Why did pet insurance in the UAE failed dramatically in the past? And what did we learn from that
Pet parents that have been in the UAE for enough time remember that, a decade ago, some companies sold pet insurance policies. But it did not last long and failed big time. Let’s look at the main reasons why it failed:
- First, insurance policies were pure copy & paste of pet insurance existing in Europe. It was not fitting the needs of pet parents in the UAE
- Because there was no customized veterinary network: customers could go to any vet clinic in the country and claim for reimbursement. It was very difficult for the insurance company to control the validity of the veterinary expenses of their clients. And sometimes it also encouraged fraud. Companies stopped selling pet insurance after just a few months due to high losses.
- The pet community was much smaller and less educated about animal welfare and petcare.
- Pet insurance needs to be built with love and with full knowledge of the pet ecosystem. You don’t sell pet insurance like home or motor insurance!
How did we learn from past failures to make a difference and improve the quality of life of thousands of pets in the UAE:
- First, we are pet parents ourselves. We know what it is to worry for your furry friend and to be scared not to be able to afford the treatment that he/she might need to have at some point.
- We listened to others pet owners (we ran a survey answered by more than 500 pet parents) and built an insurance coverage that is fitting their needs.
- We got in touch with the best vet clinics in the country to build a customized network of vet clinics that we know are highly professional and ethical.
- We engaged with cool petcare companies to build a community and offer discounts to our insured members.
Also, the UAE pet community has grown larger and is now more mature and educated about the concept of animal welfare and pet insurance than 10 years ago. While pet insurance has been fast developing in more and more countries, now it is time for pet parents in UAE to pamper their pets with pet insurance and all the perks it entailed!