WEBCAST
Opportunities in the Growing Pet Professional Industry
Opportunities in the Growing Pet Professional Industry
Page 2
Today’s Agenda
• Intro to NIP Group • Market Overview • Overview of the PetPro Program • Why NIP/PetPro • Summary • Q&A
About NIP
Page 4
About NIP Group
• A “top 100” business insurance and risk management intermediary
• Provide a wide range of brokerage, underwriting, and risk management services
• Entrepreneurial, innovative, and responsive • Deep knowledge of key markets • 20+ years of providing agents with
exceptional coverage, competitive commissions, and fast, efficient service
Page 5
About NIP Programs
• Develop and manage customized business insurance for industries with specialized insurance and risk management needs Custom-tailored coverage for select markets Unique underwriting, loss control, and claims service
models, valued by both clients and insurers Underwritten by major insurers such as Travelers,
Chartis, Argo, AmTrust Market expertise Stability through all market cycles
Page 6
NIP’s Programs
Employment Practices Liability Insurance
GlassPro® – for Glass Dealers and Installers
GrowPro® – for Greenhouses, Garden Centers and Nurseries
HVACPro® – for AC, Refrigeration, Heating or HVAC Contractors
IrrigationPro™ – for Providers of Irrigation and Pesticides for Lawns, Crops and Golf Courses
InteriorScapePro™ – for Contractors Providing Indoor Landscaping and Plant Maintenance
LandPro®/TreePro™ – for Landscapers and Tree Services Providers
LawnCarePro™ – for Lawn Care Service Providers
LightScapePro™ – for Lightscaping Contractors
MaintenancePro® – for Cleaning and Maintenance Services
MedEdge® – Affinity program for Physician Assistants and Optometrists
PetPro™ – for Pet Care Professionals
PlumbingPro® – for Commercial Plumbing Contractors
PowerPro® – for Electrical Contractors
SignagePro® – for Sign, Display and Awning Companies
SitePro® – for Excavation, Site Prep and Paving Contractors
WorkPro – Workers’ Comp
Market Overview
Page 8
The Pet Care Professional Market
A Growing Market! • Americans spent more than $50 billion on pets in 2011
On-track to reach $52 Billion in 2012
0102030405060
1994 2002 2007 2011
Total U.S. Pet Industry Expenditures
Billion
*source: www.americanpetproducts.org
Page 9
The Pet Care Professional Market
Where are pet owners spending their money? • Food: $19.53 billion • Supplies/OTC medicine: $11.4 billion • Veterinary Care: $14.1 billion • Pet Services: $3.65 billion
Who Provides These Goods and Services?
Page 11
Pet Care Professionals
• Pet Medical • Pet Welfare • Pet Services • Pet Retail
Page 12
Pet Care Professionals
Medical • Veterinarians • Animal
Hospitals • Mobile Vets • Specialists
Welfare • SPCAs • Shelters
(State, County, City)
• Rescues
Services • Boarding
Facilities • Groomers
Mobile Groomers
• Trainers • Dog Walkers • Pet Sitters
Retail • Food • Clothes • Toys • Accessories
Page 13
A Great Opportunity
• Broad range of professionals
• Broad range of insurance needs
• One of the few markets resistant to the current economic recession
Page 14
Challenges Facing Pet Care Professionals
• Generic small-business insurance products are inadequate for this market.
• Recovery is not always limited to the ‘market value’ of a companion pet.
• Businesses are offering multiple services requiring specialized coverages.
• Inadequate underwriting can result in coverage gaps.
Page 15
Beware of Coverage Gaps!
• Your client is a Veterinarian: Does their professional liability have consent to settle language? Is their specialized equipment protected?
• Your client is an SPCA: Are volunteers covered under the GL? What about fosters and off-site adoptions? Are fundraising and community activities covered?
• Your client is a Boarding Facility: is their fencing covered? Are veterinary bills covered for animals injured in their care?
• Your client is a Pet Boutique: Is their stock covered? What about outdoor signs?
• Your client is a Pet Sitter: Will they be covered if a dog escapes? Will they be reimbursed for lock and key replacement?
Page 16
The Bottom Line?
Is Your Client Covered?
NIP’s PetProTM
An Overview
Page 18
Program Overview
• A revolutionary, all-lines insurance program for Pet Professionals
• In partnership with an A.M. Best A Rated Partner Carrier
Page 19
Program Overview
What Makes PetPro Different? • The result of several years of market research
and development in collaboration with legal and industry experts
• The PetPro team at NIP has vast experience in the pet care industry
• A comprehensive collection of insurance coverages developed exclusively for pet care professionals
• An amazing price
Page 20
Program Overview
Why is PetPro Great for Agents? • An opportunity to capitalize on a industry that
has maintained consistent, steady growth, in spite of less-than-stellar market conditions
• Aggressive pricing tools • Seasoned underwriters who understand the
industry
Page 21
Program Overview
Standard Coverages • Property • General Liability • Commercial Auto • Workers’ Comp • Inland Marine • Crime
Specialized Coverages • Professional Liability • Loss or Damage to
Companion Pets • Crisis Management Expenses • EPLI • Excess Coverage
Page 22
Target Account Characteristics
Veterinarians Large Veterinary Operations
• >15 employees, multiple locations Multi-Line: Comp is big driver here, BOP and
sometimes package can be relatively cheap • Adding Auto and PL adds-up
Advanced Imaging Equipment: (MRIs, PET scanners, Blood transfusion, etc.)
• Increased property premiums Advanced Specialty Training: (Oncology, ortho,
opthamology, cardiology, etc) • Increased payroll = higher comp premiums
Page 23
Target Account Characteristics
Shelters and SPCAs > 15 employees (plus volunteers) Brick and mortar organizations with large
properties • We rate based off of the number of kennels; the
larger the building, the greater the premium Look for “county’ or “state” in the name
• These serve a large area, generally contract w/ a municipal or regional government, and have larger payrolls, etc.
Page 24
Our Mission is Simple
To help agents and brokers understand this market, and provide support to help
capitalize on this industry.
We make the broker the expert!
Page 25
Why NIP?
• Ranked among the 100 largest specialized business insurance and risk management intermediaries
• Focus on developing creative insurance solutions and providing highly personalized service
• More than 20 years of experience developing and managing business insurance programs for niche markets
• Programs underwritten by our A.M. Best “A”rated carrier partner
Questions?
Thank You! For more information about PetPro, visit:
www.petproinsure.com
Kelly Spencer [email protected]
(800) 446-7647 x 386
www.facebook.com/petprogivesback twitter.com/#!/PetProNIP