Since it is Pet Week, May 1-7, I thought I would share my recent experience. As an insurance agent, I am always trying to find out what is important to my clients and prospects. Recently one of our employer clients stated that they wanted to be the ultimate resource for as many of their employees’ needs and concerns as possible. They felt a need to offer voluntary benefits including long term care, life insurance, ID theft protection and pet insurance to name a few. The pet insurance was not a new idea but the request was more than the previous passing comments we had heard. This sent me on a mission to educate myself about current pet owners and their needs/concerns.
We have all heard about people foregoing their own needs to make sure that their pets are appropriately cared for. I did not find these stories in my research, but I did discover several interesting pieces of information about both employers’ feelings for offering employees voluntary benefits, as well as the perception of pet owners’ needs. According to a recent LIMRA study 71% of employers perceive that by offering voluntary benefits they are contributing to their employees’ morale and satisfaction. Willis Towers predicts that pet insurance as a voluntary benefit will grow by 25% from 2015 to 2018.
I also discovered a recent Harris poll that found that 95% of pet owners now consider their pets to be members of their household. Just as we are all personally concerned about how we could pay for large medical bills for ourselves, 41% of pet owners have voiced this same financial concern for an unexpected medical bill for their pet. Some employers are even offering pet bereavement leave to their employees.
The results of my mission about pet insurance convinced us that our clients have medical cost concerns about their pets and that we could help solve these needs. We decided that for the necessary care of pets, and the financial concerns of our clients, to include pet insurance as one of our insurance services. Our pet insurance plan offers our group clients’ employees a 15% premium discount. This proves to be a win/win/win situation for our employers and their employees and our desire to meet our client’s needs.