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Product Design Philosophy

PetSure’s approach to the development and distribution of our products

At PetSure, pets are at the heart of what we do.

When it comes to pet health, pet parents need to fund the full cost of treatment for their pets, which can be a significant and unexpected expense. The purpose of our products is to provide easily accessible options to pet-parents to meet the care needs of their pets, so that they can live happier, healthier, longer lives together.

Want to know more about our approach to the development and distribution of our products?

Our process involves these 5 steps:

  1. Identify the needs and expectations of our customers: By listening to our customers, brand partners and the vet community, we identify unmet customer needs or expectations and use this as an opportunity to develop a new product or improve an existing one for the applicable target market.
  2. Design the solution: In creating the product response, we have a team of passionate pet people – from veterinary professionals to actuaries – who combine the feedback from customers, brand partners and the veterinary community with the pet health data that we have accumulated over the last 20+ years and our view on future veterinary and pet health trends.
  3. Make sure we’re on the right track: Once we have an idea of the solution, we engage our community of pet-parents, vets and brand partners to check we’re hitting the mark. We also review our historical data to forecast how the product will perform and continue to review this against actual performance
  4. Launch: Once we’re confident we’ve got the solution, we introduce the product to our customers, in partnership with our trusted brands. To distribute our products, we partner with reputable brands that have the same love for pets or pet-parents that we do, and have clear standards for good sales practices. We work closely with our brand partners to ensure their marketing and communication aligns with the expected product outcomes.
  5. Iterate: The pet and veterinary world is ever-changing, so to make sure our products keep up and are performing as they should, we keep repeating these steps.

Keen to know more?

As we move through those five steps, we are guided by our key product principles:

Value: Our products are designed to provide value. On every business day, we reimburse more than $800,000 of veterinary treatment costs on average. Almost half of PetSure customers claim each year, and those that do, claim on average more than 5 times a year. For our comprehensive products (specified accidental injury and illness cover), we have a claims acceptance rate of over 90%.**

Ease of use: We aim to make it quick and easy for our customers to use our products, through our initiatives like:

  • the Pet Portal, where customers can self-manage their insurance policy 24/7, including submitting and tracking claims, finding important policy documents and updating their personal information.
  • our eClaims service which lets participating vets submit a pet insurance claim on the customer’s behalf. Apart from our GapOnly® claims service, this is the fastest way to claim, and is available at over 1,000 vets across Australia.
  • our GapOnly® claims service, where customers with eligible policies can have their claim assessed on the spot at participating vets, and only have to pay the gap (the difference between the vet’s invoice and the claim benefit).

Our average claims processing time is 2 business days from receipt of all required claims information. GapOnly® claims are processed within an average of 10 minutes.

Lifetime protection: It is important to us that our products offer peace of mind at all stages of a pet’s life, so once a pet is insured with us, provided premiums remain up-to-date, that pet remains insured for life for as long as we continue to provide the product and subject to the terms and conditions of the policy. 

Availability of options: Our aim is to make pet insurance accessible to pet-parents with a variety of needs and budgets, so we offer different ranges and levels of coverage for that may be suitable for different types of customer.

Ease of understanding: We strive to be clear and transparent in explaining what our products are and aren’t intended to cover. We include FAQs and claims examples in our policy documents, and PetSure customers can check whether an upcoming procedure or treatment will be covered by completing a pre-approval (pre-authorisation) form.

**Sourced from PetSure claims data. Current as of Dec 2022.