Pet Metrics: Consumer Approaches to Pet Insurance in the UK : Market Research Report

Pet Metrics: Consumer Approaches to Pet Insurance in the UK

Published: Oct. 1, 2008 - 35 Pages

0.0 EXECUTIVE SUMMARY: Almost 60% of UK consumers own a pet of one sort or another…; … with dog owners more likely to possess insurance for their pet than owners of other types of pet; Around two thirds of uninsured pet owners see the benefit of pet insurance; Pet insurance policies in the UK are oriented towards cover for the expenses of veterinary treatment ...; Online marketing and supermarkets are influential in the distribution of pet insurance; UK pet owners are most likely to buy pet insurance within a month of acquiring the pet itself…; … and the vast majority are convinced of the importance of the cover that they have purchased; Effective marketing and distribution has been key to the success of pet insurance in the UK
1.0 INTRODUCTION: Research rationale; Consumer research illustrates the differences between Europe’s five most populous markets…; … helping underwriters and distributors to develop robust strategies for future development; Finaccord; European consumer research; Pet insurance; European market, partnership and bancassurance research; Errors, omissions and limit of liability
2.0 SURVEY ANALYSIS: Introduction; % of respondents owning a cat, dog or other animal; Owners of cats slightly outnumber owners of dogs in the UK; % of pet owners in possession of insurance for their pet; A clear majority of pet owners lack insurance of any type for their pet; Attitudes towards pet insurance of pet owners without cover; A very high proportion of uninsured pet owners acknowledge the benefits of pet insurance; Risks covered by pet insurance acquired by pet owners; Pet insurance in the UK is mainly geared towards providing cover for veterinary expenses; Policies paid for separately and packaging within other insurance policies; The vast majority of insured pet owners have acquired stand-alone pet insurance policies; Distribution interfaces used for stand-alone pet insurance; Stand-alone policies are most frequently acquired via the Internet…; Distribution channels used for stand-alone pet insurance; … with supermarkets and other retailers accounting for a significant distribution share; Distribution channels split between online and offline usage; The share of supermarkets and other retailers in the online market is particularly high; Point in time chosen by pet owners to acquire stand-alone pet insurance; Most pet owners with stand-alone policies buy cover within a month of acquiring their pet; Attitudes towards pet insurance of pet owners with stand-alone cover; Over 40% of pet owners with stand-alone cover consider their insurance to be expensive
3.0 APPENDIX: Research sample; The research embraces a total of 1,002 respondents in the UK; Research strengths and weaknesses; The Internet research methodology is characterised by several advantages and drawbacks
GRAPHICS / TABLES: % of respondents in the UK owning a cat, dog or other animal, 2008; % of respondents in the UK owning a cat, dog or other animal segmented by gender, age group and annual household income, 2008 (data); % of pet owners in the UK in possession of insurance for their pet segmented by type of pet owned, 2008; % of pet owners in the UK in possession of insurance for their pet segmented by type of pet owned, 2008 (data); % of pet owners in the UK that have acquired stand-alone pet insurance segmented by gender, age group and annual household income, 2008 (data); % split of attitudes towards pet insurance of pet owners in the UK without cover, 2008; Risk coverage among insured pet owners in the UK, 2008; Risk coverage among all pet owners in the UK, 2008; Segmentation of pet insurance in the UK between policies paid for separately and cover packaged within other forms of insurance, 2008; Distribution interfaces used for stand-alone pet insurance in the UK, 2008; Distribution channels used for stand-alone pet insurance in the UK, 2008; Distribution channels used for stand-alone pet insurance in the UK split between online and offline usage, (data); Point in time chosen by pet owners in the UK to acquire stand-alone pet insurance, 2008; % split of attitudes towards pet insurance of pet owners in the UK with stand-alone cover, 2008; Sample breakdown in the UK by age group, household income band and geographical location

Abstract

Finaccord’s report titled Pet Metrics:

Consumer Approaches to Pet Insurance in the UK offers detailed and unique insights into the behaviour of pet owners in the context of pet insurance in the UK. Based on a primary survey of over 1,000 consumers in the UK carried out in July and August 2008, the research provides valuable data describing the extent to which owners of cats, dogs and other animals take out pet insurance and clarifying the proportion of uninsured pet owners who value the benefits of the insurance but have simply not got round to acquiring cover. In addition to calculating the percentage of UK pet owners that buys pet insurance, the investigation also analyses the types of policy that they buy (i.e. stand-alone policies or cover packaged within household insurance or personal liability insurance), whether they hold cover for liabilities associated with pet ownership only or also for other risks, including veterinary expenses, which distribution channel and interface they use to take out stand-alone pet insurance and whether they buy cover within a week or a month of acquiring their pet or at a later stage.

Finally, the report measures the degree to which insured pet owners in the UK are satisfied with their insurance, whether they find it expensive and if they are likely to discontinue it the next time that it comes up for renewal. Key features of this report include: - unique analyses showing the percentage of cat owners, dog owners, owners of other types of animal and owners of different types of pet in the UK that acquire pet insurance and the potential for this proportion to grow further; - accurate data describing the percentage of pet owners covered for expenses associated with veterinary treatment and other broader pet-related risks in addition to pet liability; - robust statistics illustrating the extent to which alternative distribution channels, such as banks, charities, supermarkets / other retailers and vets are eroding the share of conventional insurance distributors in the UK; - reliable information displaying how quickly pet owners are inclined to purchase pet insurance once they have acquired their pet; - valuable insights into the reasons given by UK pet owners for not purchasing insurance (for example, because they have not had time, because it is too expensive, because they did not see the benefit).

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Pet Metrics: Consumer Approaches to Pet Insurance in the UK

Table of Contents

Abstract