Synchrony Introduces First-of-its-Kind Technology Connecting Pet Insurance and CareCredit, Simplifying Pet Care Payment Process

Rhea-AI Summary

Synchrony (NYSE: SYF) has launched a groundbreaking payment experience for pet parents, connecting CareCredit and Pets Best pet insurance. This innovation directly reimburses insurance claims to the CareCredit health and wellness credit card, streamlining the payment process for pet care. The new technology is set to scale to additional Independence Pet Holdings, Inc. (IPH) insurers in the coming months.

Key features of this innovation include:

• Simplified reimbursement process for pet healthcare expenses
• Automatic reimbursement credit for eligible expenses to CareCredit card
• Collaboration with IPH to expand the solution to more pet insurance brands

This advancement aims to address the financial challenges pet parents face with rising care costs and provide a complete financial safety net for veterinary care.

Positive

• Launch of innovative payment technology connecting CareCredit and Pets Best pet insurance
• Streamlined reimbursement process for pet healthcare expenses
• Planned expansion of the solution to additional pet insurance brands
• Potential for increased pet care accessibility and reduced financial stress for pet owners
• Partnership with Independence Pet Holdings, Inc. (IPH) for future scaling of the solution

Negative

• None.

Insights

Financial Analyst

This innovation by Synchrony represents a significant step in streamlining pet healthcare financing, potentially boosting customer satisfaction and loyalty. By connecting CareCredit and Pets Best insurance, Synchrony is addressing a key pain point for pet owners, which could lead to increased usage of both services.

The partnership with Independence Pet Holdings (IPH) suggests potential for further growth and market penetration. This move aligns with Synchrony's strategy to enhance its pet care financing offerings, a growing market segment. The simplified reimbursement process could drive higher transaction volumes and potentially lower default rates as pet owners can manage their expenses more effectively.

While the immediate financial impact may be , this innovation positions Synchrony favorably in the competitive pet finance market. It could lead to increased market share and customer retention in the long term. Investors should monitor adoption rates and any impact on Synchrony's pet-related revenue streams in upcoming quarterly reports.

Market Research Analyst

Synchrony's new technology addresses a significant market need, as pet ownership and associated healthcare costs continue to rise. With nearly half of pet parents underestimating lifetime care costs, this solution could capture a substantial portion of the market.

The pet care industry has seen consistent growth, with the American Pet Products Association reporting $136.8 billion spent on pets in 2022. This trend is likely to continue, making Synchrony's innovation timely and potentially lucrative.

The scalability of this solution to other IPH insurance brands presents an opportunity for Synchrony to dominate the pet finance market. If successful, this could lead to increased market share and potentially higher revenues from the pet sector. Investors should watch for adoption rates among veterinary practices and pet owners, as well as any partnerships with major pet retailers or veterinary chains that could further boost the product's reach.

Industry innovation means CareCredit and Pets Best Pet Insurance work seamlessly together to provide pet parents with easy and flexible financial solution

New reimbursement process to scale to additional IPH insurers in coming months

STAMFORD, Conn., Oct. 9, 2024 /PRNewswire/ -- Synchrony (NYSE: SYF), a leading consumer financing company, today announced the launch of a first-of-its-kind payment experience for pet parents. For consumers who have both CareCredit and Pets Best pet insurance, this simple and seamless innovation connects the two solutions by directly reimbursing insurance claims to the CareCredit health and wellness credit card, streamlining the payment process for the pet parents by delivering a unified experience.

Experience the full interactive Multichannel News Release here: https://www2.multivu.com/synchrony/9239551-en-synchrony-care-credit-pets-best-insurance

Additionally, Synchrony, which entered into a commercial agreement in March with Independence Pet Holdings, Inc. (IPH), a leading multi-brand, multi-channel pet insurance provider, will collaborate to scale the new reimbursement innovation to additional pet insurance brands in the future. The new technology delivers on Synchrony's commitment to product development, the establishment of key technology partnerships, and an always-on focus on improving the customer experience for pet parents across the pet care financing industry.

"For more than 35 years, Synchrony has been focused on empowering pet parents to be financially prepared for the lifelong veterinary care their pet needs with solutions like CareCredit," said Jonathan Wainberg, SVP & General Manager of Pet Health & Wellness at Synchrony. "We understand the financial challenges pet parents face, especially with rising costs of care so we keep pushing ourselves to innovate to solve for industry pain points. By bringing CareCredit and Pets Best together with this new reimbursement technology, pet parents now have a complete financial safety net that's seamlessly connected. We're thrilled to announce the industry milestone and feel confident it will enable more pets to get the veterinary care they need and make veterinary visits stress-free."

The patent-pending CareCredit and Pets Best insurance reimbursement advancement simplifies the often-complicated process of managing pet healthcare expenses. Traditionally, pet parents must navigate multiple steps to pay for veterinary services, including out-of-pocket payments and subsequent, manual insurance claims.

When pet parents decide to use both Pets Best and CareCredit it helps ensure their pets receive medical care without delay and that they can manage their out-of-pocket costs, knowing their veterinary costs will be paid easily, so everyone can focus on care for the pet.

