The two billion pound pet packs a knockout social and economic punch
In the wake of publication of a key report exploring the social and economic value of pets to society, pet insurance technology specialist Aquarium Software says this £2.45 billion potential market should give us all paws for thought. Aquarium believes this incredible headline figure should focus the minds of pet parents deciding whether to take out pet insurance – and insurers deciding whether to remain in the pet insurance market.
While the positive impact of pets on human health has long been recognised, the CABI (Centre for Agriculture and Biosciences International) report represents an attempt to put a figure on it. A study revealing children prefer pets to their siblings supports the findings and tallies with YouGov research saying 70% of dog owners would rather spend time with pets than new friends. While the figure may raise eyebrows, Aquarium says it should highlight the value of pet insurance in protecting an asset central to human society and wellbeing.
“We owe our pets more than we realise and insuring them is one way we can return the favour and reap the rewards of the relationship,” said Mark Colonnese, Sales and Marketing Director at Aquarium Software. “The six million dollar man can’t compete with the two billion pound pet on economic impact. We have the technology; vets can rebuild our pets, making them better than before, but we need adequate pet insurance to be able to afford the pet running repairs.”
The trend in new pet treatments shows no signs of slowing down, but new drugs and procedures come at a cost beyond the reach of most without adequate insurance cover. Aquarium Software leads the way in tailoring traditional insurance sector technology for the unique challenges faced by pet insurance vendors.
“Pets are a part of the family for many, with one in two households owning one. Yet surprisingly just 20 per cent of the UK’s 20,000,000 pets are currently insured, despite 47 per cent feeling the cost of pet insurance is ‘about right’. There is more work to do in converting pet owners to the benefits of pet insurance, and technology is ultimately helping bring premiums in line with actual risk, utilising Big Data,” adds Mark. “The threat of higher premiums is best averted by software and if integrated correctly, a tailored platform enables premiums to be set based on reliable metrics, taking the guesswork out of costing pet health. As for insurers assessing the long-term value of the market, early exiters from the market may live to regret that decision,” concludes Colonnese.