Focus on pet health insurance: A dvm360 Spotlight Series (sponsored by Nationwide)

April 24, 2020
dvm360 Staff

A dive into the mindset of your millennial clients reveals their philosophies about pet ownership, their interest in pet health insurance, and how to communicate with this group in ways that are meaningful to them.

Ever since millennials officially overtook baby boomers as the largest cohort of pet owners, veterinarians have been learning just how differently younger owners parent their pets than the generations before them.

Consider these findings from a 2018 survey of 1,139 millennial pet owners by TD Ameritrade:

  • The majority of millennial pet owners (67%) consider their pet to be their “fur baby.”
  • Millennial dog owners anticipate spending more money on their dog throughout its lifetime than they will spend on their own healthcare during adulthood.
  • If given the option, 68% of millennial pet owners would take a brief leave of absence from their job to care for a new pet.

It’s also become clear that millennials are one of the driving forces behind the increase in uptake of pet health insurance in the United States.

In this series, we dive into the mindset of millennial pet owners to explain not only their philosophies about pet ownership—and in turn their interest in pet health insurance—but also how to communicate with this group in ways that are meaningful to them.

Why millennials are the key to increasing pet insurance uptake

Establishing pet health insurance as a standard in veterinary care in the United States has been a slow process, but a new generation of pet owners may be changing that. Millennials are now the largest cohort of pet owners in America—potentially one of the largest driving forces behind pet health insurance growth. Learn more about what’s fueling growth in the pet health insurance industry, the purchasing power and desires of younger pet owners, and how to communicate better with them to forge a more fruitful relationship.

Get engaged: Pet health insurance: how (and why) to cater to millennials

How to educate and motivate younger pet owners

Generational differences in thinking and communication styles are real, and catering to the styles of today’s younger pet owners will put your practice on the path to building lasting bonds.

Learn more: Up your communication game with younger clients

Does community funding for pet care help or hurt the veterinary profession?

Some veterinary professionals find online fundraising for pet care distasteful, but it does have some plusses, including raising awareness about the affordability of pet insurance and the emotional support it offers individuals whose pets need veterinary care.

Discover: The upside of crowdfunding for pet care

This Spotlight Series is sponsored by Nationwide, a Human-Animal Bond Certified Company.