Trupanion, pet insurance made easyTM, launches in the Empire State.
New York, March 18th, 2008 – Trupanion revolutionizes pet insurance by enrolling puppies and kittens that are under a year old and offering them up to $20,000 of lifetime coverage. Pet parents lock in their coverage and can rest easy knowing that their new family member will be taken care of. By enrolling pets when they are young, Trupanion’s goal is to reduce the denial of claims due to pre-existing conditions. Trupanion is rolling out across the US and is available starting today throughout the state of New York.
The annual US pet market totals more than $41 billion, larger than the movie, music and video game industries combined. Americans clearly love their pets and shell out big dollars to pamper their loyal family members. However, in the US, only 1% of all pet owners currently insure their pets compared to 18% in the UK and 58% in Sweden. Prior to Trupanion, US companies have not been able to effectively inspire trust in a pet insurance product. Trupanion believes that the US penetration rates will increase as customers discover the value in knowing their pets’ health needs will be met.
“Trupanion’s approach is unique,” said Darryl Rawlings, founder and CEO of Trupanion, “By enrolling puppies and kittens only, Trupanion dramatically reduces the probability of pre-existing conditions making us a claims paying company rather than a claims denying one.”
Trupanion is poised to capture the market with a combination of simple, valuable, and dependable benefits to pet parents:
- $20,000 worth of lifetime coverage
- Premiums do not increase as the pet ages or when pet parents file claims
- Pet parents are covered at any veterinarian
- 9 out of 10 claims are approved and processed within 24 hours
- 90% of all approved claim costs are covered
- Trupanion owns the insurance company that underwrites the coverage, which reduces costs and speeds up the claims paying process