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Average vet bills by age for dog

When we were first looking at pet insurance 10 years ago, I analyzed the average total vet bill for a mixed breed dog by age to see what it would look like and here it is.

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Press Release: Embrace Pet Insurance Swims Upstream To Add Goldfish Coverage to Its Product Range

Embrace is tapping into the world of fish parents who care for the 75 million goldfish in America

Mayfield Village, OH – Embrace Pet Insurance swims against the tide, adding goldfish health insurance coverage to its customizable product range.

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Do we see Geico Pet Insurance on the horizon?

Richard Zatorski, a consulting actuary writing for the American Academy of Actuaries magazine, Contingencies, recently wrote an article on innovation in insurance. He starts off:

The insurance industry has rarely been known for its creativity and foresight with regard to the emerging needs of its customers. In fact, many recent policy changes have been attempts to clarify what isn’t covered as opposed to giving consumers more and better features to choose from.

Anyone living in Florida or on the gulf coast needing home owners insurance knows all about that.

He then goes on to talk about microtrends - "intense identity groups that are growing and have needs and wants unmet by the current crop of companies and marketers." (the book he references is Mark Penn’s book Microtrends: The Small Forces Behind Tomorrow’s Big Changes if you are interested in the topic.)

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The Actuary's Prayer

As ode to the actuarial pet insurance work I'm doing today, I give you The Actuary's Prayer:

The ACTUARY's PRAYER (ver 3.01)

Our model, which art in nowhere.
Guessing be thy name.
Thy assumptions come,
Thy will be done in future as it was in the past.
Give us this day our premium rates,
and forgive us our lousy estimates,
as we forgive those who supply us with crappy data.
Lead us not into insolvencies, and deliver us from auditors.
For thine is the #NAME?, #DIV/0!, and #VALUE!,
forever and ever.

Amen.

I've no idea who wrote it (likely an actuarial student who was supposed to be studying...) but if you are an actuary, you'll get a good laugh out of it...

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Actuarial Pioneer: Laura Bennett, pet insurance actuary

Cool_headshotSoa_new The Society of Actuaries (SOA) has been building a list of the top 100 actuarial "Pioneers" as part of building the awareness of the actuarial field. To be on it, you have to be "an actuary who has blazed a trail for actuaries by creating a new application for actuarial science, or one who is among the first to apply the actuarial skill set in a non-traditional setting."

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What is an actuary?

Be_an_actuary_1

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The only full-time pet insurance actuary?

There aren't that many actuaries in the world, and there aren't that many people working on pet insurance full-time either, so when you put that together, you get only one actuary who works full-time on pet insurance - that's me (as far as I know).

Laura_on_her_first_birthdayI've been doing this for a while now and have not found anyone else to share this honor with anywhere. So please, if you know of any more actuaries who are working on pet insurance full-time anywhere in the world, get her/him to step forward (either through the comments or email me if you are shy) and reveal himself/herself. It would be fun to share war stories.

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Can an actuary be cool?

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