A three-pronged approach was followed for deducing the pet insurance market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for pet insurance market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of pet insurance market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The pet insurance market was categorized into four segments, namely Coverage type (Accident & Illness, Accident only), animal type (Dogs, Cats), sales channel (Agency, Broker, Direct, Bancassurance), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
The pet insurance market was segmented into type, animal type, sales channel, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The pet insurance market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-two countries, namely, the U.S.; Canada; UK.; Germany; Italy; France; Spain; Netherlands; Sweden; Norway; Japan; China; India; Australia; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; Israel
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The pet insurance market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Petplan UK (Allianz) -Petplan provides health insurance services for companion animals such as cats, dogs, and rabbits. The company is present in Australia, Germany, the Netherlands, New Zealand, and the U.S. Its services cover pets’ genetic & chronic illness, diagnostics, and medications. The company is a subsidiary of Allianz Insurance plc, a part of the Allianz Global Group.
Nationwide Mutual Insurance Company -Nationwide Mutual Insurance Company provides financial services including homeowners, auto, farm, commercial, & life insurance; insurance policies; retirement & investing solutions, including retirement plans, mutual funds, annuities, & life insurance; and banking services, including auto loans, mortgage loans, home equity lines of credit, certificates of deposit, checking & savings accounts, and credit & prepaid cards in the U.S. It also offers personal & commercial property and casualty insurance as well as small business, farm & ranch, commercial, and agribusiness & farm insurances.
Trupanion - Trupanion offers affordable and simple pet insurance services. The company’s insurance plan covers hereditary conditions, unidentified issues, and congenital conditions. It provides subscription-based pet insurance services in the U.S., Canada, and Puerto Rico. The company was formerly known as Vet Insurance International.
Petplan North America (Allianz) - Petplan is the sister company of Petplan UK. It is one of the leading pet insurance providers in the U.S. The company offers affordable health insurance policies for dogs and cats. Pet insurance covers unexpected diseases, accidents, and wounds of companion animals. Policies provide coverage for all congenital, hereditary, and chronic conditions, including diagnostic testing, nonroutine veterinary examination fees, cancer, prescription medications, dental treatment, CAT, MRI, & ultrasound imaging.
Hartville Pet Insurance -Hartville Pet Insurance is one of the prominent pet insurance companies in the U.S. It provides insurance plans for dogs and cats. The company’s plans offer coverage for wellness care, dental illnesses, and behavioral problems. The company has partnership with Protect Your Bubble and Pet Insured. Hartville Group, Inc. operates as a subsidiary of United States Fire Insurance Company.
Pethealth, Inc. - Pethealth, Inc. is an international player that offers RFID microchip identification, database-related services for companion animals, animal management software, and insurance services. The company’s products and services are available in North America and the UK. Moreover, it has entered pet pharmacy, pet specialty, and retail products markets in the UK. The company offers unique range of services and products for veterinarians, pet owners, and shelters such as 24PetWatch, PetCare, VioVet, Petpals Direct, Pet Protect, Petango.com, and PetPoint
PetFirst Healthcare, LLC - PetFirst Healthcare, LLC is a pet insurance company that offers insurance services for dogs & cats in the U.S. The company has partnered with veterinarians, shelters, and rescue homes to expand its presence. The company’s insurance plans cover accidents and illnesses. In addition, it provides plans that cover more than one pet, simultaneously.
Embrace - Embrace offers pet insurance coverage for accidents and illnesses across the U.S. The policy is available at various prices and caters to a wide range of customers. It also covers hereditary, genetic, and congenital conditions. As a promotional activity, the company provides Wellness Rewards program to cover veterinary costs. The company also provides a user-friendly application for better customer experience.
Royal & Sun Alliance (RSA) - RSA is a British general insurance company that offers pet insurance services. The company has operations in the UK, Ireland, Scandinavia, Central & Eastern Europe, Canada, Asia, Latin America, and the Middle East.
Direct Line Group - Direct Line Group is a general insurance company that offers motor, home, travel, pet, and other personal insurance services. Its products and services are available online and offline. The offline mode involves brokers and partners, such as Direct Line, Churchill, Green Flag, DLG Partnerships, Privilege, Shotgun, & DLG Auto Services brands. Direct Line Group was earlier known as RBS Insurance Group Limited.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
revenue/volume
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 - 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.