“pet Insurance In Europe: Providing Care For Beloved Animals” – In an effort to gain a competitive edge over others in the industry, digital banks are expanding their product offerings with insurance and increasing revenue through bank payment protection. sectors such as telecommunications and tourism.

After Neobanks rivals Monzo and Monese launched insurance products, Revolut is now entering the InsurTech market with the launch of a pet insurance product that is “the first of many. Future independent Revolut InsurTech,” the company said in a statement on Wednesday (February 23). 3) Pressure relief.

“pet Insurance In Europe: Providing Care For Beloved Animals”

Another step is the launch of pet insurance, which complements the company’s existing insurance offering, which includes travel insurance, ticket and missed event cover, and purchase protection. The company will strengthen the financial super app that is used by almost 4 million people. Customers in Great Britain.

British Pet Insurance

The British company also points to the “COVID effect” on pet ownership in the report, including the rapid rise in people becoming pet owners during the pandemic, as the pet insurance market in the UK and Europe is booming again. rapid expansion is expected.

Commenting on the launch, Revolut Pet Insurance Product Manager Chiraayu Sethi said in a release that InsurTech is a fast-growing sector and that by entering the Kingdom’s new FinTech business, it aims to become one of the world’s leading companies in the industry.

“We’ve heard from over 150,000 customers on our platform and we look forward to welcoming their pets as customers,” he said in a press release.

Sethi added, “The goal of our financial super app is to provide a one stop shop for all money for customers everywhere. Our Revolut retail and business account ecosystem includes fully integrated products with great user experiences that cover all financial needs in our customers’ lives.

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Meanwhile, Revolut’s pet insurance will apply to UK customers’ dogs and cats, according to a press release. They can get quotes and buy insurance in the Revolut app. The product is available in three plans, Bronze, Silver and Gold, with a monthly subscription fee that varies based on factors such as the pet’s age, breed, gender and location.

Key features included in the plan include annual veterinary cover of up to £10,000 (approx. US$13,600) per pet, free 24/7 access to an online vet, and instant help with non-urgent questions without having to answer. Expenses, medical care when traveling outside the UK and accidental dental injury insurance, the statement said.

Revolut, launched in 2015, began as a money transfer service but later expanded its services to include digital banking, stock trading, cryptocurrency and insurance through Baoviet Holdings. World.

The company raised $800 million at a $33 billion valuation last July, making it Britain’s most valuable private technology company at the time, worth more than 53-year-old NatWest, one of the country’s “Big Four retail giants”. bank. The pet insurance market in Europe is segmented by insurance (accident and disease, accident only), by policy (non-life life insurance), by animal (dogs, cats and other animals), by provider (government and private) ), by distribution channel (insurance agents, bancassurance, brokerage services and direct sales) and by country (Italy, France, Germany and the rest of Europe). The report provides market size and value forecasts of the Europe pet insurance market (US$ billion) for all the above segments.

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The European pet insurance market size is expected to grow from USD 3.10 billion in 2023 to USD 4.85 billion in 2028 at a CAGR of 9.36% during the forecast period (2023-2028).

A pet insurance plan covers veterinary expenses incurred while treating an injured or sick animal. Owners often choose pet insurance to minimize the cost of veterinary services. These rules are provided by many public and private providers in Europe for different animals such as dogs and cats, horses and others. The pet insurance company offers policies tailored to the preferences of techies. They focus on packages according to the animal’s life cycle and case by case. Owners must file a claim with the company for the treatment of the animal and the tech company will reimburse the costs according to the policy.

Over the last decade, the number of domestic animals that are widely recognized as companions in the European region has increased dramatically. Pets are mostly accepted by people as companions, and there has been a shift in the trend from pet owners to their parents, which shows that pets are now considered part of the family.

The rise in pet adoptions, rising costs of veterinary care, a wide variety of pet insurance policies, and growing awareness of similar issues are expanding the pet insurance industry in the United States. In addition, the company’s innovative pet insurance offerings along with the introduction of beneficial rules and regulations through partnerships between insurance companies and veterinarians are also driving growth.

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The European pet insurance market has been adversely affected by COVID-19. The coronavirus pandemic has affected the normal operation of various industries in various regions. This has a very bad effect on the European pet insurance market, pet insurance market, insurance market. Many hospitals and veterinary clinics remain closed due to lockdown and movement restrictions. Insurers are trying to innovate and change policies and coverage based on health conditions. The companies focus on providing solutions for pet owners and raising awareness of the reimbursement that exists in the market. In addition, various companies are taking steps to provide intensive care for pets during the COVID-19 outbreak. In addition, companies are implementing many innovative solutions for pet owners to improve their policy processes.

Pet insurance is an insurance policy purchased by pet owners to reduce the overall cost of expensive veterinary bills. The coverage is similar to a health insurance policy for men. Pet insurance covers all or part of veterinary procedures, which are often expensive. The pet insurance market in Europe is one of the most sought-after in the world as people seek to adopt pets. Complete fundamental analysis of the European Pet Insurance market including economic evaluation, market overview, market size estimation for key segments, emerging market trends, market dynamics and key company profiles mentioned in the report. The European pet insurance market is segmented by cover (accident and illness, casualty only), policy (life, non-life), animal (dogs, cats and other pets), provider (public and private), distribution channel (insurance agents, bancassurance, brokers and direct sellers) and by country (Italy, France, Germany and the rest of Europe). The report provides market size and value forecasts of the Europe pet insurance market (US$ billion) for all the above segments.

European pet insurance market trends Increasing pet adoptions are consolidating the pet insurance market in Europe


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