provided is general only and does not take into account your individual objectives, financial situation or needs. Please consider the Product Disclosure Statement (PDS) to ensure this product meets your needs before purchasing, or choosing to continue with the product. PDS and Target Market Determination available at https://www.commbank.com.au/insurance/brochures-forms
~About CBA research: This research was conducted online by YouGov plc, between 14/11/2023-22/11/2023, among a sample of 2,033 Australian pet owners aged 18 years and older. The data was weighted by age, gender and region to reflect the latest ABS population estimates of pet owners.
About PetSure:
PetSure (Australia) Pty Ltd (“PetSure”) is Australia’s leading pet insurer. For over 20 years, PetSure has been the market leader in both size and innovation. PetSure issues and administers the pet insurance policies of over 20 partner brands.
As the category leader, and in close collaboration with members of the veterinary industry, PetSure continually seeks to extend coverage, keep pace with modern veterinary practices, and provide pet insurance policies that are transparent and operate with the highest levels of integrity.
In March 2023, PetSure obtained its own APRA general insurance license, making it the first general insurer in Australia that’s fully dedicated to pet insurance. PetSure is committed to the long-term growth and sustainability of the pet insurance category.
Disclaimer:
PetSure (Australia) Pty Ltd ABN 95 075 949 923. Any advice provided is general only and does not take into account your individual objectives, financial situation or needs. Meet our partners at petsure.com.au/partners.
