Wisentic has released new insights into the challenges faced by UK veterinary clinics in managing pet insurance claims.
According to the company, the administrative burden of claims processing affects not only clinics but also insurers, with workflow inefficiencies leading to increased costs and delays.
The company’s recent survey gathered responses from hundreds of UK vets, identifying the most pressing issues in the claims process. The findings show that 33% of respondents cited the need to navigate multiple vet portals as their primary frustration. Slow cash flow was highlighted by 19%, while 16% of vets pointed to the ongoing need to chase claim follow-ups as a significant concern.
Wisentic notes that these issues are not minor obstacles. The process of moving between different portals often introduces inefficiencies and inconsistencies, which can lead to incomplete or delayed claims. As a result, insurers receive claims that require additional work, compounding the administrative load and increasing operational costs.
The company suggests that integrating claims submission directly from a veterinary practice management system (PMS) could address many of these challenges. With automated checks and validation, claims could be processed within a minute, eliminating the need for multiple portals and reducing the time spent on follow-ups.
Wisentic notes that this approach would not only simplify the workflow for clinics but also provide tangible benefits for insurers, including faster claims, fewer errors, and lower costs.
The scale of the claims process is underscored by recent market data. In 2024, pet insurance claims in the UK exceeded £1 billion for the third consecutive year, with total pay-outs reaching a record £1.23 billion. The average claim cost rose to £685, and the market is forecast to continue expanding as more pet owners seek coverage for increasingly complex veterinary treatments.
The UK pet insurance market reached approximately £1.75 billion in gross written premiums in 2023 and is projected to grow at a compound annual growth rate of 6.1%, potentially reaching £2.35 billion by 2028. This growth is being driven by both rising veterinary costs and a greater awareness among pet owners of the financial risks associated with pet healthcare.
Despite the growth in claims and premiums, insurance uptake remains limited. In 2023, only 25% of dogs and 12.1% of cats in the UK were insured, indicating significant potential for further market expansion.
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