"Focusing on the client experience to streamline the reimbursement process was a challenge the pet and human care industry has faced for quite some time, and we're proud to introduce this simplified offering to our customers," says Florin Arghirescu, Chief Product Officer at Synchrony. "This solution not only advances pet care, but also sets a new standard for efficiency and convenience that can be applied across various industries."

A Solution that Transforms the Industry
Here's how it works for pet parents who are both CareCredit cardholders and currently enrolled in Pets Best insurance:

• Step 1: Bring your pet in for treatment at a vet office that accepts CareCredit.
• Step 2: Pay with your CareCredit health and wellness credit card.
• Step 3: File a claim with Pets Best Insurance.
• Step 4: Once your claim is processed, receive an automatic reimbursement credit for eligible expenses directly to your CareCredit credit card.

"This transformative process is just the first step in IPH's joint efforts with Synchrony to make pet healthcare payments as simple and integrated as possible," said Dirk Beeckman, Chairman of IPH. "We look forward to continuing to build our partnership and scaling this solution out to additional pet insurance brands under the IPH umbrella in the coming months."

The Perfect Partnership for Pet Parents
Pets are more important in their parents' lives today than ever before, but nearly half of pet parents underestimate their pets' lifetime cost of care, and nearly the same percentage thought they were financially prepared but were not. That's why this simple, yet powerful innovation can make such a difference for pet parents in helping them be prepared to seamlessly manage their pet's healthcare expenses throughout their life.

"Many pet parents I see don't realize how much it costs to provide health and wellness care throughout their pet's life," said Dr. Courtney Campbell, DVM, DACVS-SA and host of the podcast Anything Pawsible. "As a result, they may not have a plan for paying these expenses along the way and can leave them in a tough position of having to choose between costs or care. I've worked with hundreds of clients who use CareCredit and Pets Best Insurance, and I'm excited to see this more complete financial solution come to life to help my clients be prepared and know they have flexibility in getting the proper care their pet needs."

CareCredit is a valuable financing option for all types of veterinary services, treatments, and diagnostics, giving pet parents peace of mind that they are ready to care for their pets throughout their lifetime. CareCredit is recommended by the American Animal Hospital Association and is a Preferred Partner for the American Veterinary Medical Association. CareCredit is currently offered in more than 25,000 veterinary practices across the U.S.

To learn more about this new offering, visit https://www.carecredit.com/petbettertogether/. For more information on CareCredit and Pets Best, visit CareCredit.com and PetsBest.com.

About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company. We deliver a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health, and pet. Synchrony enables our partners to grow sales and loyalty with consumers. We are one of the largest issuers of private label credit cards in the United States; we also offer co-branded products, installment loans and consumer financing products for small- and medium-sized businesses, as well as healthcare providers.

About Pets Best
Pets Best offers pet insurance and wellness plans for dogs and cats in every state and has paid over $200 million in claims to their customers. Built upon a legacy of innovation, Pets Best focuses on putting customers first by offering flexible coverage, fast claims, and excellent customer service. Pets Best offers pet insurance for multiple Fortune 500 companies through leading partner connectivity and technology. Pets Best is a proud founding member of NAPHIA, an organization that has established high standards and transparency for the pet insurance industry. Waiting periods, annual deductible, co-insurance, benefit limits, and exclusions may apply. For all terms visit www.petsbest.com. Products, schedules, discounts, and rates may vary and are subject to change. More information is available at checkout. Pet insurance coverage offered and administered by Pets Best Insurance Services, LLC is underwritten by American Pet Insurance Company (NAIC #12190), a New York insurance company headquartered at 6100 4th Ave. S. Suite 200 Seattle, WA 98108, or Independence American Insurance Company (NAIC #26581), a Delaware insurance company located at 11333 N. Scottsdale Rd, Ste. 160, Scottsdale, AZ 85254. Pets Best Insurance Services, LLC (NPN #8889658, CA agency #0F37530) is a licensed insurance agency located at 10840 Ballantyne Commons Parkway, Charlotte, NC 28277. Each insurer has sole financial responsibility for its own products. Please refer to your declarations page to determine the underwriter for your policy. Terms and conditions apply. See your policy for details.

Media Contact:

Michelle Blaya Romero
Synchrony
626-250-1415
Michelle.Romero@syf.com

Kerry Sutherland
Pets Best Insurance
775-360-6101
kerry@ksutherlandpr.com

 

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SOURCE Synchrony

FAQ

How does Synchrony's new pet care payment technology work?

Pet parents with both CareCredit and Pets Best insurance can pay for veterinary services using their CareCredit card. After filing a claim with Pets Best, they receive an automatic reimbursement credit for eligible expenses directly to their CareCredit credit card, simplifying the payment process.

When will Synchrony (SYF) expand its pet care payment technology to other insurance brands?

Synchrony plans to scale the new reimbursement technology to additional pet insurance brands under the Independence Pet Holdings (IPH) umbrella in the coming months, as stated in the press release.

What are the benefits of Synchrony's (SYF) new pet care payment system for pet owners?

The new system provides a complete financial safety net for pet owners, simplifies the reimbursement process, helps manage out-of-pocket costs, and ensures pets receive medical care without delay. It aims to make veterinary visits less stressful financially.

Where is CareCredit, offered by Synchrony (SYF), currently accepted for pet care?

CareCredit is currently offered in more than 25,000 veterinary practices across the United States, as mentioned in the press release.