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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Trupanion Pays Out One Billion Dollars in Veterinary Invoices

February 24, 2020 GMT

SEATTLE, Feb. 24, 2020 (GLOBE NEWSWIRE) -- Trupanion, a leader in medical insurance for cats and dogs, announced today that it has paid out $1 billion in veterinarian invoices. The $1 billion milestone represents 20 years of helping pet owners budget for veterinary care if and when their pet becomes sick or injured.

The $1 billion threshold was crossed with an invoice paid in support of Paddington Bear, a 6 year-old golden retriever from Vancouver Island, B.C. for a Tibial-Plateau-Leveling Osteotomy (TPLO) surgery. Trupanion paid out $3,982 for the surgery, directly to the veterinary hospital.

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“Paying out over $1 billion in veterinary invoices on behalf of our members and their beloved pets is a tremendous accomplishment, and the one that I am very proud of,” said Darryl Rawlings, founder and chief executive officer of Trupanion. “I’m particularly pleased that this was from an invoice we paid directly to the veterinarian through our patented, proprietary software.”

Trupanion is the only provider that can pay the veterinary invoice at the time of check-out – with over a third of invoices now paid this way. It’s never known when an injury or illness will strike, or how mild or severe it will be, making it very difficult for responsible, loving pet owners to budget and care for their pets.

“The largest single claims payout for a member’s pet was $81,000 for the treatment of aspiration pneumonia,” added Rawlings. “Pet owners don’t always have insight into how extensive care can be for their pet. I’m proud that with Trupanion, we can remove the decision about care and help pet owners to give their dog or cat what they need, when they need it.”

Bigger than a billion

The $1 billion in invoices milestone has far-reaching impact for Trupanion members and veterinary professionals. Over the past 20 years, more than 1.3 million Trupanion pets have benefited from the best veterinary care, visiting veterinary hospitals over 3 million times.

More than $175 million in claims have been paid directly to veterinary hospitals with Trupanion’s proprietary software. On average, those claims are paid directly to hospitals within three minutes, and are often paid in seconds.

In addition, veterinary hospitals have realized over $4.3 million in revenue from credit card transaction fee savings using Trupanion’s software.

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Pet medical insurance for the life of a pet

Trupanion’s high-quality medical insurance is designed for the life of the pet. With 20 years of insight into the health and well-being of insured pets, Trupanion is able to provide its members with an unparalleled look into a pet’s potential life journey.

For puppies and kittens, the largest cost drivers are vomiting/diarrhea and foreign material ingestion according to Trupanion data. Of the $1 billion paid out, nearly a quarter of fees went toward paying invoices for younger pets. Proof that little paws get into mischief and a leading reason for Trupanion expanding coverage to 0-7 weeks of age.

“By offering pet owners the option to enroll their pets from day one, puppies and kittens will have coverage with as few pre-existing conditions as possible,” said Mary Rothlisberger, VP of analytics at Trupanion.

Conversely, as pets advance in age, other health risks present themselves. Since 2000 Trupanion has paid out nearly $17 million in claims for arthritis, helping its members’ pets enjoy their senior years.

About Trupanion

Trupanion is a leader in medical insurance for cats and dogs throughout the United States and Canada. For almost two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet owners with the highest value in pet medical insurance with unlimited payouts for the life of their pets. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Omega General Insurance Company. For more information, please visit trupanion.com.

Contact:

Media Michael Nank michael.nank@trupanion.com 206.436.9825

Investors: Laura Bainbridge, Head of Investor Relations InvestorRelations@trupanion.com 206.607.1929

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ca62ae53-33d7-445a-9b4b-c21d8226193e