How important is pet insurance penetration to the long-term survival of your business? This is a question many companies ponder as they seek out new customers. Although it’s easy to think about things like brand building or the benefits of using specific pet products, penetration is actually one of the most important things to consider. In this brief article, we’ll go over why it’s so important and provide you with a few tips on how to improve your company’s chances of penetrating the marketplace. Let’s get started!
One thing that all companies understand is that having adequate insurance coverage for their customers is crucial. In fact, this is probably the first thing most consumers think about whenever they hear the words “insurance” and “business.” According to a recent study by The Center for Studying Financial Markets, only 25% of U.S. corporations have adequate health, life, disability, and van insurance to protect their employees’ financial health.
Another fact that should trouble consumers is the cost of premiums in general. While it may be true that insurance companies can set their own rates, many times they actually charge more than competitors once they’ve established a level of cover. That means that the cost of an individual or family’s coverage could be much higher than the premiums would be if they shopped around for a better rate. Fortunately, it’s possible to find inexpensive coverage that fits the needs of your company.
How do you know if you’re getting the best price for your company’s insurance? One way is to look at the financial results of other companies. Simply ask different insurance companies for quotes and see what their average percentage point of coverage is. The lower that figure is, the more affordable your coverage should be. This is the primary driver behind increased insurance penetration in many companies.
Along with health and medical coverage, it’s important to have good insurance for your pets as well. Some companies offer a discount on pet policies, in order to draw clients. Make sure you’re getting a good deal by shopping around for the best rate, and don’t hesitate to ask questions about what kind of discounts you’re getting.
Is there anything else you should be concerned about? Over time, some companies have found that their pet insurance leads are not as profitable as anticipated. Some are facing financial trouble, and others have seen a decline in new clients. If you’re concerned about this trend, talk to an insurance professional before you buy pet insurance for your business. They can help you understand why insurance penetration may be declining, and what you can do to reverse it.
One thing you can do to make sure that your business is successful is to have a solid sales strategy. Many companies have an effective sale process that helps them get new customers. Be sure you’re familiar with this process and have strong support for your existing customers as well. If you focus too much on selling insurance to new clients, you might miss out on a profitable group of people who are more likely to purchase insurance than existing clients are.
These are just a few of the things you can do to ensure that pet insurance drives growth in your company. What are you waiting for? Start building your list right away. Getting new customers is absolutely essential to the success or failure of your pet insurance business. Talk to a professional today. You’ll be glad you did.
The next step involves marketing. Advertising pet insurance is essential if you want to reach your target audience. You must advertise your company in a manner that makes it obvious to your customers why they should choose you as their insurance provider. Otherwise, the competition will quickly pass you by.
As you expand, it’s always a good idea to consider expanding into other areas. For example, you could expand into insuring kids. That’s right – kids. Pet insurance is especially useful for kids because they have pets just like adults, and most kids don’t want to pet a dog or cat, let alone take out insurance policies. You can also expand into the veterinary industry, another very lucrative business sector.
So what is all this mean for you? The bottom line is this: more insurance companies hitting the market would mean more competition, and that would mean lower prices for consumers. In addition, since many of these companies are relatively new, they may not be too concerned with making a profit yet. That means they can afford to give discounts to clients, which drive up customer satisfaction. If you can find a cheap pet insurance company that offers low premiums but has excellent customer service, you’ve struck gold. Just make sure you read the fine print before signing up, and you should be fine.