Most claimants are satisfied with their claims experience because over nine-in-ten claimants had a completely or partially successful outcome to their last claim, and less than one-in-ten found the claims process hard to navigate<\/li>\n<\/ul>\n25% of all consumers own pet insurance, while almost half of consumers own a pet, resulting in just under half of pet owners (46%) owning pet insurance. Insurance ownership is significantly higher if the consumer owns a dog or a pedigree cat because pedigree breeds traditionally have more health problems compared with their mixed breed counterparts. <\/p>\n
Owners with mixed breed dogs also show a high level of insurance ownership because dogs, in general, are the most likely pets to have accidents or get injured in fights. Owners of dogs and cats are the main customer base for pet insurance, especially dog owners: 97% of pet owners with pet insurance own either a dog or a cat.<\/p>\n
For almost nine-in-ten pet insurance policyholders their customer journey decision each year is to switch or renew, in other words, they are not first-time buyers (FTBs) of pet insurance in the market. Three-quarters of policyholders renew their policies each year, with just over one-in-ten switching provider and a similar percentage being FTBs, buying their first pet insurance policy.<\/p>\n
Pet owners owning cats and dogs, especially pedigree dogs, are the most likely to switch provider, which is related to the fact that these pet owners are likely to be paying the highest premiums, so have the greatest incentive to switch to save money. <\/p>\n
When selecting a policy to buy, pet insurance policyholders tend to focus more on the cover on offer rather than the price. They also prefer to buy their cover from well-known branded providers. <\/p>\n
Key Topics Covered:<\/b> <\/p>\n
1. Executive Summary<\/b><\/p>\n\nKey Recommendations <\/li>\n A market worth over \u00a31 billion <\/li>\n And expected to top $2 billion<\/span> by 2023 <\/li>\nA market controlled by three big players <\/li>\n A market with growth potential – less than half of pet owners have insurance <\/li>\n Most pet owners take out standalone insurance and pay for it monthly. <\/li>\n Risk aversion and confidence help drive insurance uptake <\/li>\n Insured pet owners show a preference for an online customer journey <\/li>\n For most insurance owners the ultimate choice is to renew or switch <\/li>\n But Renewers are Switchers who can’t find a better deal, especially better cover <\/li>\n The journey starts online <\/li>\n But the journey may not end there <\/li>\n As a group, policyholders focus on cover rather than price and like a leading brand <\/li>\n Don’t assume a focus on cover or brands means the price is unimportant <\/li>\n Negotiations likely to centre on broad policy features <\/li>\n Being a policyholder is a good experience <\/li>\n 16% of policyholders claim, and when they do the process seems to go smoothly <\/li>\n One-quarter are thinking of switching in the next year<\/li>\n<\/ul>\n2. Introduction <\/b><\/p>\n
3. Profile Of The Insured Pet Owner<\/b><\/p>\n\nAround half of people have a pet, but only half of pet owners are insured <\/li>\n Middle class dog owners the most likely to be insured <\/li>\n Three types of pet owner <\/li>\n Dog and cat owners the most likely to be insured <\/li>\n Pet insurance policyholders tend to own standalone policies and pay for them annually <\/li>\n Sometimes insurance is not enough<\/li>\n<\/ul>\n4. How Pet Owners Approach Insurance<\/b><\/p>\n\nRisk aversion encourages insurance ownership <\/li>\n Giving consumers the ability to self-select insurance with confidence boosts uptake <\/li>\n Better offline support and buying options may help<\/li>\n<\/ul>\n5. The Customer Journey Begins<\/b><\/p>\n\nOnline buyers the most likely to switch or enter the market <\/li>\n Pedigree dog owners the most likely to switch <\/li>\n Renewers and Switchers: different outcome but the same approach <\/li>\n And both Switchers and Renewers are spurred into action by the renewal prompt <\/li>\n Price comparison websites start the search <\/li>\n PCWs will lead next year’s policy search <\/li>\n PCWs serve up the required information in an easy to use format <\/li>\n Policyholders prefer the direct route to purchasing<\/li>\n<\/ul>\n6. Price, Cover Or Brand<\/b><\/p>\n\nOnline buyers are more price focused <\/li>\n Policyholders who like well-known brands buy direct <\/li>\n Agile Renewers who own Dogs and Cats an easier sell for major brands <\/li>\n But don’t assume Cover First or Brand First<\/span> means price does not matter at all <\/li>\nNegotiations likely to centre on broad policy features <\/li>\n And they need their information delivered in a concise manner<\/li>\n<\/ul>\n7. Being A Policyholder<\/b><\/p>\n\nInsurance providers are meeting their customer’s expectations <\/li>\n Policy management is moving online <\/li>\n Almost one-in-five policyholders have claimed in the past year <\/li>\n Claimants are happy with the process<\/li>\n<\/ul>\n8. Ending The Journey: Customer Loyalty And Switching<\/b><\/p>\n\nOne-quarter of policyholders are thinking of switching in the next year <\/li>\n Age, gender and social grade influence switching behaviour <\/li>\n Mixed breed owners the most likely to be thinking of switching <\/li>\n Switching is price led<\/li>\n<\/ul>\n9. Market Size And Trends<\/b><\/p>\n\nThe pet population declines <\/li>\n But still a large pool of dogs and cats <\/li>\n Growing cost of paying for veterinary services <\/li>\n A market worth around \u00a31.3 billion <\/li>\n Three big players <\/li>\n The market breaks the $2 billion<\/span> mark in 2023<\/li>\n<\/ul>\nFor more information about this report visit https:\/\/www.researchandmarkets.com\/r\/g0vkep<\/p>\n
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.<\/p>\n
Media Contact:<\/b><\/p>\n
Research and Markets Laura Wood<\/span>, Senior Manager For E.S.T Office Hours Call +1-917-300-0470
U.S. Fax: 646-607-1907 View original content:http:\/\/www.prnewswire.com\/news-releases\/united-kingdom-pet-insurance-consumer-research-report-2019-one-quarter-of-policyholders-are-thinking-of-switching-in-the-next-year-300914936.html<\/p>\n<\/div>\n
[ad_2]Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"[ad_1] DUBLIN, Sept. 10, 2019 \/PRNewswire\/ — The “UK Pet Insurance Market 2019: Consumer Research Report” report has been added to ResearchAndMarkets.com’s offering. Research and Markets Logo More Interesting findings contained in the report are: Most Renewers engage in the same actions as Switchers at the start of their customer journey but with a different …<\/p>\n","protected":false},"author":1,"featured_media":159757,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-159753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tie-world"],"_links":{"self":[{"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/posts\/159753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/comments?post=159753"}],"version-history":[{"count":0,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/posts\/159753\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/media\/159757"}],"wp:attachment":[{"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/media?parent=159753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/categories?post=159753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hameed.nwar.uk\/sa\/wp-json\/wp\/v2\/tags?post=159753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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