33: Fraud in Pet Insurance

Episode 33 · February 6th, 2019 · 39 mins 25 secs

About this Episode

Sarah and Nigel are joined by Oke Elazu, COO of Bought by Many to talk about the surprisingly wide-spread issue of fraud in pet insurance.

We kick things off with a roundtable discussion on the challenges facing the pet insurance industry, the difficulties of verifying the vital information of pets and bad actors in the pet world. 45% of the population of the UK own a pet, and statistical studies estimate there to be about 51 million pets in the UK, and 6.6m people have taken out pet insurance. Pet insurers paid out £775 million in claims in 2017 – the highest figure on record representing a 10% year-on-year increase – to help Brits with the unexpected costs associated with pet ownership.

All that and much more on this week's episode of Insurtech Insider.

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This episode of Insurtech Insider was produced by Laura Watkins and edited by Alex Woodhouse.