It’s a fetching time for pet insurers. Potential customers identify as pet parents and grandparents, willing and financially able to take measures unheard of just a decade ago to make their pets live longer and healthier lives, according to industry professionals.

As millennials become the largest generation owning and spoiling pets, insurers need to embrace new forms of technology to beat the competition.

In the midst of COVID-19, puppies and kittens have emerged as go-to companions to get us through the extended public healthcare crisis. This is one important reason pet insurance is touted to be the next hot growth segment for personal insurance carriers, as the global market is projected to surpass $10 billion by 2025 and grow 6.7% annually.

No one could have predicted the global coronavirus pandemic or its impact on business and everyday life. The COVID-19 crisis changed how people work, study, shop and make decisions, affecting every business sector.

To provide a positive experience at a stressful time requires insurers to rethink how they approach customer service and explore how AI can improve communications and accelerate claims handling.