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.)

So I was gratified to see he picked up on pet insurance as one of these trends in insurance.

Veterinary Pet Insurance in Brea, Calif., and Embrace Pet Insurance in Cleveland are among those companies that currently offer comprehensive health insurance products for pets, but considering all those childless couples, empty nesters, and retirees for whom the pet has become a true family member, this area may be ripe for further exploration.

Someday, that ever-present gecko may become the official spokesanimal for policies covering pet life insurance, funeral expenses, and maybe even genetic cloning to replace dear old Fido in a way never before possible.

Now that would be something - Geico Pet Insurance. Perhaps I could do the voice of a talking British dog for that one :)

While you can't predict when your pet is going to get sick or injured, you can protect yourself from expensive veterinary bills. Embrace Pet Insurance gives you the freedom to do what’s best for your pet without stressing over the cost. Easily personalize your coverage to fit your budget and your pet’s needs, then visit any vet for nose-to-tail coverage. Check out what the Embrace plan covers or compare pet insurance providers to learn more.

Mind if we pay your vet bills?

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Pet health insurance is administered by Embrace Pet Insurance Agency, LLC and underwritten by one of the licensed insurers of American Modern Insurance Group, Inc., including American Modern Home Insurance Company d/b/a in CA as American Modern Insurance Company (Lic. No 2222-8), and American Southern Home Insurance Company. Coverage is subject to policy terms, conditions, limitations, exclusions, underwriting review, and approval, and may not be available for all risks or in all states. Rates and discounts vary, are determined by many factors, and are subject to change. Wellness Rewards is offered as a supplementary, non-insurance benefit administered by Embrace Pet Insurance Agency in the United States. © 2016 American Modern Insurance Group, Inc.