Pet insurance industry could benefit from a bit of puppy love, says Aquarium
Japanese researchers have just discovered that a similar chemical reaction takes place in the brain during owner and pet bonding as to that of paternal bonding with a child. Aquarium Software Inc. believe this latest study could act as further encouragement for the pet insurance sector, with scientific proof that there is an innate caring bond between human and animal.
“Now the bond has been recognised and considered to be comparable with that of a parent and child, it could have far reaching implications for the pet insurance industry,” said Mark Colonnese, VP Sales and Marketing. “A stronger overall bond between pet parents and their pets will inevitably lead to the pet-owner relationship coming under further microscopic scrutiny, as insurers look for new and interesting ways to engage with pet owners and drive up policy penetration and profitability.”
The bond is two way as research shows that dogs who trained a long gaze on their owners had elevated levels of oxytocin, a hormone produced in the brain that is associated with nurturing and attachment. More to the amazement of the researchers was that when humans trained a long gaze on their pets, they also experienced an increase in their oxytocin levels, hence drawing clear comparisons with parent and child bonding.
Despite the latest findings offering possible encouragement to the future growth plans of the pet insurance industry, Aquarium Software has also pointed to the added demand placed on insurers by more diligent pet owners.
“These latest findings clearly signpost a need for an improved customer journey,” said Colonnese. “Pets can no longer be seen as an insurable commodity like a car. They are as valuable as people – at least in the eyes of many pet parents – and insurers’ soft skills when dealing with claimants need to be both further enhanced as well as underpinned by the best possible 360 MI about the claim, the owner, and the pet.”