Following yesterday’s news in the Financial Times that fitness trackers are entering the pet insurance market, Daniel Pearce, Insurance analyst at GlobalData, a leading data and analytics company, offers his view:
“Incorporating technology into wearables will undoubtedly be a hit with UK dog owners, with 10.9% currently using and 51.7% open to using the technology to monitor their dogs’ fitness and activity.
“MORE TH>N will see strong interest in the product. According to the Pet Food Manufactures’ Association, 52% of UK dogs were found to be obese; incorporating technology which consumers are open to using will help reduce this level and rain in the increasing cost of claims found in the pet insurance market.
“The personalised daily exercise goals based on the dogs breed, weight and age highlight the level of insight which PitPat’s technology will bring to the insurer. This is essentially the first step towards personalised pet insurance products, with the market eventually moving away to gamification and towards true personalisation with data points influencing premiums.”