Pet Insurance Webinar

The pet insurance market has experienced remarkable growth in recent years and has become an increasingly popular solution for pet owners to manage the unexpected costs of veterinary care. According to industry reports, the global pet insurance market is expected to exceed $15bn by 2030. This growth presents an opportunity for insurers, pet owners, and other stakeholders to gain insights into this market and stay up to date with the latest trends and developments. Join us to explore the evolving space and learn how to address and capture it.

Watch the Panel Discussion

A Discussion with Industry-Experts

Heidi Sirota, President & Chief Pet Officer at Nationwide: Heidi Sirota is Nationwide’s Chief Pet Officer and President of its pet insurance business, the US's first and largest pet insurer, protecting more than a million pets. Heidi joined Nationwide in 2018 as Vice President of Marketing for the Retirement Solutions business and led an expansion of its capabilities and markets. Before joining Nationwide, Heidi transformed consumer experiences in human health care at UnitedHealth Group and Aetna and was an accomplished marketing executive in the financial services industry. Heidi is on the Human Animal Bond Research Institute (HABRI) and Second Harvest Food Bank boards in Orange County, California. She’s also part of the start-up Cinema Lab, which is restoring old, main street movie theaters and reopening them to eager audiences.

Alexandre Douzet, CEO at Pumpkin: Alexandre Douzet is a serial entrepreneur and CEO at Pumpkin Pet Insurance Services. Pumpkin is a licensed insurance agency in the US and provides the highest levels of comprehensive insurance and preventive health coverage for dogs and cats. Before Pumpkin, Alex was CEO & Co-founder of Ollie, the next-gen direct-to-consumer natural, refrigerated, human-grade pet food brand.

Arthur Bessieres, Ventures Associate at Plug and Play: Arthur joined Plug and Play after spending a few years in consulting and working for one of our corporate partners, BNP Paribas, in South East Asia. He now works on the Plug and Play Investment team in Munich, focusing on Insurtech in Europe, the Middle East, and Africa. Last year, he studied the pet insurance industry from both an investment and corporate perspective, assessing deals in Europe and exploring potential partnerships for our current partners.

Andrés Díaz, Ventures Associate at Plug and Play: Andrés Díaz Martínez has a fine-dining background as a former Michelin-starred chef, a creative leader in world-class restaurants, and in entrepreneurship after launching two start-ups. At Plug and Play, Andres has redirected his passion for driving innovation toward P&C Insurtech. He has participated in six deals and focuses on creating value through infrastructure, optimization, and digitation.

Rafael Sainz, Ventures Associate at Plug and Play: Rafael Sainz commenced his professional journey as a VC Analyst at LVenture Group, an agnostic pre-seed and seed firm in Rome. He assisted the startup acceleration and ventures team in evaluating the startups that qualified for the program and subsequently assessed their follow-on investments once they completed the program. Before joining Plug and Play, Rafa spent two years working on his own startup. He created a sustainable marketplace that provided CO2 calculation services to its suppliers.

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The Takeaways of the Trends Presentation

  • Vet Costs — Costs have increased much faster than the CPI, putting pressure on pet owners.
  • Pet Experience — On top of increased prices, unexpected expenses will continue to put owners at financial risk unless wider insurance adoption.
  • Penetration — 94% of pet owners did not have pet insurance when they first got their pets. The opportunity is massive.
  • Lifetime Value (LTV) — Services and ease-of-mind are vital to increasing customer LTV

The Highlights of the Panel Discussion

  • Pet insurance is a growing market due to increasing awareness of its value, younger owners, and rising veterinary costs.
  • Personalized underwriting and granular pricing based on new data points are key defining trends in the industry.
  • Startups are helping increase pet insurance penetration through value-added services and partnerships with existing players.
  • Younger generations are more willing to use tech to monitor their pets' health and well-being, presenting opportunities for pet insurance companies.
  • Pet ecosystems can create a more comprehensive and convenient experience for pet owners.

Reshape the Future of Insurance

Insurance affects everyone’s livelihood. It’s only right that it gets better. 

Before humanity had electricity, there was insurance. The demand for it never left us, it only grew. But there comes a time in every industry’s lifecycle for a change to be enacted — for new innovation to thrive.