The motivating factors of pet owner on purchasing pet insurance in Thailand.

Abstract

Pet insurance business has the potential to grow in Thailand because of the higher number of pet adoption and the trend of pet-loving lifestyle, but it is not popular in Thailand because lack of communication. Therefore, understanding the motivating factors and characteristics of potential customers could help the company build an effective marketing strategy that leads to effective growth. The quantitative method with online questionnaire was used by focusing on the owners who have dog(s) or cat(s) in their house. Intention to purchase pet insurance was fixed as dependent variable by having four independent variables which are Human-pet relationships, Pet responsibility, Risk perception from pet adoption and Financial risk. The result shows that the first caretaker or key person who takes care of the pet(s) has the most willingness to purchase pet insurance. The strongest influential factor is Pet travel behavior which is a new factor generated in factor analysis stage, followed by Risk perception and Financial risk respectively. Surprisingly, Human-pet relationships and Pet responsibility are not significantly affected purchase intention.