Nationwide sees more interest in pet insurance benefits

Pet-related voluntary benefits could be a potential employee incentive to stay with a company, according to a Nationwide survey. 

About 30% of respondents said that pet-related benefits would influence them to stay at their current employer or leave a company for one that offers the benefits. The survey was conducted by Morning Consult for Nationwide and included 2,200 U.S. pet owners who were interviewed online.

Heidi Sirota, chief pet officer at Nationwide, says there are many reasons for an employer to offer a pet benefit.

“Folks that work for a pet-friendly workplace have said they’re less likely to leave if they have a pet benefit,” says Sirota.

Nationwide is a leader in the voluntary benefit space, says Sirota. The company services about 40 million consumers through that channel and Sirota suggests that employers are beginning to add pet insurance as a benefit.

Sirota adds that offering pet insurance as a voluntary benefit doesn’t cost employers but it increases employee engagement and adds value to a benefits package.

Only about 10% of pet owners who were surveyed suggested that they work in a pet-friendly office and 70% of employees said they weren’t offered any pet-related benefits like pet insurance, paid time off to care for their pets and a pet-friendly office environment.

Melissa Gutierrez, the senior vice president and general manager of Pets Best, says that people are asking for pet insurance benefits from their workplace.

“From an insurer standpoint it is an effective channel,” says Gutierrez. “In some direct channels, the product doesn’t perform. There is more shopping behavior when you know you have a pet, but with the employer channel people get more proactive.”

The Human Animal Bond Research Institute has research that shows that employers that offer pet-friendly workplace policies have increased employee wellbeing, retention and productivity.

Kristen Lynch, executive director of the North American Pet Health Insurance Association, says that pet insurance as a voluntary employee benefit is a natural channel.

“If you look at HABRI research, it shows what having pets does for a workplace and the morale, health and wellbeing of the pet owner,” says Lynch. “Employers see a value in people having pets and because of how health benefits work there is a natural association with pet insurance. Health for the family, pet insurance for the pet. Companies that are investing tend to be more progressive employers that want to offer unique benefits.”

According to a separate study conducted by Nationwide and HABRI, about 90% of employees in pet-friendly workplaces felt more connected to a company’s mission, engaged in their work and willing to recommend their employer to others.