The Korea Insurance Institute introduced the case, saying that the domestic insurance industry deserves reference to’True Panion’, which is struggling to succeed in the US companion animal insurance market.
The company, which started its companion animal insurance business in Canada in 2000, entered the US market in 2007. After listing on the US stock market in 2014 with a differentiated business strategy as a weapon, the company’s operating profit is growing by more than 20% each year.
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Currently, the top three in the US companion animal insurance market are Nationwide (45%), True Panion (29%), and ASPCA (12%). While Nationwide and ASPCA are comprehensive insurance companies, True Panion is a companion animal insurance company. As of 2019, the US companion animal insurance market is worth $1.56 billion (about 1.76 trillion won). More than 2.5 million animals have pet insurance in the U.S. In addition to basic coverage such as diagnostic tests, surgery, hospital treatment and drugs, Trupanion provides additional coverage items such as acupuncture, behavior modification, chiropractic, and homeopathy. do. Insurance holders can choose first aid and general treatment when treating pets. You can pay 10% of your co-payment and cover all the remaining medical expenses without limit.
It is also characterized by delivering the insurance money directly to the hospital through its own settlement system and operating a year-round consultation service.
The company provides a medical expense settlement system to veterinary hospitals, and insured persons receive insurance payments directly through this system. In order to spread the settlement system, if a veterinarian recommends the True Panion settlement system to another veterinarian, a bonus of $225 per case is paid.
Subscribers can directly communicate with insurance companies through their website and social media. Customers can receive counseling services in the form of telephone and chat anytime.
The company is actively cooperating with other insurance companies as well as companion animal related companies in North America.
Trupanion has established partnerships with animal medical supplies distribution companies, animal supplies distribution companies, and Dongmul care service companies. In order to expand the sales area, it entered into business cooperation with Life Insurance Company Applerack last year following State Farm, a non-life insurance company in 2018. True Panion can sell companion animal insurance across the United States using the sales organization of these insurance companies, the Korea Insurance Research Institute said.
The Korea Insurance Research Institute said, “The success of True Panion is an example of a growing companion animal insurance company, which may lack capital, through differentiated services and cooperation with various players in the insurance industry,” he said, providing implications to the domestic insurance industry.