Knowledge: Case Studies
Case Study: Bought By Many
Bought By Many is working to revolutionise pet insurance through a customer-centric model that explores innovative ways to prioritise ease, accessibility, value, experience, and quality of product for their users.
Over 45% of the UK population currently own at least one pet, and this statistic is rising. In a nation devoted to welcoming animals into their homes, pet insurance has never been more important to help owners protect and prolong their pets’ lives and wellbeing.
Bought By Many has been serving customers in the insurance market since 2012, and has quickly become a consumer favourite since launching its own pet insurance in 2017. It was recently awarded MoneyWise’s most trusted pet insurance provider of 2019, as voted for by customers, and boasts a net promoter score of 78, and 85 for claims. This means 90% of claiming customers rate them as a nine or 10 out of 10 on the likelihood of recommendation to friends.
Sophia Pilkington-Miksa, Head of Customer Experience at Bought By Many, says: “It’s an exciting company and an exciting time for us.” She explains that Bought By Many was designed to address the user needs that other pet insurance companies were failing to meet. “Insurance is really about helping people protect the things they care most about in the whole world. It feels a little like the industry has lost sight of that along the way and has become very transactional, seeing things from the inside out rather than the customer’s view.”
She continues: “Bought By Many was set up to provide better insurance for everyone. This means better product, better value, and better experience. We have an inherently customer-led model, using anonymised search data which helps us identify pockets of people with shared needs and frustrations that the industry hasn’t served or met, and then we co-create with those people to make fundamentally more valuable products and experiences for them.”
By Elizabeth Akass, Editor, Engage Business Media