74 per cent of Americans who have never had pet insurance represents a massive market opportunity and while cash is king, buying insurance for pets is a decision made on experience and emotion.
August 07, 2017
Ed’s presentation led with the emotional connection between pet and pet parent, backed up by Aquarium’s latest YouGov research conducted in both the US and UK. Ed revealed that NAPHIA delegates working under any assumption that the US and UK markets are very different – couldn’t be more wrong. Confusingly, they couldn’t be more right, either.
“There is something of a special relationship between pet insurance markets in the UK and US markets that people have been slow to realise,” said Ed Shropshire, Aquarium Software’s MD. “The exciting thing is, if these similarities and differences hold true worldwide, they represent a roadmap for successful globalisation and commercialisation of the pet insurance market. It would seem emotional attachment could be the globally unifying theme that binds pet parents to pets and insurer, unlike any other insurance product.”
The same questions were asked in the UK and the US and showed less than five per cent variance on average between the opinions of US and UK pet owners overall, with many uncanny similarities – particularly in how pet parents view emotional ties with their pets. Broad agreement came in agreeing pets are just as important to the family as humans (US 72 per cent agree; UK 69 per cent agree) and a majority in both nations would save their pet first over a stranger, if both the pet and the person…