“Figo combines a range of pet insurance options, social connections, and advanced technologies to deliver a best-in-class experience for a growing number of American pet families,” said Rusty Sproat, CEO of Figo.
CHICAGO (PRWEB) January 28, 2020
Figo Pet Insurance is now the largest independent pet insurance provider in the U.S. The company, founded in 2015 and having achieved progressive annual growth driven by consumer attraction to its comprehensive coverage and innovative technology-assisted services, recently received a $5 million investment for a 4% equity stake from underwriting partner Independence American Insurance Company (IAIC), a member of the IHC Group, placing Figo’s valuation at $125 million. Figo is also named the Top InsurTech Leader by A.M. Best’s Review, leveraging advanced technology to reshape the pet insurance experience.
The North American Pet Health Association (NAPHIA) 2019 State of the Industry report presents the U.S. pet insurance market value at $1.3B, representing a one-year growth of 24%. A staggering 21.4% market growth rate since 2014, combined with a market penetration of only approximately 2%, paints a picture of continued robust market growth. This strong performance outlook has triggered a flurry of pet insurance company acquisition activity, with four of the five leading U.S. pet insurance providers having been acquired by larger insurance and credit companies in 2019 alone.
“With pets firmly cast as family-members and the costs of pet medical treatment often equaling human healthcare, pet insurance has become an essential part of family health coverage for millions of Americans,” said Rusty Sproat, CEO and founder of Figo Pet Insurance. “Figo combines a range of coverage options, pet social connections, and advanced technologies to deliver a best-in-class experience for a growing number of American pet families.”
A 2019 survey of pet owners revealed that 42% of millennials have experienced pet-related debt and 39% of all those surveyed regretted not having insurance for their pet. The Insurance Information Institute estimates that U.S. pet owners will spend slightly more than $75 billion on their pets in 2019.
Figo Pet Insurance delivers benefits far beyond medical care cost protection. The Figo Pet Cloud™, with proven artificial intelligence (AI) technology, provides live 24/7 access to veterinarians, social media pet connections, and location-based pet-friendly product and service listings to enhance the pet-parent experience. Services such as pet record management, claims processing, and support access are also greatly simplified and accelerated with the Pet Cloud.
“Figo has set a higher insurance experience standard with this personalized, portable, cloud-based technology,” says Sproat. “What’s more, Figo’s connectivity and information exchange technologies bring our customers conveniences that exceed traditional insurance industry norms.”
Figo Pet Insurance, launched in April 2015, was born in one of nine Google for Entrepreneurs (GFE) North American Tech Hubs, the nationally renowned Chicago technology business incubator, 1871. Under the leadership team led by Sproat, Figo’s advanced pet insurance experience has earned impressive company growth, with Figo outperforming the pet insurance market growth rate by more than 80% between 2017 and 2018.
Figo Pet Insurance policies are underwritten by Independence American Insurance Company (IAIC), a member of the IHC Group, rated A- (Excellent) by A.M. Best Company, Inc., to bring pet-centric, cost-effective insurance options to responsible pet parents.
About Figo Pet Insurance
Figo is a Chicago-based InsurTech company founded in 2015. Figo offers a unique combination of comprehensive insurance policies to protect your pet in the event of injury or illness; as well as industry leading technology. They have become one of the fastest growing start-ups in the country. Figo utilizes a highly engaging and mobile-friendly Pet Cloud that allows consumers to manage their pet's healthcare, socially engage with fellow pet parents, and easily discover and locate services within the pet ecosystem. They provide simple, comprehensive, and transparent policies with an award-winning customer service staff, and are widely regarded as one of the leading pet insurance companies. Pet insurance policies are underwritten by Independence American Insurance Company, a Delaware Insurance Company. Plans are administered by Figo Pet Insurance, LLC.