Amiy is an intuitive approach in the pet insurance industry, offering completely customizable insurance plans, so users always know exactly what they are paying for. Vet costs have increased 73% in the last decade due to tech innovation in the field, so pet owners are exponentially joining the market in hopes of finding a helping hand. This makes pet insurance a rapidly growing market, with premiums written in Canada and USA amounting to $208.6 million CAD and $1.6 billion USD respectively in 2019. It is clear that the pet insurance market is a large one, which makes it that much more imperative for a solution to be made for the struggles consumers face in this overwhelming and time-consuming process.
Within the pet insurance industry, families with beloved furry friends often face a lack of transparency with their policies, creating a false sense of security for their pet's well-being. The process of researching and signing up for just the right policy is also difficult and stressful. Resultantly, even after hours of googling, many owners end up rushing this process and picking a policy quickly without understanding all the details. The general insurance market also has a shortfall of modern approaches and considerations for its consumers; pet owners still need to mail or fax documents rather than conveniently rely on what technology has made capable today.
As millennials become more aware of the consequences of financial illiteracy, especially amongst the growth in financial interests during the pandemic, one question became more obvious: why isn’t personal finance a mandatory teaching in school? Nonetheless, with this growing realization, millennials have taken steps into their own hands to strengthen their financial knowledge during the pandemic. According to data from App Annie, average weekly app downloads for personal finance apps jumped 20 per cent in March of 2020 since Q4 2019 amidst the coronavirus surge. However even with the increase in interest of financial literacy, there are some fundamental flaws in most budgeting or tracking apps that make it difficult to uphold retention thus make it difficult to stay on track. On top of this, there is that notable gap we mentioned earlier between millennials and even gen-z'ers still and financial education that needs to be addressed.
Budgeting and tracking apps on the market require the user to plan goals themselves. Without the right knowledge, it can be difficult for them to set the right ones for themselves. It is often tedious and unrewarding when you accomplish your goals, making it undesirable to regularly check the app and create new ones. So the app becomes easily ignorable and your efforts seem increasingly redundant. Other than showing numbers and graphs of their financial history, there is no encouragement on actually growing their net worth. And finally, It is up to the users themselves to stay up-to-date on new financial opportunities, as well as to learn about investing, taxes, budgeting, retirement planning, insurance, mortgages, trading, and banking— which is a whole lot.