Pet policy pricing praised, but still far from purr-fect
Pet insurance technology specialists Aquarium Software say the industry deserves more praise than it gets, following YouGov research that reveals almost half of pet owning Brits (47 per cent) think the cost of pet insurance is about right. However, the research also reveals a national split among pet owners on the cost of pet insurance, with 44 per cent still rating premiums as overpriced.
There is clearly still work for the industry to do, but with technology helping to drive down the cost of premiums - and 67 per cent feeling policy exclusions were also clear - the industry at least shows promising signs of gradually moving out of the doghouse in the public perception. “These figures demonstrate the pet insurance sector is starting to get it right when it comes to policy pricing,” said Mark Colonnese, Sales and Marketing Director at Aquarium Software. “However, as 44 per cent think pet insurance is still “overpriced”, we can’t afford to be complacent. Work still needs to be done to win new converts.” A revolution in veterinary practice means more treatments are available than ever, but these come at a premium and pet insurance can be the difference between life and death for those unable to afford a big bill. Technology from Aquarium Software is helping insurers keep premiums as low as possible and more people than ever are switching onto the benefits, but certain demographics still need convincing.
“The 45-54 year old age bracket feels strongest about pet insurance being overpriced,” added Mark. “With 57 per cent of this group feeling overcharged, challenges remain; we can certainly make significant inroads into changing perceptions by tackling the 45-54 year old bracket as a specific industry objective, now we are aware of their price concern. But overall the pet insurance sector can feel encouraged by these findings. Aquarium remains committed to new innovations that will keep costs coming down. A central pet register portal is one way owners, pets, vets and insurers could be linked to deliver healthier pets and premiums. Unsurprisingly, zero per cent felt insurance was under-priced (!).”
Aquarium says these findings do still beg the question why so few pet parents are taking advantage of pet insurance, when so many think the price of premiums is reasonable.