Synchrony introduces new pet insurance reimbursement process
Consumer financial services company Synchrony Financial announced the launch of a new payment experience for pet parents. For consumers who have both CareCredit and Pets Best pet insurance, the new feature directly reimburses insurance claims to the CareCredit credit card.
Additionally, Synchrony, which entered into a commercial agreement in March with Independence Pet Holdings, will collaborate to scale the new reimbursement solution to additional pet insurance brands in the future.
CareCredit offers flexible financing options for all types of veterinary services, treatments, and diagnostics. The card is recommended by the American Animal Hospital Association and is a Preferred Partner for the American Veterinary Medical Association. CareCredit is currently offered in more than 25,000 veterinary practices across the US.
“For more than 35 years, Synchrony has been focused on empowering pet parents to be financially prepared for the lifelong veterinary care their pet needs with solutions like CareCredit. We understand the financial challenges pet parents face, especially with rising costs of care so we keep pushing ourselves to innovate to solve for industry pain points. By bringing CareCredit and Pets Best together with this new reimbursement technology, pet parents now have a complete financial safety net that’s seamlessly connected. We’re thrilled to announce the industry milestone and feel confident it will enable more pets to get the veterinary care they need and make veterinary visits stress-free.” – Jonathan Wainberg, SVP & General Manager of Pet Health & Wellness at Synchrony.
“Focusing on the client experience to streamline the reimbursement process was a challenge the pet and human care industry has faced for quite some time, and we’re proud to introduce this simplified offering to our customers. This solution not only advances pet care, but also sets a new standard for efficiency and convenience that can be applied across various industries.” – Florin Arghirescu, Chief Product Officer at Synchrony.
“This transformative process is just the first step in IPH’s joint efforts with Synchrony to make pet healthcare payments as simple and integrated as possible. We look forward to continuing to build our partnership and scaling this solution out to additional pet insurance brands under the IPH umbrella in the coming months.” – Dirk Beeckman, Chairman of IPH.
