MetLife (MET) Launches Pet Insurance Product, Boosts Portfolio

MetLife, Inc. MET recently launched a pet insurance product aimed at extending insurance coverage for pets and catering to the diversified financial needs of pet parents.

The innovative offering, which is equipped with significant benefits, can be availed for dogs and cats, irrespective of their breeds or ages. Besides, pet parents will be able to use telehealth concierge services. Benefits linked with the product can be carried forward from the previous year. It has the provision of family plans covering multiple pets under a single policy.

The brief wait periods offered by the pet insurance product in case of an accident or illness is a massive draw. Meanwhile, orthopedic issues are not subject to any wait time. On top of that, the offering comes with a seamless claim submission and tracking process with the help of a mobile app.

The new product basically intends to offer better management of anticipated as well as unplanned costs stemming from keeping a pet at home. Besides offering enhanced care to pets, the pet insurance product seems to be a time opportune one. Per MetLife x Civic Sciences Survey, one in five pet parents is not able to effectively handle veterinary costs as they are financially unready.

The recent move resonates with MetLife’s efforts to strengthen its foothold across the U.S. pet insurance market. The launch is indicative of the company’s efforts to cover treatment expenses for pets grappling with accidents or illnesses, which often generates financial stress and triggers borrowing needs for pet parents.

Time and again, MetLife has made ardent efforts to bolster its capabilities in serving pets and promote the importance of pet insurance. There has been a growing inclination among employees toward inclusion of pet insurance into their benefits offering by employers.  To this end, MetLife Pet Insurance can be availed as an employee benefit.

The insurance carrier offers the exclusive benefit to employees of shifting their insurance carrier to MetLife, with the guarantee of covering pre-existing conditions of pets. Last year, the company acquired the pet insurance coverage provider PetFirst through which the former provides pet insurance to employers via its leading group benefits distribution channel.

There has been an accelerated growth in the U.S. pet insurance industry driven by growing willingness to adopt dogs and cats, and emergence of numerous personal insurance providers offering extensive distribution channels and competing payment alternatives. Per Verified Market Research, U.S. Pet Insurance Market is anticipated to witness a 10.9% CAGR over the 2020-2027 period. The COVID-19 pandemic, which wreaked volatility across the globe, did not act as a drag on the households’ interest to adopt pets. Per a study conducted by American Pet Products Association, around 12 million households welcomed a new pet to their homes amid the pandemic.

Other insurers offering pet insurance coverage across the United States include Trupanion, Inc. TRUP and The Progressive Corporation PGR. Berkshire Hathaway Inc.’s BRK.B unit GEICO also offers extensive care coverage for pets throughout the nation.

Zacks Rank & Price Performance

Shares of MetLife, which carries a Zacks Rank #2 (Buy), have surged 66.2% in a year compared with the industry’s rally of 40.2%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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