Leading pet medical insurance company Trupanion Inc. (TRUP:NASDAQ) and online pet products, supplies and prescriptions supplier Chewy Inc (CHWY;NYSE), today announced that they have established a partnership that will offer Chewy's 20+ million customers an exclusive suite of pet wellness plans and health insurance coverage options.
"We're humbled and excited when we find a partner like Chewy, who recognizes the value of our brand and expertise."
—Trupanion Co-President, Margi Tooth
The plans reportedly will be available for purchase exclusively on Chewy.com beginning in Spring 2022 and are expected to be sold under the Chewy Health brand, which includes a portfolio of health care products and services tailored towards "pet parents" who are greatly interested in their pets' overall health and well-being.
The report advised that in order to offer pet owners access to affordable, high-quality health care offerings for their pet family members, the products offered will include preventative care wellness plans as well comprehensive coverage for accidents, illnesses and chronic conditions.
Those purchasing the products will be able to benefit from a simpler end-to-end process from researching and purchasing pet insurance plans and filing, tracking and paying for claims. Trupanion for its part will utilize its patented software to pay veterinarians directly, reducing out-of-pocket costs and expand quality care from its 24-7 customer service team.
Mita Malhotra, VP and Head of Chewy Health commented, "We are excited about our collaboration with Trupanion, with whom we share our values of customer centricity and product innovation…The launch of customized care plans specifically designed for our customers is an important enhancement to the Chewy Health ecosystem, advancing our mission to make pet healthcare more affordable and accessible for all pet parents."
Trupanion's Co-President Margi Tooth remarked, "We're humbled and excited when we find a partner like Chewy, who recognizes the value of our brand and expertise…Through our partnership, we have the opportunity to grow the category by introducing the concept of high-quality medical insurance to Chewy's customer base of over 20 million pet parents. In doing so, we look forward to increasing the percentage of insured pets that walk through the doors of veterinary hospitals, to ensure they get the best veterinary care."
Chewy is headquartered in Dania Beach, Fla. and is an e-commerce-oriented provider of pet products for cats, dogs, birds, fish, other small pets, horses and reptiles. The firm offers a wide range of pet products, supplies, and prescriptions at competitive prices. The company sells over 2,500 well-known and trusted brands in the pet industry. Chewy's shares trade on the NYSE and the company has a market cap of over $25 billion.
Trupanion is based in Seattle Wash. and markets affordable medical insurance for cats and dogs in the U.S., Canada and Australia. The firm listed that it covers in excess of 600,000 pets on its plans allowing pet owners to focus on their pet's care and recovery and not expenses incurred from veterinary service providers. The company stated that it is the only company whose technology and proprietary software have the capability of paying veterinarians directly within seconds at checkout time, with members only paying their deductible or co-payment of covered treatments.
Trupanion started the day with a market cap of around $4.5 billion with approximately 40.57 million shares outstanding and a short interest of about 9.8%. TRUP shares opened 7% higher today at $120.00 (+$8.22, +7.35%) over yesterday's $111.78 closing price and then climbed to a new 52-week high price this morning of $157.69. The stock has traded today between $119.83 and $157.69 per share and is currently trading at $150.21 (+$38.43, +34.38%).
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