Table of Contents
Pet insurance is a voluntary personal lines product that customers can buy to protect themselves financially if their pet falls ill. It is one of the more complicated insurance products as customers need to tailor the policy to their pet's breed and age, and also consider the impact of policy selection as their pet ages or develops long-term illness. The cost of pet insurance premiums has been rising due to vet fee inflation caused by new treatments available through technological advances. Therefore both insurers and customers are looking for new ways to control policy price and make pet insurance more affordable. The overall market is dominated by a small number of insurers to which customers stay loyal through lifetime policies. However with premiums rising, the affordability of pet insurance is causing great concern for customers.
- Social media is growing as a channel for researching pet insurance products.
- Most customers are purchasing pet insurance direct from their insurer.
- Policy price is a growing concern for customers buying pet insurance.
Verdict Financial's “UK Pet Insurance: Distribution and Marketing” explores consumer purchasing behavior and how it is changing. It discovers what is most influential to customers when purchasing a policy and reveals the most popular providers in the market. New innovations are highlighted, as well as key factors which will influence the pet insurance market over the next few years.
Reasons To Buy
- Adapt your distribution strategy to ensure it still meets customer purchasing behavior.
- Benchmark yourself against other providers in the market.
- Ensure your products remain competitive as new innovations revolutionize the consumer purchasing journey.
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