There is a growing demand for the pet insurance job as more and more pet owners are concerned about their pets whom they consider as family and friends.
They are worried about their pet’s safety and well-being, thus seeking to protect their furry friends. This trend has created a positive outlook for job seekers in the pet insurance industry who are passionate about pets and have a strong work ethic.
In the United States, pet insurance job is seeing growth with pet owners now taking care of their fur friends. Some even treat pets as their family members.
With competitive salaries and benefits, pet insurance jobs offer opportunities for career growth and advancement. In this article, we’ll explore the job opportunities in the pet insurance industry and the growth potential of this industry.
Why Pet Insurance is needed in the US?
According to our survey, 43% of pet owners would resort to using a credit card or personal loan to pay for a veterinary emergency.
Surprisingly, only 12.9% of the participants said they would rely on their pet insurance policy to cover the expenses. Most pet owners claimed they would use their cash or savings to finance such an unexpected event.
It is vital to have a financial plan in place to deal with emergencies that may arise with our pets. While cash or savings can be a great backup, it may not always be sufficient to cover the expenses.
That’s where pet insurance can come in handy, providing an additional layer of protection and peace of mind.
Opportunities in the Pet Insurance Job Industry
In a survey conducted, it was discovered that approximately 44.6% of pet owners currently possess pet insurance.
On a broader spectrum, the 2022 State of the Industry Report by the North American Pet Health Insurance Association (NAPHIA) revealed that more than 4.41 million pets were insured in North America in 2021, a significant increase from the previous year’s 3.45 million.
Furthermore, the report disclosed that there was a 30.5% surge in pet insurance premiums in 2021, amounting to $2.84 billion compared to the previous year’s figure.
It is indeed a positive trend to see pet owners recognizing the significance of pet insurance in ensuring their furry friends’ well-being. With the rising costs of veterinary care, having a pet insurance policy could save pet owners from unexpected expenses that could arise in the event of an accident or illness.
A recent survey highlights that over 80% of pet owners in the United States are considering pet insurance, creating a need for pet insurance companies to hire additional staff.
As a result, pet insurance companies are actively seeking candidates for various positions, including sales representatives, customer service representatives, claims adjusters, underwriters, and marketing specialists.
Sales representatives are responsible for promoting pet insurance policies to potential customers. This role involves reaching out to customers via phone, email, or in-person to explain the benefits of pet insurance and answer any questions they may have.
Candidates for this position should possess strong communication and interpersonal skills and preferably have sales experience.
Claims adjusters are responsible for processing and approving or denying pet insurance claims. This role involves reviewing medical records, determining the validity of claims, and communicating with policyholders and veterinary clinics.
Candidates for this position should have strong analytical and communication skills and preferably have experience in insurance claims processing or veterinary medicine.
Underwriters are responsible for evaluating pet insurance applications and determining whether to approve the policy. This role involves assessing risk and calculating premiums based on factors such as the pet’s age, breed, and medical history.
Candidates for this position should have strong analytical and decision-making skills and preferably have experience in underwriting or risk assessment.
Marketing specialists are responsible for developing and implementing marketing strategies to promote pet insurance policies. This role involves creating marketing materials, managing social media accounts, and coordinating advertising campaigns.
Candidates for this position should have excellent communication and marketing skills and preferably have experience in marketing or advertising.
Salary in the US
The salary for pet insurance jobs in the United States varies depending on the position and company. Sales representatives and customer service representatives working in Pet Insurance jobs can expect to earn an annual salary of around $30,000 to $50,000, while claims adjusters and underwriters can earn an annual salary of around $50,000 to $70,000.
Besides, many pet insurance companies offer benefits packages that may include health insurance, dental insurance, and retirement savings plans which are bonuses.
These benefits can add significant value to an employee’s overall compensation package.
Growth Potential of the Pet Insurance Market
The pet insurance industry is experiencing a huge surge in the market, thus opening opportunities for pet insurance job seekers to apply for jobs.
Most pet owners in the US cities have also become aware of the benefits of availing of pet insurance nowadays. With over 70% of households owning a pet in the US alone, the potential market for pet insurance companies is significant.
There is a trend of keeping pets as a social status, spending millions of investments on their pets, and so does the need for more pet insurance jobs to deal with the rising number of pets in the US market.
Pet insurance companies, therefore need more sales representatives, customer service representatives claim adjusters and underwriters.
Another factor driving the growth of pet insurance jobs is the increasing cost of veterinary care. As veterinary costs continue to rise, more pet owners are looking for ways to protect themselves from unexpected expenses.
Pet insurance provides financial protection for unexpected veterinary expenses, making it an attractive option for pet owners.
Thus, paving way for more job opportunities in this new insurance sector.