June 8, 2023
Spot Pet Insurance has announced 201 percent growth in 2022, outpacing the industry average of 21.7 percent (NAPHIA, 2023).
The United States pet insurance industry still has significant room for expansion when compared to its counterpart in the U.K. This opportunity for growth starts with the overall market penetration rate. In the U.K., 42 percent of pet parents have insurance coverage for their pets, whereas the U.S. has a relatively low rate of 2.80 percent. In 2022, only 5.36 million of 191 million pets in the U.S. are insured (NAPHIA, 2023; IBIS World, 2023).
Spot's marketing partnerships played a significant role in excelling the company's growth. Partnering with Lyft Media, Spot reached New York City pet parents surrounding dog parks via digital car-top advertising displays. Spot collaborated with Cameo for Business to leverage A-list celebrity pet parents who reflected on experiences they've had with their pets and the impact pets have had on their lives. This digital campaign reached millions of pet parents across multiple channels to drive education and awareness of pet insurance. Through an exclusive partnership with Purina, a pet food industry leader, Spot reached a key audience of pet parents and offered a strategic partner discount of up to 10 percent to Purina subscribers. Following the success of these campaigns, Spot looks to further expand its digital marketing partnerships.
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