Enrollment in Trupanion, one of North America’s largest pet health insurers, has reached the half-million mark.
CEO Darryl Rawlings called the milestone, which was achieved Oct. 19, “not one we take lightly.”
“We are humbled by the trust and loyalty of our members,” Rawlings said. “Pet owners understand that worrying about the cost of care for their pet can be a thing of the past. Trupanion set out to solve the problem all loving responsible pet owners face, the challenge of budgeting for the unexpected when their pet becomes sick or injured.”
The Seattle company ended 2017 with 423,194 enrolled pets and revenue of $243 million. The 500,000 mark represents a jump of 18 percent in less than 11 months.
Rawlings suggested that the North American pet health insurance market, with estimated enrollment of 1 to 2 percent of cats and dogs, has plenty of room for growth.
“Markets like the U.K. and Sweden have over 25 percent and 40 percent penetration rates, respectively,” he said. “People don’t love their pets any less across the Atlantic.”
In other news, Trupanion reported that Appulate, a technology provider to insurance agents and carriers, launched a medical insurance program for pets.
“Agents are using Appulate to connect to additional insurance products digitally and then be presented with a streamlined process to get quotes produced quickly,” Trupanion stated. “Today, Appulate offers a variety of property and casualty insurance products and programs, with Trupanion being the first time it will offer a pet health product.”