Accreditation

by Pawlicy Advisor
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Accreditation

What is Accreditation?

Accreditation is the process where a regulatory or state organization sets standards for particular services, such as pet insurance. To be accredited by the regulatory organization, the service must meet the set standards for their specific kind of service.

The required accreditation standards may include legal, financial, licensing, and organizational requirements that pet insurance companies must demonstrate over a set period of time. Many insurance companies are regulated by their state’s department of insurance. When a pet insurance business is accredited, their accreditation provides consumers with greater trust in the service and demonstrates their commitment to upholding high standards within their given industry.

NOTE: All insurance companies in Pawlicy Advisor’s pet insurance marketplace are accredited.


Key Takeaways

  • Accreditation provides a set of standards that a service provider must meet to be accredited by that particular organization.
  • Accreditation standards vary by organization and, often, location.
  • It’s essential that you look at individual organizations and their standards, as the accreditation standards can vary significantly between different state and regulatory organizations.
  • Insurance companies in America are regulated by each’s state department of insurance and pet insurance companies should also follow the principles of veterinary medical ethics when conducting business.

Related Terms

Adverse Selection
Adverse selection is an imbalance between higher-risk, sick pets and healthy pets, who may require less coverage, under a pet insurance company’s coverage.
Read More.
Affiliate Commission
Affiliate commissions are referral fees that a pet insurance company, marketplace, blog, or another source may earn from referring new customers.
Read More.
Agent
An agent is an individual authorized to act on behalf of someone else or an organization, such as a pet insurance company.
Read More.

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