Pethealth will now make “an ounce of prevention” available along with “tons” of comprehensive coverage already present in our accident/illness pet insurance programs.
This week’s launch of QuickCare Optimum and QuickCare Complete further complement Pethealth’s existing family of pet insurance products. The above programs provide wellness coverage over and above comprehensive major medical coverage for dogs and cats including hereditary and congenital illnesses. The programs are now offered in both Canada and the United States and will be offered to your adopters wanting to upgrade from the the ShelterCare Gift or ShelterCare Intro programs.
While the addition of wellness coverage to our suite of insurance programs represents a departure from our traditional strategy, we have made this decision on the back of three trends which we believe will accelerate over the next two years. Firstly, we see the recent launch of pet pharmacy services by selected U.S. mass retailers as a trend which will become more widespread. As most of you know distribution of pet insurance through retailers is a core part of our business model. It is therefore important for us to make sure that the insurance programs we offer through them will support their plans to provide an expanded range of pet services to their customer base.
Secondly, we have watched as more and more animal welfare organizations have begun to expand the range of veterinary services offered to the general public. Given our existing platform of PetPoint, 24PetWatch and ShelterCare, it is only logical that we look to broaden our pet insurance offerings to those pet owning members of the public who choose to have their dogs or cats treated at shelter clinics. As most clinics operated by shelters place a heavy emphasis on maintenance programs, it makes sense for us to include maintenance in our new offerings.
Lastly, and more generally, there has been a significant improvement in the scope and quality of preventive care, particularly as it relates to such issues as pet obesity, pet diabetes, etc. By helping to encourage pet owners to take advantage of these advancements in preventive care, we will see a benefit to the underwriting side of our business where we again are an industry leader.
We currently insure over 170,000 dogs and cats in both Canada and the United states through a variety of channels, including animal welfare organizations, mass and pet specialty retailers, and veterinary clinics and hospitals. Additionally over 1.3 million pets are now registered with 24PetWatch. This year we expect to pay out over $20 million in claims in connection with all of our insurance programs.
We feel that these new pet insurance programs will be well received by your adopters and will assist in promoting a higher quality of healthcare for their adopted pets.
The Pethealth Family