DFV Deutsche Fam ilienversicherung AG adds cat insurance to its pet insurance range
- Punctual roll out of new pet insurances to include cover for cats
- DFV intensifies marketing cooperation with ProSiebenSat.1 Digital under the “PETPROTECT” brand (petprotect.de)
- Additional sales channel with Check24
- Pet insurance market still offers immense potential in Germany
- Executive board predicts 6,000 new pet insurance contracts will be taken out by the end of the year
DFV Deutsche Familienversicherung AG (DFV, Deutsche Familienversicherung), a rapidly growing, leading European insurtech company, is broadening its pet insurance range to also include cover for cats. As a result of the successful market launch of pet insurance for dogs, Deutsche Familienversicherung is now intensifying its cooperation with ProSiebenSat.1 Digital whereby the Munich-based broadcaster group today also started advertising pet insurance for cats on its high-reach TV and online channels. The marketing takes place under the brand “PETPROTECT” and via website www.petprotect.de. In addition, the recently introduced pet insurance for dogs is now also, as of today, being marketed via the online Check24 comparison site. Cat insurance rates will also be offered here from 1 November.
The new insurance product for cats offers comprehensive benefits with a cost refund of up to 100 %, free choice of vets and clinics as well as worldwide protection. The DFV pet insurance is also distinguished by its straightforward health check as well as daily cancellation right.
Dr. Stefan M. Knoll, CEO and founder of Deutsche Familienversicherung: “We are the first insurance company in Germany to sell pet insurance via TV advertising. PETPROTECT is already an established pet insurance brand and the expansion of our range to also include insurance for cats as well as the involvement of Check24 in the marketing of this product range is therefore a consistent step in tapping the immense market potential of pet insurance.”
Pet insurance in Germany – immense market potential
The trend of humanising pets is increasing. According to the research institute Euromonitor and the Zentralverband Zoologischer Fachbetriebe (ZZF) association which represents the interests of the pet sector, approximately 5 billion euros was spent on pets in 2017 alone.
A large part of this is spent on pet health – a three-digit billion sum is spent in this sector per year worldwide with an increasing tendency. According to a current study of the Grand View Research research company, 130 billion dollars was generated in the global pet health sector in 2016. 202 billion dollars is forecast for 2025 with an annual growth rate of 5 %. In addition, the veterinary costs are also increasing by 8% annually worldwide.
This all leads to an increased market demand for pet insurance and in Germany this market is currently undersupplied. There are around 9.2 million dogs and 13.7 million cats in Germany but at most only 17 % of all dog and 6 % of all cat owners have pet insurance. In many other countries pet insurance is much more widespread – in Sweden, for example, 50 % of all 800,000 dogs and 16 % of 1.3 million cats are insured. In Great Britain, one in four dogs is insured.
Dr. Stefan M. Knoll: “These facts on the market potential in Germany and international forecast for the animal health sector make us confident that the niche product of pet insurance will become an established element of our future growth. If we look at other European markets, we see that there is considerable untapped potential which is yet to be exploited.”
Companies such as Trupanion (USA) and the Allianz subsidiary Petplan in Great Britain show that pet insurance is a highly lucrative market with immense growth potential.
Confirmation of target for the year of 6,000 new pet insurance contracts.
Pet insurance will come under the “Other property insurances”. Stefan M. Knoll: “In accordance with the DFV’s current growth strategy, the percentage of property insurances in new business will increase from 3.5 % at the end of 2018 to 10 % at the end of 2019. I can confirm that the target for the year of 6,000 new pet insurance contracts is included in this.”
About DFV Deutsche Familienversicherung AG
DFV Deutsche Familienversicherung AG (ISIN DE000A0KPM74) is a rapidly growing insurtech company which, as a digital insurer, covers the complete value chain with its own products. The company’s objective is to offer insurance products which people really need and immediately understand (“Straightforward & Sensible.”). DFV offers its customers multi award-winning additional health insurances (additional dental, health, long term care insurance) as well as accident and property insurances. On the basis of the highly modern and scalable in-house developed IT system, the company is setting new standards in the insurance industry with consistently digital product designs as well as policy completion with digital language assistants. www.deutsche-familienversicherung.de