Storyboard18 | Oh My Dog! How Pet Health Insurance Is Growing – CNBCTV18
Future Generali India Insurance recently announced the launch of ‘Oh My Dog!’ a digital campaign to create awareness around the importance of purchasing dog health insurance cover towards protecting our furry friends.
A tweet around this campaign caught our attention. It was by cricketer Rohit Sharma who tweeted “Sorry guys! My dog, Magic, took over my handle. Lil’ troublemaker!”
Along with this, a series of mischievous tweets and replies by celebrities created intrigue about this category.
Future Generali had roped in celebrities who are known for their affection for dogs and thus aligned with the idea of purchasing dog health insurance cover to protect their much-loved pets.
In a country like India, where despite increased curiosity about the need for insurance post-COVID-19, insurance remains underpenetrated. What is the potential then for pet insurance?
Ruchika Malhan Varma, chief marketing officer, Future Generali India Insurance says, “India is the largest growing pet market in the world. 85% of the total pet care market in India is dominated by dogs alone.” The pet care market is approximately Rs 400 crore and is expected to grow at 14% a year.
The numbers have been going northward since the onset of the pandemic, with thousands seeking companionship in pets to cope with loneliness and anxiety issues. “Pet adoption has witnessed a surge during the lockdown. With this, pet supplies have also gone up substantially. However, with limited awareness and lack of comprehensive health coverage, dog insurance has a long way to go,” says Varma.
Varma also feels that the category is still very nascent and it is important to drive awareness and education for pet parents, who may not know about the product. “While the traditional distribution channels would help, this would also need innovative and relevant distribution built up to reach the pet parents and build awareness amongst them. A focused distribution infrastructure would be the key to access this offering, coupled with a seamless onboarding and claims experience,” says Varma.
In terms of marketing Varma highlights how a multi-channel digital media strategy will help them talk to Pet Parents and spread awareness on the need for securing their furry friends.
“For many a pet is like any other member of their household and for this ‘Pet Parent’ the health of a pet dog is paramount,” she says, speaking about how the brand’s overall approach will be to amplify through pet trainers, canine influencers and a targeted approach towards pet parents to create awareness of the category.
First Published: Mar 07, 2022, 05:55 PM IST
