Pet insurance is more than just a “nice-to-have” benefit to modern employees. It reflects the growing role pets have in people’s lives and overall well-being.
For brokers, this trend is an opportunity to stay ahead of client expectations and help businesses build more modern benefits packages. This is why you need clear data and talking points to demonstrate its importance.
Employers are always seeking fresh, meaningful ways to improve engagement and retention without significant cost increases. By providing you with the context, insights and data you need, PrestigePEO will help you confidently discuss pet insurance as a strategic voluntary benefit that enhances culture, supports recruitment and retention and helps employers stay competitive.
In this article, you will see how:
- More businesses are recognizing the importance of pets in employees’ lives.
- Gen Z is leading the way in pet ownership, and pet insurance is a meaningful perk to them.
- Research shows that including pet insurance in benefits packages can make employees feel more valued and appreciated, leading to higher job satisfaction and loyalty.
- Brokers have a wonderful opportunity to meet client needs and stand out by offering pet insurance, showing they truly understand what matters to employees.
- PrestigePEO supports brokers with the tools and knowledge they need to incorporate pet insurance into benefits packages.
Why Pet Insurance Matters Now
People consider their pets to be integral members of the family today. This change has been reflected in their workforce expectations, as employees seek benefits that support their holistic well-being, which includes pet care.
Generational trends are playing a role; Gen Z, which by 2030 will comprise 30% of the workforce, is known for prioritizing pet ownership and is more likely to view pet insurance as a valuable benefit. Thus, demand for pet insurance is expected to grow.
You can see this shift in the way people are allotting their resources. According to the American Pet Products Association, pet spending in the U.S. is expected to reach $157 billion, a testament to the importance of pet care. This cultural shift is mirrored in the workplace, where employees increasingly seek employee benefits that reflect their lives and values.
The COVID-19 pandemic dramatically accelerated pet ownership in the U.S. The bond between pets and their human companions has strengthened as people continue to work from home, leading to an increased focus on pet health and well-being. As a result, employees are more likely to view pet insurance as a benefit that provides peace of mind and financial security.
What Brokers Need to Know: The Data
BenefitsPRO highlights the rising demand for pet insurance, which states that 51% of employees consider pet insurance a top benefit. Companies that offer it have seen a marked increase in employee satisfaction and retention, with almost a third of pet owners saying they are more likely to stay with an employer that offers pet benefits. These figures underscore the importance of pet insurance in today’s employee benefits landscape and provide you with compelling data to present to clients.
According to HRDIVE, more companies are incorporating pet insurance and other pet-related perks into their employee benefits packages to emphasize voluntary benefits and tailor offerings to individual needs. Research from consulting firm Mercer indicates that in 2022, 36% of large employers (defined as those with over 500 employees) offered pet insurance options, marking a 22% rise from five years earlier.
The financial aspect is also significant. Veterinary care costs have been rising steadily, with advanced treatments and procedures becoming more common. Pet insurance helps reduce these costs, making it an attractive option for employees who want their pets to receive the best possible care at affordable prices.
How Pet Insurance Fits in a Voluntary Benefits Strategy
Pet insurance is part of a holistic benefits approach that addresses employees’ diverse needs. By integrating it into a broader voluntary benefits strategy, employers demonstrate their commitment to supporting employees’ overall well-being. This approach not only enhances a benefit package’s appeal but also aligns with the growing trend toward personalized benefits that cater to individual preferences.
Voluntary benefits, like pet insurance, give employees the flexibility to choose options that best suit their circumstances. This customization is increasingly important as the workforce becomes more diverse, with varying needs and priorities. By offering a range of supplementary benefits, employers can create a more inclusive and supportive work environment.
Pet insurance also complements wellness-oriented employee benefits like mental health support and flexible work arrangements. By addressing the full spectrum of employee needs, companies foster cultures of care and support that enhance overall job satisfaction and productivity. Aligning with voluntary benefits trends helps employers attract and retain top talent.
How Brokers Can Guide Clients
Brokers play a crucial role in guiding clients to pet insurance. To start these conversations, you can begin by asking clients a question like, “Do you know that offering pet insurance can engage your employees and increase retention?” This question opens the door to discussing the broader impact of pet insurance on company culture and employee satisfaction.
Key conversational points include:
- Offering clients an understanding of their workforce demographics
- Discussing pet ownership statistics and the potential impact of pet insurance on employee satisfaction
- Pointing out the cost-effectiveness of adding pet insurance to an employee benefits package
- Highlighting the perks of pet insurance using data and real-world examples
- Providing insights into the competitive employee benefits landscape
- Highlighting how other companies in the industry are leveraging pet insurance to attract talent
By positioning pet insurance as a strategic advantage, you’ll help clients see its long-term value. Communicating the availability and advantages of pet insurance to clients ensures they understand how to access and use this benefit.
How PrestigePEO Supports Brokers
Are you ready to simplify administration and help businesses build complete, competitive benefits packages?
By partnering with PrestigePEO, you gain access to a wealth of resources and expertise that make it easier to integrate emerging supplementary benefits like pet insurance into your offerings. We provide streamlined processes, comprehensive support and tailored solutions that enable you to meet your clients’ evolving needs.
- We offer a user-friendly platform that simplifies the enrollment and management of voluntary benefits, like pet insurance. Our platform allows brokers and employers to easily customize benefit offerings, track enrollment data, and access valuable insights into employee preferences and trends. By using these tools, you’ll provide your clients with seamless experiences that enhance the overall value of their benefits package.
- You gain a dedicated team of Human Resources professionals, including:
- Benefits specialists: We have plans for businesses that boost benefits while containing costs.
- Payroll experts and time tracking solutions that save time and resources.
- Compliance and risk management: We’ll guide you through the complexities.
- PEO retirement plans built for small businesses.
- Workers’ Compensation guidance that goes beyond just coverage
Our dedicated support team will assist you and your clients with any questions or challenges that come up. We’ll help you confidently recommend and implement pet insurance as part of a comprehensive benefits strategy.
Embrace the Future of Employee Benefits With Pet Insurance
Offering pet insurance as an employee benefit isn’t just a “nice-to-have” option anymore; it’s a meaningful, modern solution that addresses the evolving needs of today’s workforce. By offering pet insurance, employers can demonstrate their commitment to employee well-being, enhance job satisfaction and improve retention rates. For you, this represents an opportunity to differentiate yourself in the market and provide clients with innovative solutions that align with current trends in voluntary benefits.
Partner with PrestigePEO to bring meaningful, modern benefits like pet insurance to your clients.
To learn more about how PrestigePEO can help you integrate pet insurance into your benefits strategy, contact us today.
