Insurance Research Institute’s report on the growth of an American companion animal insurance company
Success factors such as various guaranteed items, convenient settlement service, and use of partnership
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[아시아경제 기하영 기자]Ahead of the introduction of short-term insurance in June, an analysis suggested that the differentiated strategy of’Trupanion’, which is growing rapidly in the US companion animal insurance market, should be referred to.
According to a report on the’Growth Cases of U.S. Companion Animal Insurance Company’, recently released by the Korea Insurance Institute on the 6th, True Panion has been growing by more than 20% annually in terms of operating profit since listing on the U.S. stock market in 2014. The company started its companion animal insurance business in Canada in 2000 and entered the U.S. market in 2007, and currently ranks second in the U.S. companion animal insurance market. Unlike the first and third place Nationwide and ASPCA, which are comprehensive insurance companies, True Panion is a companion animal insurance company.
The report cited differentiated sales strategies such as various guarantee items, convenient settlement services, and the use of partnerships as the success factors of True Panion.
The basic coverage items of Troupenion include diagnostic tests, surgery, hospital treatments and drugs, prescription aids by veterinarians, herbal treatments, and prosthetic devices. Acupuncture, behavior modification, chiropractic, homeopathy, hydrotherapy, physical therapy, rehabilitation, etc. are additionally covered. Insurance holders can choose first aid and general treatment when treating companion animals, and they can pay 10% of their co-payment and receive all the remaining medical expenses without limit.
It is also characterized by delivering insurance money directly to veterinary hospitals through its own settlement system and operating a year-round consultation service. True Panion provides veterinary hospitals with a medical expense settlement system developed with a software company. Insurance subscribers receive insurance payments directly through this system. In order to spread the settlement system, if a veterinarian recommends True Panion’s settlement system to another veterinarian, a bonus of $225 per case is also paid. In addition, insurance subscribers can directly communicate with the insurance company through social media such as their homepage and Facebook, and receive counseling services in the form of telephone and chat anytime.
True Panion is expanding the market through active business cooperation with other insurance companies as well as companion animal related companies in North America. It has formed partnerships not only with animal medical supplies distribution companies, but also with animal hospitals and animal care service companies. In particular, in order to expand the sales area, we signed business cooperation with the non-life insurance company State Farm in 2018 and the life insurance company Aflac in 2020. Began to sell.
“The success of True Panion is a case in which a companion animal insurance company, which may lack capital, has grown through differentiated services and cooperation with various players in the companion animal industry and insurance industry,” said Lee Soyang, a researcher at Insurance Research Institute. It is providing implications for the domestic market, which is about to introduce small-term insurance such as insurance,” he said.
Reporter Ki Ha-young [email protected]