Pleasant Insurance: The pink side of pet insurance
In the 22nd Annual Needham Growth Conference which took place on January 14-15, Darryl Rawlings, the founder and CEO of Trupanion, stated that while his company has been up against the same companies for the last decade or so, at any given moment their toughest competitor may change, however, they haven’t seen a new entrant.
It took two weeks to change that reality. On February 4, Lemonade announced its expansion to pet insurance with the following message sent via email to its policyholders: “As pet parents, we’re super excited to let you know we’ve been secretly working on a major new product – Pet Health Insurance! It is everything you love about Lemonade, made for your furry friends.”
Shai Wininger, the COO, and co-founder of Lemonade, also offered a glimpse into his vision: “Many at Team Lemonade, myself included, are devoted pet parents, so we decided to build the dream pet health insurance product for our best friends. Many of us think of our pets as family members, yet so few of us take the important step of getting them health insurance. We challenged ourselves to create a product that will close this gap and make pet health insurance affordable and accessible.”
To be clear, Lemonade Pet Insurance is nowhere near its debut as the product is pending regulatory approval. Nonetheless, it is the perfect time to explore the pet insurance landscape in the US. This deep dive presents the true market size of pet insurance in the US, the competitive advantage of select players and the overall appeal of a product that’s losing its bad rap while picking up more and more pet parents.