Pet Health Insurance is emerging as a viable and sustainable sector and many U.S. and Canadian start-ups are turning to the numbers when they consider their next business move.
The American Pet Product Association estimates the size of the North American pet insurance industry is close to $500 million, with an average growth rate of 13% each year. The industry is forecast to grow organically as consumers and companies become more familiar with pet insurance brands and opportunities.
In Canada, Wal-Mart (2012), PetPlan (2012) Pets Plus Us (2013) are new to the pet insurance market. In the United States, Cabelas (an outdoor outfitting retailer) began offering pet insurance in 2011 when it discovered Cabelas customers, outdoor and hunting enthusiasts, wanted to take care of their pets as well.
According to Veterinary Pet Insurance (VIP), the oldest and largest pet insurance provider in the U.S., pet insurance is successful as more and more people consider pets as members of the family.
Pet insurance companies are also seeing an increase in the number of policies offered to employees as part of their insurance package. More than 3,000 companies offer VPI pet insurance, including one-third of the Fortune 500 companies.
Related News:
CNBC - Wal-Mart dips its toe into pet health insurance
Showing posts with label veterinary pet insurance. Show all posts
Showing posts with label veterinary pet insurance. Show all posts
22 July 2013
Where in the world is Dr. David Goodnight?
David B. Goodnight, DVM, MBA, completed his activities for Nestle Purina PetCare during the second quarter of 2013. With 35 years of experience in animal healthcare and a unique ability to think about the future, no-one expected Goodnight to be idle long.In early July, Brakke Consulting, Inc., Dallas, Texas, announced Goodnight had rejoined one of the industry's most seasoned management team as a senior consultant.A Dallas native, Goodnight received his DVM degree from Texas A and M University in 1977 and his MBA from Southern Methodist University in 1988. Some will recall that Goodnight’s first stint with Brakke was from 1997 to 1999, following 19 years of veterinary practice. During that time, Goodnight established the Practice Management Group, and conceived/executed the 1998 Brakke Management and Behavior Study, a landmark survey on the financial business practices of companion animal veterinarians sponsored by Bayer Animal Health. Goodnight then joined Veterinary Pet Insurance as Executive Vice President of Business Development, managing sales, customer service and marketing.Goodnight returned to Brakke in 2004 for 18 months before joining Nestle Purina PetCare Co. to launch a new pet insurance company. PurinaCare Pet Health Insurance was launched in 2008 and was later sold to other interests. The most important development of Goodnight's involvement is the Partners in Wellness program which he conceived in 2011 and launched in 2012. Partners in Wellness, is a patent-pending, turnkey software solution that veterinarians can use to create and offer customized wellness programs for their clients.Earlier today, UK based insurance software provider Aquarium Software Ltd, announced an expansion into the North American market with the formation of Aquarium Software, Inc. and the retention of David Goodnight to spearhead market entry. Building on Aquarium’s recent deployment with Pets Plus Us in Canada, David will be responsible for establishing and assisting with the staffing of Aquarium’s North American office based in Kerrville, TX. In addition Good night will assist with business development, oversee and manage North American customer relations. In a phone call early this morning Goodnight advised he expects the initial focus will be on the pet insurance industry where Aquarium Software has unique operating and cost advantages.09 November 2012
November is National Pet Cancer Awareness Month
Veterinary Pet Insurance (VPI) launched National Pet Cancer Awareness Month in 2005, calling attention to the number one disease-related killer of dogs and cats.
In 2011, VPI received more than 48,000 claims for cancer diagnosis and treatment in pets - making cancer-related conditions collectively the fourth most common type of medical claim received last year.
Several incentives and events will take place to promote National Pet Cancer Awareness Month including the sixth annual VPI K9K Pet Cancer Awareness Walk (with the Animal Cancer Foundation) and monetary donations to the Animal Cancer Foundation.
In 2011, VPI received more than 48,000 claims for cancer diagnosis and treatment in pets - making cancer-related conditions collectively the fourth most common type of medical claim received last year.
Several incentives and events will take place to promote National Pet Cancer Awareness Month including the sixth annual VPI K9K Pet Cancer Awareness Walk (with the Animal Cancer Foundation) and monetary donations to the Animal Cancer Foundation.
