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Millennials as Employees — Animals are Family

Posted By Administration, Tuesday, July 12, 2016

It’s not easy getting millennials — those who became adults just before and just after the year 2000 — to buy into the idea of insurance as a career. This in spite of the fact that insurance — for the most part — is about making people whole and millennials love that sort of thing.


So catching a millennial as an employee is often tough.


There is hope. Millennials like perks. The more benefits you have, the easier it is to catch and retain them once they’re on the payroll. Here’s a new — and quite positive — perk to entice them.


Pet insurance.


And here’s why. Millennials are now the largest population in the country. They’ve passed baby boomers. So they’re the largest population — AND — since they’re waiting until “later” to have children, they’re adopting the most pets of any age group in the nation.


Bob Vetere of the American Pet Products Association said millennials view their pets as children. They are almost using pets as practice families, to get the feel for having some living object totally dependent on you.”

So many millennials — like those in Vetere’s office and maybe even yours — are wanting benefits for their pets since they don’t have children. Smart employers — including one in three Fortune 500 firms and 9% of all other companies — are starting to provide pet insurance as a benefit.


Or so says the Society for Human Resources Management’s (SHRM) research.


Cynthia Trumpy is one of the heads of Health Paws Pet Insurance & Foundation. She says pet insurance is growing in popularity with businesses and with employees. A lot of people didn’t know that pet insurance existed for a long time. It wasn’t necessarily the best plan for a long time. Now there are several players with excellent plans, so it is becoming more and more popular.”


The reason for the growing popularity is the high cost of pet medical care. And that cost is staggering. Harris — the polling firm — found 65% of U.S. households with pets spent money on health care. That price tag hit $15 billion last year.


Liz Watson of Hartville Pet Insurance Group said pet insurance is a great way for an employer to show how much they share the values of the millennial and understand that pets are more than pets. They are family.


As millennials adopt this ‘pets as a part of the family’ viewpoint and are trying to be more and more responsible, it will lead them to want to explore something like pet insurance,” she said.


By the way, around 90% of those with pets do not have pet insurance.


Source link: Employee Benefit News


Tags:  Insurance Content  Insurance Industry  Insurance News  Millennials  Millennials & Insurance  Millennials as Employees — Animals are Family  Weekly Industry News 

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