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Insurtech Bought By Many bucks industry standard

Insurtech Bought By Many bucks industry standard | Insurance Business UK

Insurtech Bought By Many bucks industry standard

Insurtech Bought By Many is going against an industry practice which it believes is creating a barrier for policyholders.

Announcing what it called its ‘latest innovation’, Bought By Many said it is removing the usual two-week waiting period for pet owners who wish to switch insurers. The insurtech is of the view that such a window is not necessary when a customer replaces their provider with no break in the coverage.

“Pet owners will just need to prove that they were covered up until their policy with Bought By Many started if they do make a claim within 14 days of the new policy starting,” assured the disruptor, which is also credited for being the only insurer to cover pre-existing conditions for pets.

In June, Bought By Many was named the most trusted pet insurance provider in the UK at Moneywise’s Customer Service Awards.

“We’re determined to make pet insurance better for our customers, and dropping this waiting period is another step in the right direction,” said Bought By Many chief executive and co-founder Steven Mendel. “The practice traps pet owners on their policy by creating barriers to switching; it makes no sense to customers.

“We feel customers with back-to-back cover should be allowed to claim immediately if needed; insurance is there to help people who are making a claim in good faith. It would be great to see other insurers follow suit and remove unnecessary obstacles for customers.”