2026-08-09 · Source: Insurance Business UK
Summary in 3 Points • Many Group reported a 59% increase in pre-tax profit to £10 million for the year ending 31 March 2026 • AI-driven strategies helped Many Group cut acquisition costs and grow new business by 40% • The Competition and Markets Authority is set to introduce new regulations in the veterinary services sector by September 2026 --- Many Group, the parent company of ManyPets, has achieved a 59% increase in pre-tax profit, reaching approximately £10 million for the year ending 31 March 2026. This growth was largely attributed to AI-enabled acquisition and claims handling processes that reduced costs and increased new business by 40%. The company's gross written premium rose by 6% to £230 million, and the loss ratio improved by two percentage points to 68%. Many Group's AI-driven claims assistant, Millie, has enhanced efficiency by automatically settling over half of claims, with 89% paid within ten working days. The group has also partnered with VetAI to integrate online veterinary support, further enhancing their service offering. The upcoming regulatory changes by the Competition and Markets Authority in the veterinary services sector are expected to impact the market significantly.
The rise in Many Group's profits highlights the potential for AI to transform acquisition and claims processes in the insurance sector, offering cost efficiencies and improved service. For the London Market, this could mean a shift in competitive dynamics, as AI-driven direct insurers like ManyPets may outpace traditional intermediated channels. Underwriters and brokers may need to adapt by focusing on value-added services such as advice and bespoke offerings. Additionally, the impending regulatory changes in the veterinary services sector could influence policy wording and pricing strategies, as transparency and standardisation become more prevalent.