Chewy Expands CarePlus with New Lemonade Pet Partnership

Rhea-AI Summary

Chewy, Inc. (NYSE: CHWY) is expanding its CarePlus insurance offerings by partnering with Lemonade (NYSE: LMND) to provide new pet health plans. This collaboration allows Chewy customers to customize insurance plans while benefiting from telehealth services and Chewy Pharmacy. The new plans aim to make pet healthcare more accessible, with features such as an intuitive Lemonade app for hassle-free claims and policy management. The CarePlus with Lemonade plans will launch on Chewy.com in Spring 2023, enhancing customer experience and commitment to innovation in pet healthcare.

Positive

• Expansion of CarePlus insurance offerings with new plans from Lemonade.
• Customized insurance plans for Chewy customers to meet unique needs.
• Integration of telehealth services and Chewy Pharmacy for comprehensive pet care.
• Launch of a mobile-friendly Lemonade app for easy claims submission and policy access.

Negative

• Risks related to the successful integration and implementation of the partnership.
• Uncertainties in the competitive environment and market trends.

Expanded insurance and wellness offerings provide high-quality healthcare for all with new hassle-free, mobile-friendly claims experience

PLANTATION, Fla.--(BUSINESS WIRE)-- Chewy, Inc. (“Chewy”) (NYSE: CHWY), a trusted destination for pet parents and partners everywhere, is expanding CarePlus, its exclusive suite of insurance and wellness offerings, with new plans provided by Lemonade Pet, Lemonade’s (NYSE: LMND) highly-rated pet health insurance product.

Through this partnership, millions of Chewy customers will have the ability to conveniently select and create customized plans to meet their unique needs. Pet parents will also benefit from all of Chewy’s customer-forward pet health services - from access to veterinarians via its innovative telehealth service, “Connect with a Vet,” to Chewy Pharmacy (Rx), the nation’s #1 pet pharmacy, and Chewy’s award-winning customer service.

“Chewy launched CarePlus to help make pet healthcare more affordable and accessible. Finances are a main barrier when it comes to pet health, and we don’t want pet parents to choose between their pets’ health and their financial well-being. We are proud to partner with Lemonade to broaden our offering and meet more pet parents’ needs. Together, we share a deep commitment to innovation and delivering a customer-centric, digital experience to make insurance simple for everyone,” said Mita Malhotra, Vice President and Head of Chewy Health.

Chewy and Lemonade are working together to make pet healthcare simpler and more obtainable for pet parents nationwide. In addition to enjoying a variety of plan options, pet parents will also be able to utilize the Lemonade app on any mobile device to instantly file claims, access policy coverage, track billing and typically receive payments within seconds. Chewy and Lemonade also share a commitment to bettering the lives of pets everywhere, with donations of unused premiums going to the animal-focused charities that customers most care about.

“Lemonade Pet couldn’t be easier, or faster. Pet parents can access preventative care, world-class customer service, support animal nonprofits and usually get their claims paid in seconds - all from the comfort of their phone,” said Daniel Schreiber, co-CEO and co-founder of Lemonade. “Today’s partnership with Chewy brings together two tech-powered, values-driven companies, joining forces to drive transparency and ease of use for pet parents across the U.S.”

The CarePlus with Lemonade Pet plans are expected to launch exclusively on Chewy.com beginning in Spring 2023.

About Chewy

Our mission is to be the most trusted and convenient destination for pet parents and partners everywhere. We believe that we are the preeminent online source for pet products, supplies, and prescriptions as a result of our broad selection of high-quality products, which we offer at competitive prices and deliver with an exceptional level of care and a personal touch to build brand loyalty and drive repeat purchasing. We continually develop innovative ways for our customers to engage with us, and partner with more than 3,000 of the best and most trusted brands in the pet industry offering more than 100,000 products, to bring a high-bar, customer-centric experience to our customers.

About Lemonade

Lemonade offers renters, homeowners, car, pet, and life insurance. Powered by artificial intelligence and social impact, Lemonade’s full stack insurance carriers in the US and the EU replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. A Certified B-Corp, Lemonade gives unused premiums to nonprofits selected by its community, during its annual Giveback. Lemonade is currently available in the United States, Germany, the Netherlands, France, and the UK, and continues to expand globally.

Forward-Looking Statements

This communication contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this communication, including statements regarding our business strategy and plans and objectives of management for future operations, are forward-looking statements. These forward-looking statements are based upon the current assumptions, beliefs and expectations of our and Lemonade’s management and are subject to risks and uncertainties that could cause actual results to differ materially, including risks and uncertainties relating to whether and the extent to which the partnership may be successful; the ability to integrate, implement and otherwise operationalize the partnership; the competitive environment and ability to anticipate and respond to market trends; difficult conditions in global capital markets and the economy; and other risks, uncertainties and other factors described in our and Lemonade’s filings with the Securities and Exchange Commission. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. The forward-looking statements made in this communication relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this communication to reflect events or circumstances after the date of this communication or to reflect new information or the occurrence of unanticipated events, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221020005653/en/

Diane Pelkey

dpelkey@chewy.com

Natalie Gerke

natalie.gerke@lemonade.com

Source: Chewy

FAQ

What new insurance offerings are available from Chewy (CHWY)?

Chewy is expanding its CarePlus insurance with new plans provided by Lemonade.

When will the new Chewy and Lemonade pet health plans launch?

The new CarePlus with Lemonade plans are expected to launch on Chewy.com in Spring 2023.

How do Chewy's new insurance offerings benefit pet parents?

The offerings allow pet parents to customize plans, access telehealth, and manage claims easily via the Lemonade app.

What insurance provider is partnering with Chewy (CHWY)?

Lemonade (LMND) is the partner providing new pet health insurance plans for Chewy.

What is the goal of Chewy's partnership with Lemonade?

The partnership aims to make pet healthcare more accessible and affordable for pet parents.