“Our portfolio is becoming wildly diverse”
Rostock, June 23, 2021 - The Rostock-based InsurTech hepster is expanding its product portfolio with two new insurance policies for cats and is entering the animal insurance market. Further products are already being planned.
Low insurance rate for German pets
Around 10.7 million dogs and 15.7 million cats currently live in German households. But not even 10 percent of pet owners insure their animal friends. “In contrast to other European countries, the proportion of insured animals in Germany is still quite low. Slowly but surely, however, the attitude of pet owners is changing,” says insurance expert and hepster CPO Alexander Hornung. "Anyone who buys an animal calculates fixed costs for food, care, toys and routine doctor visits, but additional veterinary costs often come unexpectedly and are usually not included in the household budget." The Federal Veterinary Association also recommends taking out animal health insurance.
No longer a niche: the pet industry in Germany
Dogs and cats are no longer just farm animals, yard guards or mouse catchers - they are permanent family members and beloved friends for whom people are willing to spend the appropriate amount of money. The number of insurance providers for pet insurance has increased in recent years. This goes hand in hand with the continuous growth of the pet industry in Germany. In 2020 alone, the total turnover was around 5.5 billion euros.
However, unexpected veterinary costs as a result of an accident or an operation are a nasty surprise for many pet owners. Animal insurance can help with these costs: "Health insurance - whether for dogs or cats - ensures that the animal receives the best possible treatment if the worst comes to the worst," says Alexander Hornung on the usefulness of animal insurance. "Of course, everyone who loves their pet wants to be able to guarantee adequate basic security, and health or surgical insurance makes this possible at a very reasonable price - compared to the actual costs. Unexpected operations in particular can become a financial risk, so at least surgical insurance should be considered.”
Start of hepster animal insurance: cat health insurance and surgical protection
The Rostock-based InsurTech hepster is now launching two new products on the animal insurance market: comprehensive cat health insurance and inexpensive cat surgery insurance. Both types of insurance can be booked in three tariffs, so that pet owners can choose the type of protection they want for their cat. The hepster cat insurance covers cats of all breeds and up to the age of seven, regardless of whether they are cats outdoors or indoors.
Animal owners benefit from direct billing with the veterinarian or veterinary clinic and at the same time have a free choice of veterinarian and clinic. The advantage: the insurance premium remains stable as the cat gets older. The decisive factor here is the entry age when the insurance is taken out. Anyone who insures a kitten at the age of 12 weeks with the hepster health insurance benefits from a constant, calculable and favorable premium throughout the insurance period.
The conclusion of the insurance with hepster takes place without a comprehensive health check. Only a few general health questions need to be answered. Excluded are, among other things, illnesses known to the pet owner, congenital, genetic or acquired malformations and illnesses that resulted in treatment or surgery in the last 6 months before the conclusion of the contract. “Our insurance offers the clear advantage that the cat can be insured without any problems despite an existing previous illness. We don't refuse cats. Only the respective previous illness and associated treatments are excluded from the benefit," Alexander Hornung explains the scope of the new insurance.
Depending on the tariff, the hepster health or surgical insurance covers costs for operations and medical treatments up to 25,000 euros per year, including necessary diagnostics, medicines, accommodation in a veterinary clinic and physiotherapeutic treatments. The hepster cat emergency protection also covers the costs and mediation for additional assistance services as well as vet via video chat almost around the clock.
The insurance policies can currently be booked via hepster’s own web shop as a monthly or annual subscription for their German customers. The hepster animal insurance policies are available in the Check24 comparison portal in a timely manner.
Further animal insurances are already being planned
In the past year, hepster has experienced enormous growth, especially in the area of mobility. But the InsurTech has long since seen itself not just as a bicycle insurer: "Our portfolio is and will remain diverse - and now also animals," says Hanna Bachmann, COO and co-founder of hepster. “We see enormous potential for digital insurance, especially in the area of animal insurance. Sales are shifting more and more to online business with a target group with an affinity for digital and this is where we score across the board,” Hanna Bachmann explains the advantages of hepster. “Thanks to our API-based platforms, we develop needs-based products based on market trends and target groups. At the same time, we enable uncomplicated booking and claims processing. This agility runs through our entire product range.”
For hepster, the launch of cat insurance is only the first step in the animal insurance segment. The InsurTech also wants to integrate health and surgical insurance for dogs into its portfolio.