Pet insurer Trupanion to access 20m customers
Pet insurance - an insurance vertical that is still very much in its infancy; at least in Australia. It is a product that has a value chain very much like health insurance , with the vet playing a critical role. Interesting to see this new partnership announced in the US between Chewy and Trupanion. Chewy is an American online retailer of pet food and other pet-related products with over 20 million customers and reported of the order of US$9b in revenue in 2021. Trupanion provides medical (pet) insurance for cats and dogs throughout the United States, Canada and Australia with over 600,000 pets enrolled. According to to the Chewy press release:
"Through this partnership, Chewy will offer customers both preventative care wellness plans and comprehensive insurance plans for accidents, illnesses and chronic conditions. In addition, it will help drive awareness within the pet parent community, simplifying the end-to-end process – from researching and purchasing pet insurance to filing, tracking and paying for claims – and provide access to additional Chewy Health services. All of this combined will increase pet parents’ access to affordable and high-quality health care offerings for their pets.
By partnering with Trupanion, Chewy will be able to leverage Trupanion’s patented software to pay veterinarians directly, thus reducing out-of-pocket expenses and increasing access to care. In keeping with their mutual brand commitment to surprise and delight customers, pet parents will receive the exceptional customer experience both Chewy and Trupanion are known for and convenient 24x7 access to a dedicated customer service team. These plans will be available for purchase exclusively on Chewy.com beginning in Spring 2022."
Looks like a smart move for Trupanion to get access to a large customer base, and one that offers the potential to provide an "embedded offering" and slick digital experience. If you are a pet insurer this would be one to keep an eye on...particular as Chewy looks like a switched on and innovative digital player!
Source: yahoo
