MoneyTap, India’s first app-based credit line provider, has joined forces with Pawtect to become one of India’s first startups to offer Pet Insurance Policies to their employees. This association underlines the brand’s vision to continue addressing individuals as well as their family’s emotional wellbeing with its new initiative being targeted towards MoneyTap’s pet parents. Employees can now have a worry-free solution for their unforeseen overheads and future emergencies that might affect their beloved pets and household budgets.
The initiative allows pet parents to insure their canine babies under multiple plans at a whole range of affordable annual premiums. It covers major illness, accidental injuries, third party liabilities, and major soft tissue surgeries.
India houses 21.42 million pet dogs, and this number is slated to rise to 31 million by 2023, as highlighted by Statista. A renowned vet, on average, charges around INR 1500 per visit. On top of that, pet parents have to bear generic (Vaccination and deworming) and specific (accidents, surgeries) expenses, in the range of INR 10000 – 50000. Looking at all these factors, MoneyTap’s new addition to the employee benefits program will help appease emotional and financial needs whenever they arise.
Sandeep Banu, Head of HR, MoneyTap said, “At the start of COVID-19 lockdowns, we observed that employees had more time to spend with their pets at home. This also meant they were able to see any sudden visible signs or symptoms of health concerns easily. Moreover, when they happily brought up pets at our office meet and greet on Zoom, we realised how much of an integration pets had into the families of our employees. This is when we realized that Pet Insurance might be a good idea to introduce. Initially, we were surprised to see the revelations from our research that the popularity of such an insurance scheme was low amongst the existing corporates in India.
He further added, “We at MoneyTap are happy to extend Pet Insurance to our employees in addition to our basket of Employee Benefit offerings. It is definitely an added feeling of pride that we are one of the first corporates in the country to be able to bag this offering to make our employees feel better about having any pet concerns. The idea is to keep pet emergencies experienced by employees at bay while ensuring a safe, smooth and secure lifestyle for their pet dogs.”
Hitarth Saini, Head, Marketing, MoneyTap said: “I have three dogs who are now insured and I am relieved to know that this insurance covers our family from all the unforeseen expenses. This is something that’s unheard of and shows the lengths at which the company goes to care of its employees and their families.”
Lalita Kashyap, HR Manager and Pet Lover, MoneyTap said: “When we thought to launch this idea, it was a very processed way of putting the offering on the table to craft the policy to offer to MoneyTap employees. The HR team connected with all the pet owners and they were able to get an insurance policy that was very targeted towards all the pets’ needs. They even arranged for a 45-minute focus group discussion to identify concerns from Pet parents on whether this kind of a policy would be a good idea. Out of all the employees who attended, 75% of people didn’t know if anything like a pet insurance policy exists. Being a pet parent myself, I had ample reasons to make sure this was offered to all employees.”