- Rising adoption of pet insurance and high average premiums are leading to the growth of Sweden Pet Insurance Market at a CAGR of 9.2% from 2017-2022P
Pet insurance penetration in Sweden is high compared to other European countries. Compared to 2020, premium income increased in Sweden’s Pet Insurance Market. Owing to the high number of contracts being signed for animals and high average premiums for animal insurance, the Pet Insurance Market In Sweden has shown a CAGR of 9.2% from 2017-2022P. Increasing number of pet and animal lovers, rise in per capita incomes and new product innovations are expected to drive the growth of Sweden Pet Insurance Market.
Visit this Link Request for a Custom Report
- Consumers prefer buying insurance from Agencies and bancassurance companies in Sweden Pet Insurance Market
Agencies are the most preferred mode of distribution in Sweden as of 2022. This is because agencies have a direct relationship with animal owners and hence, pre- and post-sale services remain intact. Owing to the low maintenance and distribution costs, banc assurance are the second most preferred mode of distribution. Brokers are one of the most efficient indirect distribution systems. They specifically target middle-class and upper-class animal owners. They enjoy less preference when compared to agencies and banc assurance.
To Know More about this report Download A Free Sample Report
- In order to gain competitive advantage in the market, insurance players should focus on targeted marketing strategies right from the point of pet sales
Pet owners are most likely to sign up for insurance when it’s offered as a complement to their pet purchase. Companies should try to offer insurance at the point of sale in order to turn a one-time customer into an ongoing one. Since, the level of awareness about Pet Insurance among pet owners is high in Sweden, players should leverage it at the first step itself. Existing relationships with customers can help companies make the right insurance offer at the right time. They should leverage data collected from purchase records in their marketing strategy. For example- a customer with several pets might be interested in a multi-pet discount offer. Active marketing and a value offer can help nudge customers over the conversion line. Insurance is complicated, and sometimes consumers miss out on coverages they need because the details are confusing or buried in legalese. Companies should offer detailed explanations of how pet insurance works and what all is included in the policy to their customers in their advertisements. This will ensure transparency which presently is a major concern in Sweden.