New partnership between pet insurance organizations announced

Photo: SFIO CRACHO/Adobe Stock

Odie Pet Insurance, a comprehensive pet health insurance provider, has announced a collaboration with Insuritas, an embedded insurance provider for financial institutions in the country. This collaboration integrates Odie's offerings into Insuritas' BUNDLE embedded insurance platform, creating a convenient pet insurance option for customers, according to a news release.¹

The new partnership will give Insuritas’ financial institution clients access to Odie’s pet insurance coverage. The platform will include an ‘Illness and Injury’ plan, an ‘Accident Only’ plan, and a ‘Wellness Plan’ that will offer reimbursement for routine care items. Customers will also be able to select and customize their coverage.

"With Odie's 'pet insurance as a solution' platform, we make it simple for strategic partners to gain a competitive edge in the marketplace by efficiently launching a new line of business," said Miles Thorson, CEO and co-founder of Odie Pet Insurance, in a news release.¹ "We are thrilled to partner with Insuritas to power their pet insurance solution across their ecosystem of financial institutions, enhancing their service offerings and furthering our mission of coverage accessibility."

"This exciting development is just another key example of Insuritas' commitment to provide diversified non-interest income for our financial institution partners," Jeffrey Chesky, president and CEO at Insuritas, said in the release.¹ "For over two decades, BUNDLE has empowered banks and credit unions to offer essential insurance products that meet their customers' needs. We are extremely pleased to incorporate Odie's pet insurance coverage into an already comprehensive portfolio of protection products."

The collaboration between the two organizations began in late 2023. Since then, Insuritas’ pet insurance line has seen interest and growth, according to Odie Pet Insurance.¹ Online purchases of insurance or protection products seem to be a common trend, according to the release, with 1 in 5 of Insuritas clients who started the process online receiving a quote, and 1 in 3 who received a quote online purchasing a policy.

With only around 4% of pets covered by insurance in the United States and veterinary care costs rising, many pet owners face difficult choices about their pets' medical care due to financial pressures.¹ The successful collaboration between Insuritas and Odie Pet Insurance underscores the critical need for affordable and comprehensive insurance options, emphasizing the importance of this pet insurance solution, according to the release.¹

Reference

Odie Pet Insurance and Insuritas announce strategic partnership. News release. Odie Pet Insurance. July 24, 2024. Accessed July 26, 2024. https://prnmedia.prnewswire.com/news-releases/odie-pet-insurance-and-insuritas-announce-strategic-partnership-302204237.html