Trupanion, pet insurance made easyTM, launches in California.
Seattle, August 27, 2008 – Trupanion pet insurance has just launched in the state of California. Pet insurance through Trupanion is currently available in many states across the US, with plans to rapidly expand to the entire US in the next few months.
In 2007 the US pet market industry totaled more than $41 billion, according to the American Pet Products Manufacturers Association (APPMA), roughly a quarter of which was spent on veterinary care.
The US pet insurance market has only captured about 1% of the pet population, compared to 18% in the UK and 48% 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, and the APPMA estimates that by 2010 the amount of pet insurance subscribers will increase to 5-7%.
Trupanion has recently received $22 million dollars in financial backing lead by Seattle-based Maveron LLC. Maveron LLC has been instrumental in funding and supporting the success of eBay (NASDAQ: EBAY) and Shutterfly (NASDAQ: SFLY).
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. Unlike competitors, pet owners with Trupanion lock in their lifetime comprehensive coverage at the time of enrollment and will never see a premium increase due to their pet aging or from filing claims.
Trupanions approach is unique, said Darryl Rawlings, founder and CEO of Trupanion, By enrolling puppies and kittens only, Trupanion dramatically reduces the number of claims that must be denied due to pre-existing conditions. This allows us to be a claims paying company rather than a claims denying company.
Trupanion offers additional unique benefits including dedicated, local Trupanion experts to serve veterinarian clinics, no per incident or yearly limits, and a quicker claims payout where 9 out of 10 approved claims are paid within 24 hours. Trupanion also owns the underwriting insurance company, unlike any other pet insurance company in the US.