Interview Transcript

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It would be interesting to dive into the Chewy decision and how you decided who to partner with. What did you see in Trupanion and how are they different?

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The biggest initial surprise when we interviewed pet parents was that over 20% of them believed they had pet insurance, but we knew it was only 4%. We thought there was something wrong with the panel which consisted of several thousand pet parents, but we discovered there was a significant amount of confusion between wellness plans and pet insurance.

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If you could explain that to me it would be appreciated.

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The second big finding was people didn't know the cost of veterinary care until they encountered a big problem. That was especially true during the pandemic, where millions of pets were adopted and people got bills of $5,000 to $10,000, but people don't think about it that way. There is also the complexity of choosing the insurance, am I better off spending $100 per month for years until something happens, or do I put the money aside. It is complex with many offerings, pre-existing conditions, co-pay and things that are covered or not, that even if people are interested in it, they abandon their search because they are overwhelmed.

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