Summary
2016 saw the UK's 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.
Key Findings
- 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.
Synopsis
GlobalData's “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.
Reasons To Buy
- 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.
Provider Engagement
Channel View
Marketing
Future Market
Appendix
Research Methodology
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analysing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.