5 Reasons Pet Brands Need to Be Selling Pet Insurance
Updated: Sep 10
Broaden your services with Pet insurance
1. Customers are spending more on their pets
The online pet industry attracts an audience who would rather spend and care more carefully for their pets than they sometimes do for themselves. Pet insurance is an empathetic product that brings peace of mind to the costly burden of growing veterinary costs or in the unfortunate event of a costly medical bill. As the age of pets increases so does the medical bills. Every pet owner ought to have pet insurance since on average a customer will incur about £793 a year on claims in the UK - which is a massive saving to customers who may spend an average of £279 a year (2018) on insurance according to Association of British Insurers (ABI).
Currently over 40% of households in the UK do not have pet insurance yet pet owners are clearly spending more on their pets each year - the opportunity to present pet insurance in the value chain earlier and reach new customers is there.
2. People trust your judgement
Convenience is valued above all else. If you can save a customer's time by making Pet insurance easily accessible and within a trusted pet ecosystem then you are more likely to convert a customer. According to a report done by Google on decoding the behavioural science of buyer decisions, research found that ‘’many shoppers remain loyal to their favourite brand even when the alternative offered a vastly superior proposition’. Google trends also indicate that terms like ‘best’ have outpaced ‘cheapest’ where association to value, quality, brand and service most influences a customer. Now that Covid-19 has accelerated online shopping and intensified our online presence, ‘all it takes to make a big impact is to show up at the right time’ and at Habit we see this with selling pet insurance in context.
3. Customers want it fast
Customers crave a simple and seamless digital customer experience, especially since the majority of pet owners are the younger generation and are more advanced when it comes to digital touch points. They want everything seamless from onboarding to claims: no complicated paperwork, no lengthy claim approval processes. Where everything is handled quickly, efficiently, and entirely digitally. With Habit this experience is enabled and embedded natively into the existing ecosystems of brands making it more likely not only for customers to buy a policy but also renew - generating a new steady revenue channel with no acquisition costs.
4. A new steady revenue channel
A brand can earn a new revenue channel simply by being the distributor of pet insurance within their existing platform. Through every policy sold there would be a percentage commission of the total premium sold amount. Meaning a new revenue channel that goes beyond the traditional time-limited ad campaigns that is most commonly associated with online channels.
5. Habit provides an effortless integration with no interruptions to existing network/services
Habit recognises the power that brands have in understanding the unique needs of their customers and so with an affinity model, Habit enables brands with the end-to-end launch of digital/innovative pet insurance products, so that brands will have the solution launched fast, without interruptions and completely native to the unique brand offering.
Enhance brand loyalty and generate additional revenue by using Habit to sell pet insurance to your pet lover community, come and talk to us about our affinity insurance API now and grow your business.
The Habit Team