Changing expectations of UK pet insurance customers
Shifting customer expectations drive demand for flexible cover
The pet insurance market in the UK is a vibrant and attractive market for personal lines providers to grow their business. However, some of the common concerns in the sector include its affordability, how consumer-friendly it is perceived to be, how easy it is to shop around, and how it approaches pre-existing medical conditions.
Many of the consumer-related concerns around pet insurance include substantial hikes in premiums that happen suddenly or unexpectedly, a lack of clarity in the products presented to the customer and the language they use, and the feeling of being unable to switch insurers in search of a better price or level of cover.
These are some of the areas that the Financial Conduct Authority (FCA) has been looking at addressing through the introduction of new regulations and guidance. The introduction of the FCA’s Insurance Distribution Directive (IDD) in October 2018 coincided with new requirements applying to firms distributing insurance. The FCA also highlighted a possible deterrent for switching pet insurer is the lack of cover for pre-existing conditions, which can tie a consumer to their existing provider.
Verisk and OnePoll carried out a survey in 2020 of UK pet insurance customers to learn more about the market landscape, what customers look for in policies, and what their attitudes are around coverage options for pets with pre-existing conditions.
Download this report for analysis of the research findings.
Topics covered: • Pet ownership trends. • The cost of keeping a pet and insuring them. • What do customers look for in their policies? • The challenge of pre-existing medical conditions and switching insurer.