Veterinary pet insurance

2. Founded in 1980
Largest provider of Pet Insurance in the US
VPI touts “Plans for every pet and every budget”
COMPANY OVERVIEW

3. COMPANY OVERVIEW
5,00,000+
Policyholders
1 Million+
Policies

4. COMPETITOR ANALYSIS
12
Present competitors
53%
Current
share
in the
market
95%
Previous
share
in the
market

5. Pet Market Analysis

6. PET MARKET ANALYSIS
63% of US households own at
least one pet
Americans spend about $55 billion in a
year on their pets
They spend $14 billion of that on
pet health care

7. Current State of VPI

8. Company’s current state
Well known brand
Covering a menagerie of
exotic pets
Working with major
employers
Voluntary employment
benefits
Carrying limitations and
exclusions
Policies cover less than
expectations
Contain maximum benefit
limitationsIncreasing new entrants
Competitors offering
simpler and cheaper
products
Expansion of services
Increasing cost of pet
make the potential
growth

9. Buyer Decision Process

10. Need
Recognition
Post-purchase
Behavior
Purchase
Decision
Alternative
Evaluation
Information
Search
BUYING DECISION PROCESS

11. Is Pet Insurance
an Economic Decision?

12. Is Pet Insurance
an Economic Decision?

13. Pet
insurance
is a
Psychologic
al decision
1
2
3
4
People of USA are
extremely pet loving
They treat their pets as
family members
Fixed premium is
unnecessary as pet illness
has decreased
They try to protect their pet
at all costs

14. Developing Positive or Negative
Attitudes Towards a Brand

15. Belief
A descriptive thought that a
person has about something based on:
Opinion
Knowledge
Faith
Make up product and brand image

16. How VPI can change
consumer attitudes?

17. Tools for developing consumer attitude
Promotional efforts
Customer Service
Word-of-Mouth
Publicity
Product Pricing
Product Features

18. Pet insurance usage
ted States VS Great Britain/Swe

19. Commencement Year
19821947
Great BritainUnited States

20. 26%
Britain
United
States
3%
18%
Sweden
Pet Insurance coverage

21. 1 2 3
Reason Reason Reason
Lack of employer-
sponsored
pet health insurance
benefits
Reasons behind the low usage in the US
Pet insurance
in US
is highly
regulated
Less number of
competing
companies than in
UK

22. Growth Possibilities of VPI

23. Reasons behind the growth of VPI
1
2
3
4
Americans are not shying away
from pets.
The amount of money people spend on
pets is increasing.
Treatments and specialties are becoming
available
The cost of veterinary care is
increasing

24. 4321
Buying
Decision
Comparison
between
US and
Britain
Future of
VPI
Developme
nt
Of Attitude
TAKEAWAYS

25. THANK YOU