Chewy partners with Lemonade
Chewy is expanding CarePlus, its exclusive suite of insurance and wellness offerings, with new plans provided by Lemonade Pet, Lemonade ’s pet health insurance product.
Through this partnership, millions of Chewy customers will have the ability to select and create customized plans. Pet parents will also benefit from all of Chewy’s pet health services – from access to veterinarians via its telehealth service, “Connect with a Vet,” to Chewy Pharmacy (Rx), and the company’s customer service.
According to an SEC filing, Lemonade entered into an agreement with Chewy Insurance Services on October 14, 2022. In connection with the agreement, Lemonade issued Chewy a warrant to purchase up to 3,352,025 shares of its common stock with an exercise price of $0.01 per share, which will vest in installments on a yearly basis for a period of five years (subject to certain performance requirements, vesting events and thresholds). Each share of Lemonade today is around $23.
Late last year, Chewy announced a partnership with Trupanion to offer an “exclusive suite” of pet health insurance and wellness plans.
“Chewy launched CarePlus to help make pet healthcare more affordable and accessible. Finances are the main barrier many face when it comes to pet health, and we don’t want pet parents to choose between their pets’ health and their financial well-being. We are proud to partner with Lemonade to broaden our offering and meet more pet parents’ needs. Together, we share a deep commitment to innovation and delivering a consumer-centric, digital experience to make insurance simple for everyone.” – Mita Malhotra, Vice President and Head of Chewy Health.
“Lemonade Pet couldn’t be easier, or faster. Pet parents get their claims paid in seconds, and can access preventative care, world-class customer service, and support animal nonprofits – all from the comfort of their phone. Today’s partnership with Chewy brings together two tech-powered, values-driven companies, joining forces to drive transparency and ease of use for pet parents across the U.S.” – Daniel Schreiber, co-CEO and co-founder of Lemonade.
The CarePlus with Lemonade Pet plans are expected to launch exclusively on Chewy.com beginning in spring 2023.
*Speaking of pet insurance, German insurer HanseMerkur is now offering pet insurance, alongside pet surgery insurance.