Trupanion’s speedy claims system has paid out $67 million to veterinary practices within minutes of client checkout, the pet health insurer reported.
Part of Trupanion Express, the web application also known as Vet Direct Pay integrates with practice management systems to quickly approve claims and reimburse hospitals for services rendered.
“Trupanion is the only pet medical insurance company with the technology to pay veterinary hospitals directly at the time of service,” the company stated.
The $67 million worth of reimbursements involved 250,000 invoices submitted since 2014.
Trupanion is North America’s second-largest pet health insurer, capturing a 29 percent market share, according to a 2018 IBISWorld report. The industry leader is Nationwide.
Trupanion’s latest financial results, released Nov. 8, revealed third-quarter revenue of $78.2 million, up 24 percent from the same period in 2017. The total number of enrolled pets was 497,942 as of Sept. 30. The half-million mark was reached three weeks later, on Oct. 19.
Net income for the quarter was $1.2 million, a jump from $400,000 a year earlier.
Total revenue for the first nine months was $221.3 million, an increase of 26 percent.