The capital market's favorite pet owners do not agree

How to "sing" the business experience of pet insurance?

　　The status of cats and dogs in the pet world is absolutely "top class". Instead, their owners call them "masters" and even call themselves "poop shovel officers".

Once the "master" becomes ill, the "poop shoveling officers" send the doctors to give medicines, infusions, injections, and surgery, and they are treated like relatives.

The savvy insurance industry and the Internet companies with a keen sense of smell also perceive the "money path" of the "master" and penetrate the blue ocean of pet insurance.

　　Capital finds a new "darling"

　　In September 2020, the "Ping An Pet Medical Insurance Plan" was launched on a pilot basis in Shanghai and Chengdu.

Why did you choose two pilot cities, one east and one west?

The person in charge of Ping An Pet Insurance said that Shanghai and Chengdu have a strong atmosphere for pet raising. Shanghai is the second city for pet raising and Chengdu is the third city for pet raising.

From the perspective of pet medical penetration rate, both Shanghai and Chengdu are around 50%, which shows that pet owners in the two cities pay more attention to and invest in pet health.

　　The Ant Insurance platform under the Ant Group uses technology to integrate services. As early as December 2019, it launched pet insurance in conjunction with China Earth Insurance and ZhongAn Insurance.

The person in charge Long Guang told reporters that in that year, the pet market had a 20% growth rate, and the number of pet owners exceeded 60 million.

In the pet industry segment, offline medical treatment accounts for 20%-25%, which is comparable to the concept of the human health market.

So the team first tackled scientific and technological problems, starting with the establishment of an AI pet identity confirmation method, solving the pain points of pet insurance claims, and entering the market.

　　According to incomplete statistics from the financial account "One View Business", despite the impact of the epidemic, 49 financings occurred in the domestic pet industry in 2020, and the total amount of funds disclosed exceeded 7.5 billion yuan.

Among them, one pet insurance company received financing with a financing amount of 21 million yuan.

　　The atmosphere is strong

　　In January of this year, Pethadoop.com sent a pet industry data platform and a website to jointly release the "2020 China Pet Industry White Paper" (Consumption Report), showing that the number of dogs and cats in China's cities and towns in 2020 will exceed 100 million, and second-tier cities have rapid pet raising behavior (Note: in the "White Paper", new first-tier cities merged into second-tier cities), young people are still the main crowd in the current and future consumer market.

The difference from 2019 is that "pets are expensive to see a doctor" has risen to become the biggest pain point of pet raising.

　　Nevertheless, the random interviews conducted by reporters on the streets of Chengdu were surprising.

Among the 6 post-80s and post-90s pet owners interviewed, one post-90s pet owner did not know about pet insurance, and the remaining five did not want to spend money on it.

　　The reason is that 4 of them all think that their pets are not very meticulous, although there are many breeds of cats and dogs such as puppets and Shetland.

Another accepted the donated pet insurance, but because it was too troublesome to report the insurance, he had to bear the medical expenses of tens of thousands of yuan brought by the elderly and sick dog.

　　The above phenomenon has also been confirmed by the "White Paper" investigation.

In 2020, the number of pet owners holding a wait-and-see attitude towards pet insurance consumption will increase significantly.

Compared with 2019, the proportion of people who believe that there is no need to purchase pet insurance has declined slightly, and the proportion of people who hold an “uncertain” attitude rose by 13.3% to 49.3%.

35.6% of pet owners think it is necessary to buy pet insurance.

It can be seen that the insurance awareness of pet owners is still in the cultivation stage.

　　The reporter found that my country's first pet insurance was launched in 2004 by Huatai Insurance Co., Ltd. in the "Comfortable Home" family comprehensive insurance, which included pet liability in the insurance coverage and did not target pet medical care.

"There are not too many premiums, and the proportion is basically negligible," a staff member revealed.

　　The reporter recently visited a number of pet clinics randomly, and they did not recommend pet insurance, and even resisted.

A pet clinic in Wangjiaxiang has been in operation for 9 years. The staff said that only a few pet owners have reported pet insurance.

She said that the clinic did not cooperate with the insurance company, but it may also be a designated hospital. For details, you need to go to the insurance company to inquire, and can provide materials such as diagnosis certificates and medical invoices.

However, she thinks that pet insurance is not cost-effective, and the cost of more than 600 yuan can be reported. It is only two to three hundred yuan, which is of little significance.

　　wealth

　　□ "2020 China Pet Industry White Paper" (consumption report) shows

　　China's urban pet (dog and cat) consumer market will reach 206.5 billion in 2020

　　There are 62.94 million pet owners (dogs and cats)

　　The annual consumption of a single pet per capita reaches 5172 yuan

Dilemma

　　□ "2020 China Pet Industry White Paper" (consumption report) shows

　　The consumption penetration rate of pet insurance among pet owners is only 9.2%

　　Compared with 2019, 55.3% of pet owners believe that the current pet insurance company cannot meet their needs, accounting for an increase of 19.4%; 33.1% of pet owners have encountered the problem of high incidence of diseases/common diseases.

　　"I don't know how to choose insurance products" and "policy restrictions are too strict" are also problems encountered by pet owners in insurance consumption

　　Is there a "money way" in the future

　　With regard to pet insurance, Zhang Yongbing, Secretary General of the Sichuan Pet Association, has three views: First, in terms of product positioning. He believes that insurers should also refine them, fully understand the needs of pet owners, adjust the scope and algorithms, and tailor them for pets. , Come up with sincere insurance products.

In addition, the price should be more reasonable and proportional to the insurance coverage.

Finally, in terms of marketing channels, we should work with hospitals to explore a win-win cooperation model.

　　Talking about future development, Long Guang, head of Ant Insurance Pet Insurance, also mentioned value-added services such as vaccination, deworming, and foster care.

But as Internet companies, their "fighting" mentality in the pet industry is more open, hoping to form a "pet ecosystem" and make the pet industry healthier.

He told reporters that after more than a year on the line, the first half of the year has been improving technical capabilities and accumulated more than 2 million pet materials. For the first time, the pet nose print recognition technology was introduced into commercial applications, and dozens of patents were applied for.

　　Long Guang said with excitement that after the technology is open to government departments, it can be used in the electronic dog licenses managed by the city to carry out more efficient digital management of pets, identify stray dogs, and trade pets.

The application of pet nose print recognition technology in dog certificate processing has been piloted in Hangzhou Xihu District; in addition, data sharing can be used to establish pet health files, reduce diagnosis and treatment costs, and avoid excessive diagnosis and treatment.

He is optimistic that pet insurance will get an exponential growth in 2021, "this is a market of billions and tens of billions."

　　Chengdu Commercial Daily-Red Star News Reporter Yan Dan