Bivvy, the pet insurance brand backed by CUMIS Insurance Society, secured approval in Connecticut for updates to its pet insurance program that broaden eligibility beyond dogs and cats while introducing higher pricing for new customers.
The filing, submitted on December 27, 2021, and approved on March 23, 2022, took effect for new business on May 1, 2022. It revised Bivvy’s existing policy forms, updated its wellness rider, introduced a new Family Pet Endorsement, and modified the program’s rate structure.
According to the actuarial memorandum, Bivvy increased its monthly base claims cost assumption from $16.58 to $21.55 per insured pet, representing a 30% increase. The company said early experience indicated that renewal business generated nearly twice the claim dollars of first-year policies.
“Early indications… is that the year two or renewal experience is elevated – by a factor of almost 100%,” the filing states. “Meaning the renewal business is experiencing almost twice the claim dollars (both severity and incidence) when compared to the experience we see in the first policy year.”
Bivvy noted that the higher rates would apply only to policies issued after the filing’s implementation date, while existing policyholders would retain their current pricing.
“We will manage the existing cohort of policyholders at their current rate level,” the company stated, adding that the affected block of business was small enough not to threaten the product’s financial sustainability.
The filing also formalized Bivvy’s expansion into coverage for other household pets through a Family Pet Endorsement. Under the revised rate manual, eligibility extends to “dogs and cats of all ages and breeds as well as other family pets listed” in the endorsement.
Bivvy described the product as an effort to offer lower-cost pet insurance without relying heavily on traditional underwriting variables such as age, breed, or geography. Instead, the company said its pricing approach was designed around simplified product options and broad accessibility.
At the time of the filing, Connecticut represented a relatively small portion of the program. The filing disclosed written premium of $431,452 in the state.
