United Kingdom (UK) Pet Insurance Distribution and Marketing 2021

Pages: 35 Published: March 17, 2021 Report Code: GDFS0369IA

  • Overview
  • Key Players
  • Contents
  • FAQ
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The UK pet insurance gross written premium (GWP) is expected to reach GBP1.5 billion by 2025. Growth will be driven by the aging pet population and high premiums influenced by rising healthcare costs. The direct channel is preferred among both dog and cat insurance policyholders. The channel accounted for over half of dog insurance policies in 2021, closely followed by price comparison websites (PCWs).

The UK pet insurance market report explores how purchasing preferences in the pet insurance space have changed over time. It identifies what is most influential to customers when purchasing a pet insurance policy and 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.

UK pet insurance market overview

UK pet insurance market overview

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What are the market dynamics in the UK pet insurance market?

The pet insurance market could witness new entrants offering innovative and affordable coverage in the future. However, the key players in this space are likely to maintain their position in the coming years. Profitability in the pet insurance market is set to remain low due to the increasing number of claims. Increasing rates of obesity among pets is a major concern. Insurers must encourage owners to provide a healthy lifestyle for their pets to tackle the rising costs they face.

Pet insurers are increasingly utilizing innovative technology to offer activity tracking for pets. Whistle’s and PitPat’s pet tracker devices provide services such as health monitoring, fitness tracking, location alerts, and diet suggestions. However, pet insurance policyholders remain reluctant to use technology and devices to track their pets.

Petplan is building analytics capabilities using artificial intelligence and machine learning to predict a pet’s health trajectory, as well as providing tools that will improve pet wellness and decrease vet care costs. Fitness trackers and activity-monitoring devices for pets help with the early identification of issues, while also providing meaningful savings for those who meet certain activity targets.

What are key channels in the UK pet insurance market?

The key channels in the UK pet insurance market are the bank, broker, affinity, insurer, and PCW.

Online purchasing through PCs/laptops and smartphones/tablets dominate pet insurance purchases across most channels. Purchases via PCs/laptops were preferred across the affinity, broker, PCW, and insurer channels in 2021. Social distancing and lockdown restrictions in 2021 amid the ongoing pandemic contributed to this trend. The COVID-19 pandemic boosted the adoption of digital channels. Banks, brokers, affinities, and insurers have improved their online platforms to make them more accessible. This includes providing services such as chatbots to offer consumers assistance with queries ahead of purchases.

In 2021, the largest proportion of customers who shopped around was unsurprisingly for PCWs. However, more customers ultimately renewed in this channel than the broker and affinity spaces.

UK pet insurance market, by channel

UK pet insurance market, by channel

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What are the key media types in the UK pet insurance market?

The key media types in the UK pet insurance market are TV, digital, direct mail, radio, press, and door drops.

UK pet insurance market, by media type

UK pet insurance market, by media type

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Which are the key advertisers in the UK pet insurance market?

The key advertisers in the UK pet insurance market are Brought By Many, GoCompare, Animal Friends, Petplan, Clicksco Digital, Waggel, Pet Health Club, Direct Line, petGuard, and K9 Cover.

UK pet insurance market, by key advertisers

UK pet insurance market, by key advertisers

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Which are the key companies in the UK pet insurance market?

The key companies in the UK pet insurance market are Petplan, Animal Friends, Admiral, Aviva, Direct Line, Tesco Bank, Asda, Bought By Many, Sainsbury’s, Churchill, Pets at Home, and Healthy Pets.

UK pet insurance market, by key companies

UK pet insurance market, by key companies

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Market report scope

Market size GBP1.5 billion
Forecast period 2021-2025
Key channels Bank, Broker, Insurer, Affinity, and PCW
Key media types TV, Digital, Direct Mail, Radio, Press, and Door Drops.
Key companies Petplan, Animal Friends, Admiral, Aviva, Direct Line, Tesco Bank, Asda, Bought By Many, Sainsbury’s, Churchill, Pets at Home, and Healthy Pets
Key advertisers Brought By Many, GoCompare, Animal Friends, Petplan, Clicksco Digital, Waggel, Pet Health Club, Direct Line, petGuard, and K9 Cover

 Scope

  • Petplan is the largest pet insurer, followed by Animal Friends.
  • Petplan had the highest Net Promoter Score. Despite comparatively expensive policy pricing, Petplan is the most recommended insurer in terms of product features and customer satisfaction.
  • The trend of digitalization is evident in the pet insurance market. Smartphones and tablets are now one of the leading methods for purchasing pet insurance policies.
  • Increased technological innovation in the pet insurance space could decrease healthcare costs and help pet owners provide more comprehensive care to their pets.

Reasons to Buy

  • Understand consumer purchasing decisions and how these will influence the market over the next few years.
  • Improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.
  • Compare the net promoter scores of key insurance providers.
  • Discover which providers lead the way in the household insurance space and learn about new product innovations.
  • Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.

Key Players

Petplan

Animal Friends

Admiral

Aviva

Direct Line

Tesco Bank

Asda

Bought By Many

Pets at Home

Healthy Pets

Sainsbury’s

Churchill

Clicksco Digital

Waggel

Pet Health Club

petGuard

K9 Cover

Compare the Market

Confused.com

GoCompare

MoneySuperMarket

Table of Contents

Table of Contents

Executive Summary

The Purchasing Journey

Provider Engagement

Channel View

Marketing

Future Market

Appendix

Frequently Asked Questions

The UK pet insurance gross written premium (GWP) is expected to reach GBP1.5 billion by 2025.

 

 

 

 

The key channels in the UK pet insurance market are bank, broker, affinity, insurer, and PCW.

The key media types in the UK pet insurance market are TV, digital, direct mail, radio, press, and door drops.

The key pet advertisers in the UK pet insurance market are Brought By Many, GoCompare, Animal Friends, Petplan, Clicksco Digital, Waggel, Pet Health Club, Direct Line, petGuard, and K9 Cover.

The key pet insurance companies in the UK are Petplan, Animal Friends, Admiral, Aviva, Direct Line, Tesco Bank, Asda, Bought By Many, Sainsbury’s, Churchill, Pets at Home, and Healthy Pets.

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