Note- this was part of a hiring assignment that I completed in 2 days

🏭 The Growing Pet Industry in India

The pet population in India is estimated to be around 32 million, with 10% households in India having a pet (In the US 66% households have a pet)
This is due to the rise in double income households, changes in lifestyle and urbanisation
Dogs are the most popular, followed by cats and fish
A pet is no longer just a loving animal in the household, which gets a pat, a bath and some food, but is pampered like a family member
The premium for the dog insurance policy starts at Rs 315

👥 But Who Would Buy Pet Insurance?

32, Marketing Professional, Married with two kids, Urban

Motivations:

Caring Pet Owner: Ritu treats her dog, Luna, as a family member and wants the best healthcare for her.
Financial Security: She understands that unexpected medical expenses for pets can be substantial, and she wants to be financially prepared for Luna's health emergencies.
Peace of Mind: Ritu values peace of mind knowing that Luna is protected, especially considering the rising veterinary costs.

Challenges:

Budget Constraints: While willing to invest in Luna's health, Ritu has a budget to maintain for her family's overall expenses.
Complexity Concerns: She might find insurance jargon confusing and would prefer a straightforward explanation of coverage and benefits.

28, IT Professional, Single, Urban

Motivations:

Passionate Pet Lover: Arjun is an animal enthusiast who owns multiple pets, including dogs, cats, and fishes. He wants to ensure all his pets receive the best healthcare.
Investment in Pets: Arjun sees his pets as long-term companions and is willing to invest in their health and well-being.
Convenience: He values an easy and quick insurance process, allowing him more time to spend with his pets.

Challenges:

Coverage for Multiple Pets: Finding an affordable insurance plan that covers all his pets comprehensively can be a challenge.
Limited Time: Due to his demanding job, Arjun has limited time for complicated administrative processes.

45, Small Business Owner, Married with three children, Semi-Urban

Motivations:

Budget Conscious: Deepak is conscious of his budget and looks for cost-effective options that provide essential coverage for his pets, a dog, and a cat.
Family Concern: His children have developed a strong bond with their pets, and he wants to ensure they have access to medical care without straining the family budget.
Value for Money: Deepak is looking for a policy that offers good coverage at an affordable price, providing value for his hard-earned money.

Challenges:

Limited Awareness: Deepak might have limited awareness about pet insurance and its benefits. He needs clear and simple explanations to understand the value proposition.
Trust Issues: Being cautious about financial matters, Deepak needs a trustworthy insurance provider that is transparent about terms and conditions.