Helping Pets Live Longer, Trupanion Surpasses Two Billion Dollars Paid Out to Veterinarians and Pet Parents

Rhea-AI Summary

Trupanion, a leader in pet medical insurance, has surpassed $2 billion in veterinary invoice payouts, reaching this milestone on December 28, 2022. The company has enabled over 800,000 insured pets to access care, resulting in 8.5 million veterinary visits. Since 2020, Trupanion has paid out an additional $1 billion, averaging $29 million monthly. Known for its direct payment system at checkout, the company emphasizes financial peace for pet parents. Highlights include a record single payout of $81,000 for aspiration pneumonia treatment. Trupanion aims to continue expanding services for pet owners while alleviating financial stress.

Positive

• Paid out over $2 billion in veterinary invoices, showcasing strong financial capability.
• Enabled 8.5 million veterinary visits, indicating a growing customer base.
• Unique offering of direct payments to veterinarians at checkout enhances service.
• Achieved significant growth, reaching $1 billion in additional payouts since 2020.

Negative

• None.

Reducing the financial stress of cost of care for pet parents, Trupanion insured pets have more access to the best care possible

SEATTLE, Jan. 16, 2023 (GLOBE NEWSWIRE) -- Providing pet parents financial peace of mind, Trupanion, a leader in medical insurance for cats and dogs, announced today that it has paid out over $2 billion in veterinary invoices. To date, Trupanion insured pets have visited veterinarians more than 8.5 million times.

In 2020, Trupanion reached $1 billion paid out in veterinary invoices. That milestone was achieved over 20 years. Since then, the population of Trupanion insured pets has grown to over 800,000 with Trupanion paying out an additional $1 billion in veterinary invoices.

In the past three years alone, Trupanion has paid out $29 million per month, or $6.7 million per week, equating to over $959,000 per day – or $40,000 every hour paid out to veterinarians and pet parents.

“With our comprehensive coverage, unlimited payout, and the ability to pay veterinarians directly at checkout, Trupanion members can say ‘yes’ to the best treatment possible without worrying about the cost of care,” said Margi Tooth, president of Trupanion. “We are at our best when paying invoices on behalf of our members and reaching $2 billion in paid claims is a milestone that no other provider has reached quicker than us. We look forward to helping even more pet parents budget for veterinary care if and when their pet becomes sick or injured.”

The $2 billion threshold was crossed on December 28, 2022 with a payment in support of Oliver, a 12-year-old miniature Long Haired Dachshund, from Ontario, Canada for Gastroenteritis. The veterinary emergency hospital was paid directly within seconds at the time of checkout, ensuring Oliver would be home in time to celebrate the New Year with tail wags and wet nosed kisses.

Whether it’s a cruciate ligament rupture in a dog (in the last 5 years alone, Trupanion has paid out more than $100 million in cruciate invoices) or ongoing allergies in a cat (Trupanion has paid out more than $56 million on allergies), no illness or injury is too big or too small.

To date, the largest single payout for a Trupanion member’s pet is $81,000 for the treatment of aspiration pneumonia, adding plenty of more belly rubs to the life of this sweet English Bull Dog.

More access to the best care possible

Just like Oliver, the miniature Long Haired Dachshund from Ontario whose invoice was paid directly to the veterinary hospital in seconds, hundreds of thousands of pet parents with Trupanion have had their veterinary invoice paid in real-time at the time of checkout.

This eliminates upfront payments for the full bill, members don’t have to wait weeks for reimbursement, and veterinarians can recommend what they believe is the best course of medical treatment – giving pet parents peace of mind so they can focus on their pet's recovery, not financial stress.

Trupanion is the only company that can pay a veterinary hospital directly at the time of client checkout.

“For Oliver, and all of the other dogs and cats out there, we will continue to work tirelessly 24/7, 365 to always be there when we’re needed for years to come, making budgeting for the unexpected cost of care possible for generations of pets and their pet parents,” added Tooth.

About Trupanion
Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada and Australia with over 800,000 pets enrolled. For over two decades, Trupanion has given pet parents peace of mind so they can focus on their pet's recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. Trupanion is the only provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol "TRUP". The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued in the United States by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Omega General Insurance Company and distributed by its wholly-owned subsidiary Canada Pet Health Insurance Services, Inc. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For more information, please visit trupanion.com.

Contact:
Michael Nank
michael.nank@trupanion.com
206.436.9825

FAQ

What is the significance of Trupanion's $2 billion payout?

It represents a major milestone in financial support for pet parents, ensuring more access to veterinary care.

When did Trupanion reach the $2 billion payout mark?

Trupanion crossed the $2 billion threshold on December 28, 2022.

How many veterinary invoices has Trupanion paid?

Trupanion has paid out over $2 billion in veterinary invoices.

What is the average monthly payout by Trupanion since 2020?

Trupanion has averaged $29 million per month in payouts.

What makes Trupanion different from other pet insurance providers?

Trupanion is the only company that can pay veterinarians directly at the time of checkout.