Trupanion expands to Germany and Switzerland
The American pet insurance provider is actively increasing its services to new regions as part of its growth plan.
The Seattle-based company has launched in the German and Swiss markets to solidify its presence in the European region.
Trupanion plans to introduce its premium product in this region, offering lifetime coverage for accidents and illnesses with no breed or age restrictions.
“With relatively low rates of pet insurance penetration and high per capita spending, Continental Europe’s underpenetrated marketplace offers a highly attractive opportunity for Trupanion to distinguish our unique, high-value product,” Laura Bainbridge, Senior Vice President, tells GlobalPETS.
Additionally, the company plans to transform the claims process in the region by introducing a system of paying the insurance coverage portion directly to veterinarians rather than reimbursing pet owners later.
60-month growth plan
The expansion is part of the company’s 60-month growth plan (2021–2025) to expand premium offerings in new regions and strengthen its services in North America.
The goal is to achieve annual revenue growth of 25%, reaching $1.5 billion (€1.3B) by the end of 2025.
In 2022, Trupanion acquired 2 pet insurance providers: Smart Paws in Germany and Switzerland and PetExpert in the Czech Republic.
Bainbridge explains that the company will use these acquisitions and “deep regional knowledge” to adapt its products to local markets.
