FWD partners with HK bank for all-in-one pet care product
FWD partners with HK bank for all-in-one pet care product | Insurance Business Asia
Insurance News
FWD partners with HK bank for all-in-one pet care product
Survey revealed that 77% have not bought pet insurance due to difficulty in finding suitable options
Insurance News
By
Kenneth Araullo
FWD General Insurance (FWDGI) has collaborated with Hong Kong bank livi to launch a new all-in-one pet insurance product with affordable premiums, available through the bank’s mobile app.
A customer survey conducted by FWDGI revealed that while 85% of pet owners actively seek value from insurance, 77% of them have not bought a policy due to difficulties in finding suitable options and cost concerns, resulting in a large unserved market. Many pet owners also find existing insurance offerings to be insufficient in meeting specific needs, and the ones that are available are also considered too expensive and not providing enough value for the price.
With those findings in mind, livi set out with this new proposition that offers comprehensive protection across three different plans, easily purchasable through the bank’s own livi app. The plans start at a premium of less than HK$4 a day. Plan 1 includes the following protections:
Medical coverage for events with high occurrence such as veterinary consultation and prescribed medication
Covers up to 80% per claim, regardless of age and medical network
Third-party liability coverage of up to HK$600,000
Plans 2 and 3 offer higher protection levels for more mature pets and animal companions:
Medical coverage including clinical and surgical expenses of up to HK$60,000 per year, covering up to 80% per claim
Optional top-up coverage of HK$10,000 or HK$30,000 for medical expenses
Multi-pet and no-claim discounts, up to 15% each
Enhanced third-party liability coverage of up to HK$1 million for Plan 3
Comprehensive coverage that encompasses a wide range of benefits, including funeral service, holiday cancellation, advertising expenses for lost pets, overseas cover, and emergency boarding expenses
livi insurance product head Sam Tsang said that securing coverage for pets is now a breeze thanks to the product’s integration with the bank’s app.
“Many people see their pets as their family members and would like to provide comprehensive and value-for-money insurance protection for their beloved companions. Nevertheless, there are limited choices in the market which may not suit their needs. We are therefore pleased to offer Pet Care, the comprehensive and flexible pet insurance from FWDGI,” Tsang said.
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