Pet health insurance one of fastest-growing workplace perks

Nationwide/HABRI study indicates companies offering pet friendly benefits are more likely to attract, engage and retain employees

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Nationwide

Oct 09, 2018, 08:02 ET

BREA, Calif., Oct. 9, 2018 /PRNewswire/ -- Millions of U.S. employees will soon be electing their 2019 workplace benefits during the fall open enrollment period. Pet health insurance is quickly becoming one of the most requested voluntary benefits as its popularity continues to skyrocket among U.S. employers looking to attract, engage and retain pet-owning employees.

A recent study conducted by Nationwide, in partnership with the Human Animal Bond Research Institute (HABRI), reveals that 90 percent of employees in pet friendly workplaces feel highly connected to their company's mission; fully engaged with their work; and willing to recommend their employer to others. In contrast, less than 65 percent of employees in non-pet friendly workplaces made the same claims.

Additionally, more than three times as many employees at pet friendly workplaces report a positive working relationship with their boss and co-workers, significantly more than those in non-pet friendly environments. Moreover, these employees are more likely to stay with a company long term. The findings held true even among non-pet owners in both pet friendly and non-pet friendly workplaces.

Below are key findings from the Nationwide/HABRI pet friendly workplace effectiveness study:

A pet friendly workplace is defined in the study as one that allows pets in the workplace (regularly or occasionally) and/or offers a pet friendly employee benefit, such as pet health insurance.

Employee Respondents: 2,002 U.S. full-time employees who spend a majority of their time working in an office environment with businesses that have 100+ employees.

Work in Pet Friendly Workplace

Work in Non-
Pet Friendly Workplace

Engagement

Feel fully engaged with their work
Feel their work is rewarding and exciting

91%

83%

65%

46%

Attraction

Would recommend their place of employment to others

88%

51%

Retention

Plan to stay at the company for next 12 months
Would decline a job offer with another company at similar pay
Feels the company supports their physical health and wellness
Feels the company supports their mental well-being

88%

72%

91%

89%

73%

44%

59%

53%

Relationships

Report a positive working relationship with their supervisor
Report a positive working relationship with co-workers

52%

53%

14%

19%

Presenteeism

Rarely miss a day of work for well-being and/or recuperation

85%

77%

"The results of the Nationwide/HABRI study clearly indicate a significantly higher level of employee engagement, retention, attraction and presenteeism among employees that work in pet friendly work environments," said Scott Liles, vice president and chief pet insurance officer for Nationwide. "In consideration of the discernable cost of employee turnover, adding pet friendly benefits such as pet health insurance can provide significant savings to a company's bottom line."

When viewed across generations, millennials are far more likely than their Generation X and baby boomer counterparts to value a pet friendly work environment, according to the Nationwide/HABRI pet friendly workplace effectiveness study:

If my workplace was pet friendly…

Millennials

Generation X

Baby Boomers

I would be more satisfied

58%

45%

36%

I would feel more engaged with my work

51%

39%

30%

I would be more likely to recommend my employer to others

55%

40%

31%

I would likely decline a job offer with similar pay

46%

34%

25%

"Pet owners increasingly think of their pets as members of the family," said Steven Feldman, executive director of HABRI. "When employers offer pet friendly benefits, it sends an important signal that the company cares about every member of the family, even the ones with four legs."

With more than 700,000 insured pets, Nationwide is the first and largest provider of pet health insurance in the United States. Nearly half of all Fortune 500 companies, and more than 6,000 U.S. companies overall, offer Nationwide pet insurance as a voluntary employee benefit.

Methodology
Nationwide and Human Animal Bond Research Institute (HABRI), a not for profit organization, commissioned Lieberman Research Worldwide (LRW) to conduct a 20-minute, online survey between December 15-21, 2017, among a sample of 2,002 U.S. full-time employees in businesses that have 100+ employees. Employees surveyed were between 18-64 years old, spent a majority of their time working in an office environment, and were not employed in a research-sensitive industry. Statistical confidence intervals are given throughout the study and are reported at the 95% and 99% confidence level. As a member of The Insights Association in good standing, LRW conducts all research in accordance with Market Research Standards and Guidelines.

About Nationwide pet insurance
Nationwide pet health insurance plans cover dogs, cats, birds and exotic pets for multiple medical problems and conditions relating to accidents, illnesses and injuries. Medical plans are available in all 50 states and the District of Columbia. Underwritten by Veterinary Pet Insurance Company (CA), Columbus, OH, an A.M. Best A+ rated company (2017); National Casualty Company (all other states), Columbus, OH, an A.M. Best A+ rated company (2017). Agency of Record: DVM Insurance Agency. Pet owners can find Nationwide pet insurance on Facebook or follow on Twitter. For more information about Nationwide pet insurance, call 800-USA-PETS (800-872-7387) or visit petinsurance.com.

About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor's. The company provides a full range of insurance and financial services, including auto, commercial, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com.

About the Human Animal Bond Research Institute (HABRI)
The Human Animal Bond Research Institute (HABRI) is a not-for-profit organization that maintains the world's largest online library of human-animal bond research and information; funds innovative research projects to scientifically document the health benefits of companion animals; and informs the public about human-animal bond research and the beneficial role of companion animals in society. For more information about the HABRI Foundation, please visit www.habri.org.

SOURCE Nationwide