Every year, I put together an article on Pet-Related Small Business Trends for Anita Cambell and every year I think I should do one specifically on pet insurance. After all, pet insurance is pretty much what I live, eat, and breath all day.
So finally this year, I put together the first annual Pet Insurance Trends article for 2010. Highlights are:
- Year-over-year premium growth greater than 20% will continue in 2010
- Customers control the product by taking advantage of the choices they are given
- Customers speak their minds about their pet insurance experience online through social media
- Online customer service is beginning to show up helping customer retention
- The drive for large marketing partnerships will continue in 2010
- Pet parents continue to grow more aware of pet insurance
- Annual veterinary inflation of nearly 7% will show up in premium increases
- Newer pet insurance companies are balancing between profitability versus growth
- Will any US companies venture beyond across the border or ocean?
- New pet insurance companies coming to market?
Looking ahead to 2010, I see continued growth, perhaps even more than the 20% we’ve historically seen given the improving economy and greater awareness. I also see pet parents taking more control over their policies and their pet insurance experience and more people will hear about their experiences online. I suspect pet insurance in the US in 2010 will begin to feel a little mainstream amongst pet parents.
For the full write up on the trends, more details can be found on the Embrace Pet Insurance website on 2010 Pet Insurance Trends page.
What do you think? What are you seeing as pet insurance trends?
