Insurers in touch with their emotional side to benefit from pet policy growth
Commentators suggest the pet insurance market is set to grow in the UK over the next five years. Research from Timetric reports a 35% surge over the past five years in consumers taking out pet cover and whilst solid economic drivers are fuelling this growth, some of the reasons are not so logical; rather emotional. Insurance technology specialist, Aquarium Software - and its client Markerstudy indicate it will be the insurers that are in touch with their sensitive side who will benefit.
Mark Colonnese, Sales & Marketing Director explains: “As a nation of pet lovers we simply can’t bear the thought of losing a cat or dog that’s part of the family unit, and will invest in a future that protects them as much as possible. Our own health, on the other hand, seems to be something we take more for granted and will put off dealing with until another time. So apart from rising vets’ bills and falling policy prices, human nature is the other prime reason for the increasing popularity of pet insurance.”
Recent research confirms we put the wellbeing of our pets ahead of our own. People are apparently twice as likely to take out pet insurance than they are a critical illness policy, despite family and health being top concerns cited in the survey. One person who has a perhaps unique view on the pet insurance market is Rachel Mulheron, Director at BDML Connect, which is owned by Markerstudy Group. An Aquarium technology customer, Rachel is also a fully qualified former Head Veterinary Nurse.
Uniquely placed, Rachel has seen first-hand how the emotion of the owner-pet relationship has a bearing on how the family finances are distributed. “For many people, after the children, a pet would come top of the list of things to save if the house was on fire, it’s as simple as that.”
Understanding this raw human emotion in terms of a family’s relationship with their pet is also a significant factor in improving the customer experience and the claims journey, if the unthinkable happens and customers find their pets requiring expensive treatment.
Rachel added: “While we can say using Aquarium’s software has improved efficiency and helped us to identify fraudulent claims, the real benefit is better engagement with the customer. Being able to walk them through their pet claim as sensitively and quickly as possible can have a dramatic and powerful effect on brand loyalty. It’s truly amazing what letters of thanks and tweets of endorsement we’ve had after helping to ‘save’ someone’s ‘best friend’.”
Colonnese concludes: “The best pet insurance brands are harnessing the power of management information and business intelligence for more effective customer and risk profiling, not only to decide how to market in the future, but to give an exemplary customer service at a time when the customer needs it most – in their pet’s hour of need. With the pet-owner bond seemingly stronger than ever, this is all good news for those in the pet insurance sector who can integrate an understanding of human behaviours into their workflows, and offer the most human response possible.”