Aim of the Survey

In the US, which represents over 80% of TRUP's revenue, the penetration rate for pet insurance is ~2%. One potential reason for the low penetration is that congenital and hereditary diseases, the conditions most likely to happen to a pet, were historically excluded from the insurance contract. This rendered the product of limited added value to pet owners.

Not only did Trupanion decide to cover such conditions, it also offers Trupanion Express, a free software installed at the vet hospital that helps pay 90% of claims, directly to the vet at the time of checkout. This differs from the industry which requires the pet owner to pay out-of-pocket at the time of checkout, complete paperwork related to the veterinary procedure, and receive confirmation of coverage and the reimbursement value.

In FY22, Trupanion reported ~75% penetration across NA vet hospitals but only ~50% penetration of Trupanion Express.