Doting ‘pet parents’ could be set for lower insurance premiums
Aquarium Software say lower insurance premiums could now be two shakes of a dog’s tail away, thanks to doting ‘pet parents’ pampering their pooches properly. According to the American Pet Products Association (APPA), pet owners are now spending more than $58billion a year on their animals and this growing number of so-called ‘pet parents’ who treat their animals more like children than pets, going to extraordinary lengths to ensure their animal’s wellbeing, are set to be rewarded.
From animal health spas to therapy sessions - these pets are getting top class treatment and the investment made by these owners now needs to be recognised by pet insurers says industry expert Mark Colonnese, VP Sales and Marketing.
“Pet parents, who spend go to extraordinary lengths to ensure their pets are as happy and healthy as possible should be rewarded for their efforts. Ultimately a fit and healthy animal is less likely to need expensive veterinary attention and so poses less liability for insurers. Pet insurers with the latest technology systems in place to quickly identify and accommodate the higher emphasis that ‘pet parents’ place on their animals’ wellbeing would be at a distinct advantage.”
There is huge variety in the ways that people look after their pets and Colonnese believes that pet insurance should reflect that variety, “it is inevitable that some owners will look after their pets better than others, some will give their animals more exercise, less stress and a healthier diet ultimately leading to a healthier animal less likely to need veterinary care. Through improved use of application software and data management systems it is easy for insurers to identify trends and owners that look after their animals well and reward them with lower premiums,” he explained.
Mr Colonnese pointed out that the business benefit of rewarding attentive owners is clear, “pet owners will ultimately look for the insurer who provides the best package for them. Insurers that are not able to offer better premiums to owners who look after their pets with exceptional levels of care are likely to lose out as those low risk customers move elsewhere.”