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Specialist pet insurers lead the way when it comes to customer review scores

According to data from Smart Money People, the UK’s dedicated financial services review site, the pet insurers that receive the best customer reviews are those that operate solely in the specialist pet insurance niche. More than 26,000 reviews left over a five year period, and across 57 providers, were analysed.*

Companies that only provide pet insurance and don’t offer other insurance types or additional financial products, received an average rating of 4.88 (out of 5) by their customers.

Providers offering multiple types of insurance were next in line, collectively receiving an average rating of 4.74.

General financial providers that offer other non insurance products and may offer other banking and financial services, scored lower, receiving an average rating of 3.24.

As well as scoring highest, specialist providers have also been the most consistent year-on-year. Multiple insurers saw the biggest improvement, with an increase in average score from 3.3 in 2018 to 4.84 in 2022.

The gap between the different types of providers is even more prominent when looking at the last full calendar year. In 2022, specialist providers and multiple insurers both scored more than twice as highly as general financial providers on average, at 4.9 and 4.84 respectively, compared to just 1.93.

Common complaints over pet insurance from general financial providers included disputes over payouts on claims, especially when with regards to pets with pre-existing conditions.

The top 10 pet insurance providers, as rated on Smart Money People reflect this. Of the current top 10, eight are specialist providers, one offers multiple insurance and one is a bank.

Despite the rising cost of pet insurance, the average ‘value for money’ score across all providers has remained fairly consistent year-on-year.

Jacqueline Dewey, CEO, of Smart Money People said: “Specialist providers should be really proud of the service they’re providing – they know their sector and customers inside out and because it’s the only thing they do, it gets their undivided attention, which customers benefit from enormously.

“Companies offering multiple types of insurance are hot on their heels, especially when we consider progress from five years ago. They far outshine banks and general financial providers, so there’s a huge opportunity for them to earn more of the market share too.

“Customer reviews play an integral role in the buyer journey, with positive reviews giving many the confidence they need to take out a policy, so encouraging customer reviews couldn’t be more important.

“Customer review data can also provide valuable insights to help you grow as a company, highlighting key areas for improvement. With more households than ever owning pets, specialist and general insurers can continue to dominate the market.”


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ENDS – Notes to editors: *Reviews collected on the Smart Money People website between 01.01.2018 – 17.03.2023. Reviews can be left by any genuine customer over the age of 18 who has taken out a policy with that provider About Smart Money People Smart Money People is the UK’s dedicated financial services review website. The site and platform helps people and financial brands to create better outcomes. Smart Money People shares the collective wisdom and experiences of customers to provide insights and ideas that will help shape the future of finance. Launched in 2014, Smart Money People has collected over 1.4m reviews on products and services from financial companies including banks, building societies, insurers and credit providers. These insights, comments, and experiences not only inform more people but also help financial services companies provide a better service to their customers. Smart Money People also runs the British bank awards, Insurance choice awards and Consumer credit awards. For further information please contact: Kerry Sheahan or Ali Cort [email protected] / [email protected] Browser Media Tel: 0207 099 0945

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