American pet insurance companies announce joint venture in Japan
The partnership between Trupanion and Aflac Incorporated aims to provide high-value pet insurance in the Asian country.
Trupanion has entered Japan for the first time and expects to benefit from Aflac’s “strong brand presence, insurance expertise, and distribution network” in the country.
Aflac Incorporated CEO Frederick J. Crawford believes the agreement will increase its value proposition in the Japanese market thanks to Trupanion’s “strong reputation and expertise within the pet insurance industry.”
Aflac Pet Insurance is expected to offer medical insurance for pets from the second half of 2023.
“We see an opportunity within the Japanese market for a pet insurance product that is aligned with the veterinary community. We look forward to partnering with Aflac to build trust among veterinarians and their staff at Japan’s more than 10,000 veterinary hospitals,” said Margi Tooth, President of Trupanion.
“Higher value” protection
The merger will provide individuals and families with higher value protection than any pet insurance. Together they will ensure that Aflac-insured pets can receive “the best veterinary care, regardless of the treatment cost.”
Founded in 1955, Aflac provides health insurance products to more than 50 million people through its subsidiaries in the US and Japan.
Seattle-based Trupanion operates in the United States, Canada, and Australia, with over 700,000 pets insured. The company recently acquired Czech pet insurance provider PetExpert and Swiss Smart Paws as part of its European expansion strategy in September 2022.