Overall, 11 percent of employees who are offered pet insurance opt in, according to EverythingBenefits' data. (Photo: Getty)
Who is buying pet insurance when offered as a benefit by their employer?
Mainly married Gen Xers balancing household finances—including paying for the vet bills of their beloved Fido and Boots.
EverythingBenefits analyzed the demographic data about workers who are utilizing the pet insurance benefits offered by their employers on its benefits administration platform. The majority (77 percent) opting in for pet insurance are married, the average age is 43, and two-thirds (65 percent) are women.
It's smart for employers to tailor benefits offerings to match the needs of their employees, says EverythingBenefits CEO Rachel Lyubovitzky.
“An impressive, yet pertinent benefits package can oftentimes be the key in attaining and retaining the highest caliber of talent,” Lyubovitzky says. “With this in mind, it is important to factor employees' demographic information, personal interests and accessibility to offerings when assembling a benefits package.”
The first step in creating an optimal benefits package is understanding the background of those who will opt in to subscribe to many of the offerings, she says. By using readily available demographic information, the employer's HR professional can gain a strong understanding of what offerings may be attractive to their audience.
“For instance, when targeting a millennial audience, we've found that pet insurance is an extremely attractive benefit,” Lyubovitzky says. “Statistically speaking, millennials are found to take more time than previous generations to start families and a pet is often times their 'first model' to practice parenting skills with.”
Overall, 11 percent of employees who are offered pet insurance opt in, according to EverythingBenefits' data. The average company size offering pet insurance is 400 employees, and the top two insurance carriers that are selected are Pet Assure and PetPlus.
The pet insurance offering is evidence that when employers have researched their employees' needs and are committed to servicing them, they can come up with benefits that employees can get excited about, Lyubovitzky says.
“When a company offers to subsidize this benefit, as a part of the contribution bucket, employee satisfaction will be even higher,” she says. “Bring your pet to work days are another benefit that goes beyond a written or financial commitment.”
Easy enrollment is also greatly appreciated, Lyubovitzky says.
“Creating a user-friendly portal that displays pro-pet policies will make the implementation of these benefits clear,” she says.
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Katie Kuehner-Hebert
Katie Kuehner-Hebert is a freelance writer based in Running Springs, Calif. She has more than three decades of journalism experience, with particular expertise in employee benefits and other human resource topics.
