ManyPets eyes launching ‘differentiated product set’ for price comparison websites

ManyPets has said it may look into launching a differentiated product set for price comparison websites (PCWs) in the future.

Luisa Barile, chief executive at ManyPets, told Insurance Times that one area the MGA has yet to venture in is launching “a differentiated product set for PCWs”, with its current business being “mostly direct”.

Barile added that its current approach opens the “opportunity for people to properly look at the product and not necessarily compare and adjust the price”, where PCWs are “more price driven” and the “average premium is naturally lower”.

Despite this, Barile explained that PCWs were still a “significant part of the market” where the pet insurer “may in the future look at having specific products”.

“PCWs are a smaller channel for us,” she continued.

“It’s a significant part of the market so we’re not completely ignoring it – we just want to do it in a way that it’s still aligned with our overall customer philosophy.”

Raising the bar

However, she added that this is not a “priority at the moment” as the firm has “found that it is the part of the market that is really, really competitive”.

Barile is also aware that the “need to be cheaper” to maintain market share and be “number one” is “not necessarily leading to the best outcomes for customers”.

She continued: “We don’t want to be offering what we have seen over the past few years, [which is] a reduction of [value].

“For people to be number one, they had to reduce the product and the level of cover while increasing the excesses a lot to the point where it makes the products not great in some places.

“We want to have products that can cater to every budget because people naturally have different budgets. But, we don’t particularly like the very low end of distribution because then [that] affects the customer experience at the point of claim.”

With long-term aspirations to be the number one in pet insurance in the UK, Barile enthused that she wants to “continue to raise the bar” for the sector via innovation and customer-focused service.

“We want to be the best provider effectively having the best service, the best product, that customer that really pays out at the point of claim,” she continued.

“The product that effectively every customer may want to have, may not have the cheapest price all the time, but we want to have the best products and the best customer experience.”