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Laura Bennett lb@embracepetinsurance 440-484-2261

Laura Bennett lb@embracepetinsurance.com 440-484-2261. www.embracepetinsurance.com blog.embracepetinsurance.com. Pop Quiz. You just moved to the US with your family. Which of the following is the most challenging?. Pop Quiz. A:

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Laura Bennett lb@embracepetinsurance 440-484-2261

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  1. Laura Bennett lb@embracepetinsurance.com 440-484-2261 www.embracepetinsurance.com blog.embracepetinsurance.com

  2. Pop Quiz You just moved to the US with your family. Which of the following is the most challenging?

  3. Pop Quiz A: Persuading your family to let you spend your life savings on setting up a pet insurance company with your first child a few months away and an unemployed husband?

  4. Pop Quiz B: Deciding on just the right name and logo for your innovative pet insurance company?

  5. Pop Quiz C: Persuading angel investors to invest in your pet insurance business plan because you said so?

  6. Pop Quiz D: Persuading an insurance company to partner with you? They’ve never heard of you, you’ve never done this before and only you know anything about the product.

  7. Pop Quiz E: All of the above

  8. Embrace Timeline

  9. Creating Something From Nothing • Challenges • Data • Product design

  10. Data • Veterinary clinic data • Issues: • Uninsured data • Referral clinics missing • Exposure understated • and more…

  11. For Example: Rate of Claim Rate per thousand Future Years Age of Dog

  12. Rate of Claim Adjusted Rate per thousand Future Years Age of Dog

  13. Product Design - Existing • Low, medium, high priced options • Average pricing

  14. Pet Parent Survey • Findings: • Want claims paid and on time • Hereditary & chronic conditions • Routine care included • BUT… • No-one knew what they needed

  15. Solution: Customizable Policy Benefit to Customer PICK YOUR PRICE Benefit to Insurer PRICE YOUR RISK

  16. Parameters: Product Deductible Copay Maximum Drugs and dental Chronic care

  17. Parameters: Pet Species (dog or cat) Breed Age Spay/neuter

  18. Parameters: Pet Parent Location Payment method Microchip Service dog Veterinary worker

  19. L&H meets P&C LAW: Property / Casualty insurance NATURE:Life & Health insurance

  20. Underwriter Experienced in pet insurance Responsible for 3 of top 4 programs in the UK

  21. The Product – Get a Quote

  22. The Product – One Click Later

  23. The Product – One Click Later

  24. The Product – One Click Later

  25. Technology Scalable Microsoft platform Off-the-shelf customized Further integrate accounting & billing Real time Extensible e.g.Online claims processing

  26. Results Positive response A lot of pre-existing claims Loss ratio within reason Tweaked terms & conditions 40% of book will claim each year

  27. Laura Bennett lb@embracepetinsurance.com 440-484-2261 www.embracepetinsurance.com blog.embracepetinsurance.com

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