East Midlands named the pet rescue capital of Britain
The East Midlands is the pet rescue capital of Britain, according to a new study commissioned by Aquarium Software. YouGov research on behalf of the nation’s pet insurance technology specialist shows when faced between saving a stranger or a pet if both fell into a river, over half of owners in the East Midlands (51 per cent) would save their pet first – ten per cent higher than the national average of 41 per cent.
While the news may not make the East Midlands first choice for a river holiday, it does put the region top of the nation’s animal lovers and correspondingly, only 31 per cent of people in the region have never had pet insurance, when compared to the national average of 42 per cent.
“It is not a surprise the region where most people would save the family schnauzer before a stranger is also home to the 69 per cent of pet parents who have had pet insurance at some point,” said Mark Colonnese, Aquarium Software Director. “Yet only 43 per cent currently have insurance, with 26 per cent not presently having a policy yet have in the past and the industry needs to address why.”
If the pet insurance industry is not winning pet parents over to purchase policies in areas like the East Midlands and if people in this region having had insurance in the past, have decided not to have it again, the industry must understand what is happening and Aquarium believes it has the answer.
“Our research and others all points to customer journey being key to retention and winning new business,” added Colonnese. “Pet insurance is an emotional purchase and as such is a very different animal to home or motor insurance and must be treated as such and presented to market accordingly. This is a lot to take on board but technology can help insurers deliver a business model with long term profitability.”
The cost of an average pet insurance claim is over £700, which is nearly twice the average premium. This makes pet insurance great value for money but facts like these have not seen the corresponding uptake in policies one would expect.
While premium volumes have risen a healthy 17 per cent in the last two years, this is going from a low base and Colonnese believes it is now critical for the industry to refine its approach to win new business and see others return to the fold with a bit of old fashioned puppy love.
“Aquarium is not suggesting business get dewy eyed but there must be a recognition that the purchase of pet insurance is driven for most by emotion rather than reason,” added Colonnese. “Pet insurance is a logical choice, but pet parents do not purchase a policy for this reason or as a good investment, or because it is a requirement, like car insurance. We buy it because we love our pets and don’t want money to become a barrier to their healthcare.”