According to the Humane Society, 62% of U.S. households own pets. That represents a lot of fur, a lot of love, and a huge financial market.
Nationwide Insurance is moving to capitalize on this devotion by promoting its pet insurance. Such a product has always been available, but Nationwide is attempting to make it commonplace, by promoting it with emotional full page ads in mainstream magazines and expanding the coverage available.
Anyone who has a pet knows that the costs can be steep, even for a healthy pet. I wrote yesterday about the birth to death model of veterinarian care, but it doesn’t come cheaply. More pet owners are faced with losing a “member of the family” or investing thousands of dollars in extended treatments, and Nationwide sees an opportunity in this dilemma.
There are many financial safeguards that have become common place that were not thought of before. AppleCare and insurance plans for electronics. Extended warranties on appliances or cars. Supplemental disability insurance and credit overdraft protection. Why not pet protection too?
Think about where there is a gap in what currently exists and what could be. How can you build a bridge to cross that gap, and let it lead you to the pot at the end of the rainbow.