2016 saw the UKs supermarkets and major retailers confirm their role in the distribution of pet insurance, with a significant proportion of consumers now seeking alternative channels to obtain their policies. While many pet owners still prefer to approach their insurer directly, supermarkets and retailers are benefiting from those who value convenience and the opportunity to purchase insurance cover at the same time as other products. Much of the growth in this channel can be attributed to the marketing and advertising strategies employed by these groups. Direct mailing is a favored option, as these groups often have a wide customer base and many subscribers to their internet channels, and have a tendency to offer simpler online purchasing platforms than traditional insurers.
- Retail/affinity providers are now the second most popular channel of distribution for pet insurance.
- The internet, using desktop PCs, continues as the preferred method of arranging pet cover.
- Switching levels are low among pet insurance customers, although many are inclined to compare prices on an aggregator platform before ultimately committing to their initial provider.
- Price remains a significant influence on the decision-making process for pet customers.
Verdict Financials UK Pet Insurance: Distribution and Marketing 2016 explores consumer purchasing behavior and how consumer preferences are changing over time. This report discovers what is most influential to customers when purchasing a policy and also 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.
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- To understand consumer purchasing decisions and how these will influence the market over the next few years.
- To improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.
- To discover which providers lead the way in the travel insurance space and how providers are revolutionizing the market through new innovations.
- Adapt your distribution strategy to ensure it still meets customer purchasing behavior.