No matter what field you're working in, it pays to know the demographic you're targeting. Depending on the targeted demographic, you need to present yourself in a specific way. For example, younger generations, like Gen Y or Gen Z, prefer communicating through texts or emails. On the other hand, older generations like Baby Boomers prefer face-to-face communication or even talking through the phone. They prefer that human touch. As an insurance agent, it's important to know your demographic's preferences while pitching any kind of policy. It applies to the pet health insurance niche as well.
The
pet health insurance sector is booming. Millennials are the most important demographic when it comes to this niche. While it's Millennials for shutting down many industries, this doesn't apply to the pet industry. 94.2 million cats and 89.7 million dogs were registered in the U.S. in 2018. Quite surprisingly, the most prominent pet-owning demographic turned out to be Millennials.
Millennials treat their pets just like children. To them, pets are a huge part of the household. This generation has coined the term "pet parent" to refer to themselves. Their pets are "fur babies" to them, so they care for their pets as parents care for their children. It makes sense for them to be on the safer side of things with an insurance policy, in case they have to deal with emergencies.
More than any other generation before them, Millennials are struggling financially. Caring for a pet is much more affordable than raising children. They know how to pamper these "fur babies." In 2018, American pet owners spent $72.56 billion on pets alone. Millennials were responsible for this massive surge in pet spending. For this generation of pet owners, spending on
pet health insurance is just a normal part of being a pet parent.
