Study: Pet owners with pet health insurance more likely to seek care
Nationwide® and VetSuccess analysis confirms mutual benefits for insured pets and veterinary practices
Brea, CA – Pet owners who purchase pet health insurance are more likely to bring their pets in at the first sign of trouble and to follow their veterinarian’s treatment advice.
That’s one of many findings in a study sponsored by Nationwide, the first and largest provider of pet health insurance in the United States, in collaboration with VetSuccess, the veterinary industry’s definitive analytics experts. The analysis looked at almost ten million pets served by close to 2,000 veterinary practices, comparing those with Nationwide pet health insurance to pet owners whose pets weren’t covered by Nationwide.“We’ve long known from our internal research that pets insured by Nationwide see their veterinarians more often, with the predictable results of catching disease early and getting consistent follow-up care for conditions that need it,” said Dr. Jules Benson, Nationwide’s Chief Veterinary Officer. “I know from my own experience as a practitioner that removing financial barriers to care makes an enormous difference in pet health outcomes and to a veterinarian’s professional and personal satisfaction. It can be tangible when you avoid those Friday afternoon emergency ear infections, or when you see a pet go into remission after a long battle with lymphoma.
“Partnering with VetSuccess on this research has reinforced our earlier findings, bringing rigorous third-party analysis to show that pet health insurance from Nationwide isn’t just about covering the cost of veterinary care. Pet parents who insure their pets with us consistently access veterinary care more often with less concern about cost."
Among the findings, those with Nationwide pet health insurance on their animal companions vs. no pet health insurance:
- Spend more on veterinary care. Revenue per patient increases 92% for insured dogs vs. uninsured dogs. For cats, revenue increases 76% vs. those with no pet health insurance.
- Visit their veterinarians more often. For dogs, that’s 73% more often, resulting in 4.17 annual visits per insured patients vs. 2.41 visits per patient for uninsured pets. For cats, yearly veterinary visits are up 43%, with 2.54 visits for insured pets vs. 1.77 for cats with no insurance.
- Approve surgical procedures more often. Insured dogs are 51% more likely to receive surgical treatment, with a 17% increased spend. Insured cats are 20% more likely to receive surgical treatment, and 38% more is spent on those procedures.
- Stick with their veterinary practice. After three years, 81% of insured dog owners are at the same clinic vs. 46% of uninsured dog owners. That loyalty equates to a lifetime value for insured dogs that is 238% higher than uninsured dogs -- a difference of more than $4,000 in revenue over eight years. For cats, 69% of insured cats are at the same clinic in three years vs. 33% of uninsured cats. This differential represents a lifetime value for insured cats that is 218% higher than uninsured cats, a difference of more than $1,800 in revenue over eight years.
“At VetSuccess, we’re excited to empower the veterinary industry with information that improves the health of their businesses and their patients,” said Martin Traub-Werner, Founder VetSuccess, VP & GM, Data and Platform Technologies, Vetsource. “In working on this analysis with Nationwide, we were interested to see not just the significance of the findings, but also that the results were remarkably consistent across practices.”
Nationwide offers a variety of pet health insurance plans that range from injury/illness to a complete package that includes injury/illness and wellness with coverage of up to 90% of eligible veterinary expenses. For information about Nationwide’s full range of plans and benefits, visit petinsurance.com.
About Nationwide pet insurance
With more than 950,000 insured pets, Nationwide is the first and largest provider of pet health insurance in the United States. Nationwide pet health insurance plans cover dogs, cats, birds and exotic pets for multiple medical problems and conditions relating to accidents, illnesses and injuries. Medical plans are available in all 50 states and the District of Columbia. Underwritten by Veterinary Pet Insurance Company (CA), Columbus, OH, an A.M. Best A+ rated company (2019); National Casualty Company (all other states), Columbus, OH, an A.M. Best A+ rated company (2019). Agency of Record: DVM Insurance Agency. Pet owners can find Nationwide pet insurance on Facebook or follow on Twitter. For more information about Nationwide pet insurance, call 800-USA-PETS (800-872-7387) or visit petinsurance.com.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.
Nationwide, Nationwide is on your side and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2021.
VetSuccess provides practice performance reports, dashboards, and automated marketing solutions for veterinary practices and industry partners. As the industry's definitive analytics experts, VetSuccess makes sense of veterinary data and turns it into actionable information, metrics, and benchmarks. A subsidiary of Vetsource, VetSuccess harnesses the power of data to help veterinary practices and partners stay one step ahead.