Is cash king when it comes to pet insurance?
Pet insurance software specialist Aquarium Software (www.aquarium-software.com) has responded to a recent YouGov report revealing almost two thirds of pet parents without insurance believe it is a waste of money, by pointing out that while the findings are not a great surprise, those who already have pet insurance think the price is about right. Aquarium believes both sets of figures confirm the need for insurers to focus on the emotional angle when it comes to encouraging greater policy uptake among owners.
The findings contrast with Aquarium’s own YouGov commissioned research, which revealed that 47 per cent of owners with pet insurance thought the cost was ok. According to Mark Colonnese, VP Sales and Marketing for Aquarium Software, while insurers will always need to source technology that can help keep premiums low, they also need to recognise the purchasing decision is more emotional than rational:
“Cash is king more than ever before, however we have to recognise that buying insurance for our pets is a decision we make based on experience and emotion, rather than purely a financial transaction like most general insurances. Intuitive technology is helping insurers keep policy premiums low, but people don’t purchase based on numbers alone. True value is not always a synonym for cost or price in this particular market, and the difference must be appreciated.”
The value of pet insurance is found in peace of mind, showing you love your pet and not being faced with choosing between your pocket and your pet should the worst happen. This matters because 63 per cent of us would grieve the loss of a pet as much as a family member (Aquarium YouGov commissioned research, 2016) and insurance needs to reflect this emotional attachment and value over cost alone. Price matters, but there is no Government funded health service for pets and with the cost of treatments so prohibitively high, insurance has major benefits to shout about.”