11 May 2012
Canine Conditions in Dog Parks
With summer right around the corner, dog owners and their canine companions will begin to frequent dog parks, but pet owners should be aware of the risks it could impose on their pets.
According to a recent Veterinary Pet Insurance (VPI) report, there has been a 34 per cent increase over the past five years of people and their dogs attending these parks in the U.S., which has led to an increase in related medical conditions.
In the same report, it was revealed that VPI policyholders spent over $8.6 million U.S. on medical conditions associated with a visit to the dog park in 2011.
According to a recent Veterinary Pet Insurance (VPI) report, there has been a 34 per cent increase over the past five years of people and their dogs attending these parks in the U.S., which has led to an increase in related medical conditions.
In the same report, it was revealed that VPI policyholders spent over $8.6 million U.S. on medical conditions associated with a visit to the dog park in 2011.
A few common dog park-related medical conditions included:
- Sprains and Soft Tissue Injuries
- Lacerations and Bite Wounds
- Kennel Cough/Upper Respiratory Infections
- Insect Bites
- Head Trauma
- Hyperthermia or Heat Stroke
- Parasites
- Parvovirus
24 February 2010
PetLynx Announces New HomeSafe Initiative
23 February 2010
SecuriCan General Insurance Company, Canada's oldest and largest provider of pet health insurance, and PetLynx Corporation, Canada's innovative, cutting-edge provider of information services for the pet industry, are pleased to announce a new initiative for companion animals in Canada. Under this new collaboration SecuriCan and PetLynx will develop health insurance benefits for the new HomeSafe™ portal and offer pet insurance to all dogs and cats in Canada.
The Urban Animal Surveys conducted for PetLynx Corporation by Ipsos Reid in 2008 and dmrkynetec in 2009 clearly show that health and wellness is a top priority for pet families. These studies also show higher instances of surrender and euthanasia in communities where health care benefits aren't readily available for companion animals. To reduce or eliminate this situation the parties will work with municipalities, humane societies, veterinarians, breeders, retailers and other service providers in each community to ensure that every pet in the HomeSafe™ program is provided with medical benefits at the moment it reaches its first pet family home.
The HomeSafe™ program will provide a range of products and prices from three of the leading pet insurance brands in Canada. Pet families will choose the type of medical insurance that best meets their budget and their needs from among these offerings. Since this coverage will also be registered in the pet's record on the HomeSafe™ national system, those pets requiring emergency intervention will have the shortest path to medical attention in Canada.
There are over 14 million dogs and cats in Canada that require health insurance benefits. Using the HomeSafe™ program will give pet retailers, pet breeders, humane societies, veterinarians and other providers the ability to ensure the pets they place or service have medical benefits right from the beginning of each new relationship. In addition, pet families will manage their insurance coverage online using the HomeSafe™ portal where they manage their care profiles, breed information, recovery services, pet pictures and licensing.
'We believe this is the most comprehensive approach to improving health & wellness for companion animals in Canada', said Randy Valpy, President and CEO of SecuriCan General Insurance Company. We have already paid out more than $103,000,000 in claims which means Canadians can trust us. Now with PetLynx and the HomeSafe™ program we will take health and wellness to a new level'.
'Health care is one of the highest priorities Canadians have', said Larry R. Evans, President & CEO of PetLynx Corporation. 'Our colleagues across Canada helped us become the largest automated recovery system in just three years. Together with SecuriCan we will deliver a new level of health and wellness for pets and help Canadian communities become the best place for companion animals in the world.'
SecuriCan will launch this new collaboration in Canada on 19 April 2010, at the PetLynx Regional Summits for Urban Animal Strategies.
For more information please contact:
Mika Sanson
SecuriCan General Insurance Company
204.942.2999 ext 7297
msanson@securican.ca
http://www.securican.ca/
Cindy Kreutzer
PetLynx Corporation
403.219.1088
cindy.kreutzer@petlynxmail.com
http://www.petlynx.net/
Posted by Terri Perrin, Online Communications Editor
Subscribe to:
Posts (Atom)