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October 28, 2022

Petco Health, Nationwide partner to launch insurance and care for pets in US

Petco Health and Wellness Company, and pet insurer Nationwide have formed a multi-year partnership to co-develop integrated pet health, wellness and protection solutions for every stage of a pet’s life.

The partnership aims to provide solutions to provide better pet health and wellness outcomes for the over 90 million pet families in the US.

At the centre of the comprehensive pet protection solutions that are expected to be available next year will be Petco’s integrated ecosystem of pet health and wellness solutions that includes over 1,500 Petco pet care centres and Nationwide’s claims data set, pet protection and insurance solutions.

Via this partnership, the pet-serving firms intend to leverage their combined infrastructure, expertise and over 150 years of insights on an expanding customer base of over 25 million pet families.

Petco SVP for omnichannel customer experience Jenny Wolsk said: “Receiving the medical support pets need throughout their lives is critical for both pets and their families.

“The customised, data-driven pet insurance solutions we’re developing in partnership with Nationwide will be designed to expand families’ access to Petco’s full range of pet care services, giving them longer and healthier lives together.”

Only about 2.5% of pets in the US are estimated to be insured, as per the 2021 data from the North American Pet Health Insurance Association (NAPHIA).

As per the 2021 VetSuccess study, which was sponsored by Nationwide, dogs and cats insured by Nationwide visited veterinarians 73% and 43% more often, respectively, as compared with pets without having health insurance.

Nationwide pet insurance president and chief pet officer Heidi Sirota said: “Forty years ago, Nationwide issued the first pet health insurance policy in the U.S. for TV’s Lassie. For every year since, more customers have trusted us to protect their pets than any other insurer. Sustaining our market leadership has been driven by continuous, customer-focused innovation — including as the first to offer voluntary benefits plans, avian and exotic coverage, telehealth, and preferred pricing on prescription drugs.

“Our partnership with Petco is another game-changing move that will reshape the pet care industry by expanding access to care, delivering actionable health insights, and improving outcomes for millions of pets and their families.”

The new solutions are expected to focus on end-to-end pet care via Petco’s pharmacy, veterinary hospitals or clinics.

The coverage will include regular preventative care such as vaccinations besides unexpected medical requirements due to accidents or serious illnesses.

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