Trupanion Pays Out One Billion Dollars in Veterinary Invoices
February 24 2020 - 12:00PM
Trupanion, a leader in medical insurance for cats and dogs,
announced today that it has paid out $1 billion in veterinarian
invoices. The $1 billion milestone represents 20 years of helping
pet owners budget for veterinary care if and when their pet becomes
sick or injured.
The $1 billion threshold was crossed with an invoice paid in
support of Paddington Bear, a 6 year-old golden retriever from
Vancouver Island, B.C. for a Tibial-Plateau-Leveling Osteotomy
(TPLO) surgery. Trupanion paid out $3,982 for the surgery, directly
to the veterinary hospital.
“Paying out over $1 billion in veterinary invoices on behalf of
our members and their beloved pets is a tremendous accomplishment,
and the one that I am very proud of,” said Darryl Rawlings, founder
and chief executive officer of Trupanion. “I’m particularly pleased
that this was from an invoice we paid directly to the veterinarian
through our patented, proprietary software.”
Trupanion is the only provider that can pay the veterinary
invoice at the time of check-out – with over a third of invoices
now paid this way. It’s never known when an injury or illness will
strike, or how mild or severe it will be, making it very difficult
for responsible, loving pet owners to budget and care for their
pets.
“The largest single claims payout for a member’s pet was $81,000
for the treatment of aspiration pneumonia,” added Rawlings. “Pet
owners don’t always have insight into how extensive care can be for
their pet. I’m proud that with Trupanion, we can remove the
decision about care and help pet owners to give their dog or cat
what they need, when they need it.”
Bigger than a billion
The $1 billion in invoices milestone has far-reaching impact for
Trupanion members and veterinary professionals. Over the past 20
years, more than 1.3 million Trupanion pets have benefited from the
best veterinary care, visiting veterinary hospitals over 3 million
times.
More than $175 million in claims have been paid directly to
veterinary hospitals with Trupanion’s proprietary software. On
average, those claims are paid directly to hospitals within three
minutes, and are often paid in seconds.
In addition, veterinary hospitals have realized over $4.3
million in revenue from credit card transaction fee savings using
Trupanion’s software.
Pet medical insurance for the life of a pet
Trupanion’s high-quality medical insurance is designed for the
life of the pet. With 20 years of insight into the health and
well-being of insured pets, Trupanion is able to provide its
members with an unparalleled look into a pet’s potential life
journey.
For puppies and kittens, the largest cost drivers are
vomiting/diarrhea and foreign material ingestion according to
Trupanion data. Of the $1 billion paid out, nearly a quarter of
fees went toward paying invoices for younger pets. Proof that
little paws get into mischief and a leading reason for Trupanion
expanding coverage to 0-7 weeks of age.
“By offering pet owners the option to enroll their pets from day
one, puppies and kittens will have coverage with as few
pre-existing conditions as possible,” said Mary Rothlisberger, VP
of analytics at Trupanion.
Conversely, as pets advance in age, other health risks present
themselves. Since 2000 Trupanion has paid out nearly $17 million in
claims for arthritis, helping its members’ pets enjoy their senior
years.
About Trupanion
Trupanion is a leader in medical insurance for cats and dogs
throughout the United States and Canada. For almost two decades,
Trupanion has given pet owners peace of mind so they can focus on
their pet's recovery, not financial stress. Trupanion is committed
to providing pet owners with the highest value in pet medical
insurance with unlimited payouts for the life of their pets.
Trupanion is listed on NASDAQ under the symbol "TRUP". The company
was founded in 2000 and is headquartered in Seattle, WA. Trupanion
policies are issued, in the United States, by its wholly-owned
insurance entity American Pet Insurance Company and, in Canada, by
Omega General Insurance Company. For more information, please visit
trupanion.com.
Contact:
Media Michael Nank michael.nank@trupanion.com
206.436.9825
Investors: Laura Bainbridge, Head of Investor
Relations InvestorRelations@trupanion.com 206.607.1929
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ca62ae53-33d7-445a-9b4b-c21d8226193e
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