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Chewy Launches CarePlus, Making Wellness and Insurance Plans Available to Millions of Pet Parents
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
Chewy (NYSE: CHWY) has expanded its pet health offerings with the introduction of CarePlus, a suite of insurance and wellness plans now available in 31 states, aiming for nationwide availability by late 2022. CarePlus provides 24/7 access to customer care, telehealth services with licensed veterinarians, and covers 100% of eligible prescription costs. Plans start at $20 per month, offering preventative care and financial support for accidents and illnesses. This initiative is part of Chewy's goal to enhance pet healthcare accessibility and affordability.
Positive
Expansion of CarePlus insurance and wellness plans to 31 states, enhancing market reach.
Plans starting from $20 per month aim to make pet healthcare affordable.
Comprehensive features including telehealth services and 100% coverage for eligible prescriptions.
Negative
No immediate revenue expected from CarePlus for at least a year.
Potential risks and uncertainties surrounding partnership with Trupanion could impact growth.
Dependence on regulatory approvals may delay nationwide rollout.
Comprehensive wellness and insurance plans are empowering pet parents across the country to take a proactive approach to pet health
DANIA BEACH, Fla.--(BUSINESS WIRE)--
Chewy, Inc. (“Chewy”) (NYSE: CHWY), a leading online destination for pet parents and partners, announces the expansion of its Insurance and Wellness offering. CarePlus is an exclusive suite of pet-first wellness and insurance plans that are now available in 31 states and will expand nationwide by late 2022.
CarePlus is the latest addition to Chewy’s growing health and wellness portfolio that is increasing access to affordable and high-quality pet healthcare.
Benefits of CarePlus include 24/7 access to Chewy’s industry-leading customer care team for those seeking education on insurance, the ability to instantly connect with licensed veterinarians through Chewy’s award-winning telehealth service, Connect with a Vet, and 100% of costs covered for eligible prescription medication, supplement and veterinary diet food purchases on Chewy.com. All these features were intentionally blended together to enable customers to provide more comprehensive healthcare for their pets.
“The launch of CarePlus is a significant step forward in our mission of making pet healthcare more affordable and accessible,” said Mita Malhotra, Vice President of Chewy Health. “Innovating to improve customer experience is the cornerstone of our customer strategy. Our thoughtfully designed and customized selection of wellness and insurance plans will empower pet parents to always say ‘yes’ to high-quality care that will help their pets live longer, healthier and happier lives.”
CarePlus also delivers a seamless end-to-end user experience for veterinary and client interactions with the option for direct payments at participating clinics via Trupanion’s patented software, reducing out-of-pocket expenses and enhancing access to care. Ultimately, CarePlus is well-positioned to increase the percentage of insured pets that walk through the doors of veterinary hospitals and ensure that they receive the best care possible.
The wellness plans start at $20 a month and cover preventative care such as annual exams, vaccines and parasiticides. Insurance plans start at $20, $60 or $100 a month and provide pet parents with financial ease and peace of mind from accidents, unexpected illnesses and surgeries. Pet parents looking for complete protection can bundle CarePlus wellness and insurance plans together.
Chewy is a leading provider of pet health services that benefit both pet parents and veterinary partners. Pet health offerings include Chewy Pharmacy, the nation’s #1 e-commerce pet pharmacy with the ability to order compounded medications; Connect with a Vet, a first-of-its-kind telehealth service that enables pet parents to connect quickly and easily with veterinarians from anywhere in the country; and Practice Hub, a marketplace-based solution that enables veterinarians to streamline online pharmacy management and grow clinic revenue.
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. We continually develop innovative ways for our customers to engage with us, and partner with approximately 2,500 of the best and most trusted brands in the pet industry, to bring a high-bar, customer-centric experience to our customers.
Forward-Looking Statement
This document contains forward-looking statements relating to the timing, availability and coverage of the pet health insurance offering via Chewy Insurance Services, the ability to grow pet enrollment and direct payments to veterinarians, implementation of the partnership, future operations, strategies, financial results or other developments. These forward-looking statements are based upon the current expectations and beliefs of our and Trupanion’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 this partnership may be successful; our expectations that launch will begin in a small group of states and that we will make changes as we extend availability into additional states; the need to obtain regulatory approvals for the Chewy insurance offering; the ability to integrate, implement and otherwise operationalize the arrangement; the expectation that no material revenue will be generated from the relationship for at least a year and during that time various business risks may impact either party; Trupanion’s losses since inception and ability to maintain its rate of revenue growth and achieve or maintain profitability; Trupanion’s ability to grow its member base, retain these members, and recover its member acquisition costs; Trupanion’s severity and frequency of claims; the competitive environment and ability to anticipate and respond to market trends; difficult conditions in global capital markets and the economy; and other risks and uncertainties set forth in our and Trupanion’s filing with the Securities and Exchange Commission from time to time. All forward-looking statements made in this press release are based on information available to us as of the date hereof, and we undertake no obligation to update these forward-looking statements.
