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United Kingdom (UK) Pet Insurance Distribution and Marketing 2021

Publisher GlobalData
Published Mar 04, 2022
Length 35 Pages
SKU # GBDT17076245

Description

United Kingdom (UK) Pet Insurance Distribution and Marketing 2021

Summary

This report explores how purchasing preferences in the pet insurance space have changed over time. It identifies what is most influential to customers when purchasing a pet insurance policy and reveals the most popular providers in the market. New trends and innovations are highlighted, as well as the key factors that will influence the market over the next few years.

The direct channel is preferred among both dog and cat insurance policyholders. The channel accounted for over half of dog insurance policies in 2021, closely followed by price comparison websites (PCWs). The top two channels - insurers and PCWs - accounted for more than 68% of pet insurance purchases in 2021. PCWs recorded growth for both cat and dog insurance compared to 2020, with increases of 3.2 percentage points (pp) and 2.4pp for dog and cat insurance respectively - suggesting that customers are becoming more sensitive to price. The broker channel recorded increases of 4.0pp and 1.0pp for cat and dog insurance in 2021, which highlights that customers are increasingly seeking advice around policy coverage and exclusions.

Scope
  • Petplan is the largest pet insurer, followed by Animal Friends. Collectively the two providers account for almost 40% of pet insurance policies.
  • Petplan had the highest Net Promoter Score. Despite comparatively expensive policy pricing, Petplan is the most recommended insurer in terms of product features and customer satisfaction.
  • The trend of digitalization is evident in the pet insurance market. Smartphones and tablets are now one of the leading methods for purchasing pet insurance policies.
  • Increased technological innovation in the pet insurance space could decrease healthcare costs and help pet owners provide more comprehensive care to their pets.
Reasons to Buy
  • 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 household insurance space and learn about new product innovations.
  • Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.

Table of Contents

35 Pages
Executive Summary
The Purchasing Journey
Provider Engagement
Channel View
Marketing
Future Market
Appendix

Pricing

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