SYNCHRONY PARTNERS WITH PAWLICY ADVISOR TO OFFER FIRST-OF-ITS-KIND PET HEALTHCARE FINANCING OPTION

Rhea-AI Summary

Synchrony (NYSE: SYF) has partnered with Pawlicy Advisor, a top pet insurance marketplace, to enhance financial options for pet owners. The collaboration introduces CareCredit as the primary financing solution for over 300,000 users of Pawlicy Advisor's platform. This move aims to address the gap in financing for veterinary care, especially for those unable to secure pet insurance. CareCredit will offer immediate coverage for out-of-pocket expenses not typically included in insurance policies, providing flexibility for pet owners in managing healthcare costs.

Positive

• Partnership with Pawlicy Advisor expands CareCredit's reach to over 300,000 pet owners.
• CareCredit fills a financing gap for pet owners without insurance or with high deductibles.
• Immediate access to financing options enhances affordability for veterinary care.

Negative

• None.

STAMFORD, Conn., Jan. 17, 2022 /PRNewswire/ -- Synchrony (NYSE: SYF), a premier consumer financial services company, and Pawlicy Advisor, the leading pet insurance marketplace, are joining forces to help pet parents better plan for expenses regarding their pet.  As part of the strategic partnership, Pawlicy Advisor will offer Synchrony's CareCredit, the leading financing solution for veterinary care, in the Pawlicy Advisor pet insurance marketplace. The agreement makes CareCredit the first and primary financing solution available to over 300,000 pet parents that use Pawlicy Advisor's free online resources each month.

With the addition of CareCredit, pet owners who can either not get insurance, or are offered insurance with deductibles higher than they can afford, have access to an alternative, budget-friendly payment option for veterinary care. The partnership with CareCredit will help Pawlicy Advisor fill a critical gap in pet care financing for pet owners, as pet insurance policies do not currently cover pre-existing conditions and often come with waiting periods. CareCredit can be used to cover out-of-pocket expenses that are not typically covered by pet insurance and can be used immediately, no waiting period required.

"Affordable health and wellness solutions are essential for today's growing pet parent population," said Jonathan Wainberg, senior vice president and general manager, Pets, Synchrony. "The addition of the CareCredit financial solution in the Pawlicy marketplace, in addition to our pet insurance solution, Pets Best, helps further our shared goal of offering a Lifetime of Care for pets and ensures all pets – even those with pre-existing conditions – are able to get the care they need."

Established as a personalized, data-driven comparison site for pet insurance policies in 2018, Pawlicy Advisor has become a trusted, go-to resource for pet parents and veterinarians alike, with the mission of educating and guiding pet parents as they seek out the right financial protection to care for their pets throughout their lifetime. Adding CareCredit as a financing option will provide pet parents with the most comprehensive set of financial solutions on the market, so that pet owners can ensure they can adequately plan for the long-term care their pet needs.

"As we looked to fill the gap for those pet parents who either didn't qualify for pet insurance or those for whom the out-of-pocket costs are too high, CareCredit was our first call," said Woody Mawhinney, Pawlicy Advisor CEO and co-founder. "Not only is CareCredit the leader in veterinary treatment financing, with a proven, best-in-class offering, but it also shares our commitment to innovation and education on how to offer our beloved pets the best possible care."

Pet parents who visit Pawlicy.com and are looking for a flexible way to pay for their animal's care can quickly see if they prequalify for the CareCredit credit card in real time (with no impact to their credit score) and apply online. A credit decision is immediate and if approved, they can use their account to pay their veterinarian immediately. Pet owners can select from short-term and long-term financing options including deferred interest if paid in full within 6, 12, 18, or 24 months and reduced APR with fixed monthly payments for 24, 36, 48, or 60 months.

For more than 25 years, CareCredit has been a valuable financing option for all types of veterinary services, treatments, and diagnostics, giving pet owners 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 can be used at nearly 25,000 participating veterinary practices across the U.S.

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.

Synchrony is changing what's possible through our digital capabilities, deep industry expertise, actionable data insights, frictionless customer experience and customized financing solutions. For more information, visit www.synchrony.com and Twitter: @Synchrony.

About Pawlicy Advisor
Pawlicy Advisor is the leading pet insurance marketplace offering personalized comparison based on breed-specific attributes and total cost predictions for the lifetime of the pet. Pawlicy Advisor's data-driven model brings transparency and simplicity to shopping across top pet insurance providers. Pawlicy Advisor's team of pet parents and veterinary advisors are dedicated to making it easy and affordable to do the right thing for our animal companions.

Media Contact  
Michelle Blaya  
Synchrony Health & Wellness  
Michelle.Blaya@syf.com  
626-250-1415  

 

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SOURCE Synchrony

FAQ

What is the significance of Synchrony's partnership with Pawlicy Advisor for SYF investors?

The partnership expands CareCredit's visibility and usage among over 300,000 pet owners, potentially increasing revenue.

How does CareCredit benefit pet owners according to the January 2022 press release?

CareCredit provides a financial safety net for unexpected veterinary expenses, allowing pet owners to manage costs effectively.

What percentage of pet owners struggle to cover emergencies without insurance, as stated in the press release?

According to Pawlicy Advisor data, four out of five pet owners cannot cover an unexpected $5,000 veterinary bill without insurance.

When was the partnership between Synchrony and Pawlicy Advisor announced?

The partnership was announced on January 17, 2022.