Pet insurance the coolest new staff perk not to be sniffed at
As the employee benefits market hots up in 2018, pet insurance is proving to be one of the coolest staff perks in the US. Pet industry technology expert Aquarium Software says the prospect of ‘puppy power’ policies arriving in a UK human resources department near you soon, is not to be sniffed at.
Many companies in the US are increasingly offering pet insurance as part of employee benefits packages and Aquarium says this is a sign of things to come and companies could learn a lot from the States when it comes to retaining and recruiting staff. With numbers of pets insured on the increase (up 15 percent from 2015-2016), pet insurance as an employee benefit is now an important offer in the workplace. Two new surveys from the US show that pet insurance benefits offered by US corporates are set to almost double by the end of next year, which Aquarium believes could signal a major boost for insurers.
“Offering pet insurance as a staff benefit is a savvy move and must be working for so many to be following in the pawprints of the early pioneers,” said Aquarium Software Director, Mark Colonnese. “Aquarium commissioned research by YouGov shows that 69 percent see pets as just as important to the family as the human members in the UK (72 percent in the US); and these close emotional bonds are making pet insurance an attractive offer to employees, and for those employers looking to exploit it in the race to hire the top talent.”
Veterinary pet insurance company Nationwide suggests that 33 percent of Fortune 500 companies now offer pet insurance to workers; a figure is set to almost double to 60 percent by the end of 2018. Deloitte LLP, Edelman and Walgreen Co are just some of the big names providing such benefits to pet-loving employees Stateside. With 62 per cent of US households owning pets, it’s no wonder that pet insurance benefits are set to double by 2018.
“UK companies should consider these benefits to stay competitive,” added Colonnese. “Aquarium has taken part in several ‘Bring your Dog to Work Day’ initiatives in the UK, which have proved popular with our staff, so it’s not hard to understand the clear trends developing in the States.”