Bolder Thinking Blog

Opportunity for marketers: Pet insurance

November 20th, 2020 | Nicole Bond

According to new research from Mintel, nearly half of pet owners admit they are willing to go into debt to pay for their pet’s medical care. In addition, a whopping 60% say that there is no limit to what they will spend to take care of their pet’s health

According to Mintel, pets are set to play an even bigger role in Americans’ lives, as two thirds (65%) of adults say they are likely to get a new pet in the future, and 45% anticipate this will happen within the next year

The pet industry as a whole presents a large window of opportunity for marketers, and pet insurers are jumping in.   

Insurers including ASPCA and PetPlan varied in their approach to pet insurance communications, but all managed to tie personal touches into the promotion of their coverage options.

Source: Comperemedia Direct
Source: Comperemedia Direct

Nationwide offered new pet owners a chance to “win one of 7 weekly $500 Amazon.com gift cards,” coupled with tips and a checklist for welcoming a new pet. 

Source: Comperemedia Omni

Lemonade launched its pet insurance in July and took to social media to engage with potential customers by offering “purr-fectly” adorable advice paired with informational guides to pet health insurance. 

Source: Comperemedia Direct 

What we think

Pets are undoubtedly taking on a more familial role, becoming an ever-important member of the family, especially as Millennials push back on the traditional timing of life milestones like having children. As the relationship between pets and their owners grows stronger, owners are willing to double down on creating a holistic health experience to ensure their pets’ physical and emotional wellbeing. This opens the door for insurers offering pet insurance to position themselves as a one-stop shop for all things pet health related, without unnecessary stress or unexpected cost. It’s time for pet insurers to prove their value and they can do so by being transparent in the sign-up process, offering specialized perks, and providing unparalleled customer service. Showing pet owners you care as much about them and their pet as they do is a sure fire way to tap into the growing market of pet parents.