UK Pet Insurance: Distribution Dynamics 2024

UK Pet Insurance: Distribution Dynamics 2024

Summary

In 2024, 45.6% of pet insurance customers exhibited a preference for the direct-to-insurer channel when securing dog insurance. This method also accounted for 44.4% of cat insurance policies in the same year.

This report explores consumer purchasing behaviors and preferences in the UK pet insurance market. It identifies the most influential customer drivers when purchasing a policy and reveals the most popular providers. New trends and innovations are highlighted, as well as the key factors that will shape the pet insurance space over the next few years.

Scope

• In 2024, over 74% of policyholders renewed their insurance with their current provider, whether or not they explored other options for both dog and cat coverage. The percentage of customers who sought alternative quotes for dog and cat insurance rose by 1.4 percentage points (pp) and 1pp, respectively, compared to the previous year.
• The rate of policyholders renewing with their current insurer without price comparisons climbed by 2.7pp for dog insurance and by 5.7pp for cat insurance in 2024.
• Price comparison websites emerged as the second-most favored channel for dog insurance policyholders in 2024.

• Understand consumer purchasing decisions and how these will influence the market over the next few years.
• Improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.
• Compare the Net Promoter Scores of key insurance providers.
• Discover which providers lead the way in the pet insurance space and learn about new product innovations.
• Adapt your distribution strategy to ensure it still meets customer purchasing behavior.