Progressive enters the voluntary benefit market with pet insurance
Progressive is entering the voluntary benefits market through a relationship with Pets Best. The new product, underwritten and serviced by Pets Best, is available to all U.S. companies looking to add pet insurance as a voluntary employee benefit.
Progressive and Pets Best have worked together since 2009, offering Pets Best pet health insurance plans to dog and cat owners across the U.S. Employers have the option to pay for part or all of the pet insurance, or companies can choose to have their employees pay the premiums directly. Payroll deduction is also available to companies with at least 250 employees.
This move puts more pressure on Nationwide, the leader in the employee benefits channel, and on MetLife that last year announced the acquisition of PetFirst as it looks to leverage its position as a market leader in US group benefits with a benefit that’s growing in popularity.
“Pet ownership in this country is at an all-time high, and costs for veterinary care continue to rise as we see more sophisticated medical technologies and improved treatment options. To help address this challenge, many pet owners are turning to pet insurance for protection. This expanded product offering with Progressive allows us to reach even more business owners, HR managers, brokers and decision makers who turn to Progressive for their commercial insurance needs.” – Chris Middleton, Senior Vice President and General Manager of Pets Best.
“We understand that employers are looking for ways to create more comprehensive and competitive benefits packages. Employees are placing increased importance on work perks that complement their lifestyles and recognize what’s important to them. By offering pet insurance as a voluntary benefit, employers can tap into the strong bond that many people have with their pets.” – Drew Purcell, Business Development Leader at Progressive.