Home Articles How this new pet insurance start-up is succeeding against the odds of...

How this new pet insurance start-up is succeeding against the odds of COVID-19

0
Monica Limanto, founder of Petsy
Monica Limanto, founder of Petsy

Petsy, a new pet insurance provider together with petinsurance.com.au, has announced its official launch to market. Its exclusive members’ program sees Australia’s ‘pet parents’ have access to rewards and discounts on leading lifestyle brands to help look after their pet’s health. Petsy together with petinsurance.com.au offers a range of cover which includes a level of cover that provides up to 100% cover for eligible, unexpected vet expenses for pets under the age of 8 years.

Petsy customers will also have access to GapOnlyTM, which gives customers the ability to claim on the spot at participating vets. This means that for eligible claims, the customer will only have to pay the gap (the difference between their pet insurance benefit and the vet’s invoice), helping to reduce their out-of-pocket vet expenses. 

Utilising its enticing rewards program, the young pet insurance provider aims to encourage more Aussie pet owners to take out cover as the latest figures reveal only 6% of Australia’s 7.3 million cat and dog owners have insured their pets.

What is Petsy looking to achieve?

Petsy CEO and co-founder, Monica Limanto said Petsy hopes to close the nation’s gap in education around pet insurance and shine a light on where the value in cover lies.

“Given that pet owners are spending around 13 billion dollars on their pets each year, coupled with the fact that pets are considered priceless to many, the percentage of insured pets is disproportionately low. Through Petsy and the reach of our partners, we want to change the nation’s current perception of pet insurance and see more pet owners be rewarded for looking after their pet’s health.

“When you consider that the majority of people purchase insurance for their other needs, it seems only natural that it should be the same for our much-loved pets, which many of us place a much higher value on,” said Ms Limanto.

“In 2020, pets are considered family and taking out pet insurance gives owners peace-of-mind, both financially and emotionally. Each Petsy policy offers access to GapOnly™ which reviews and calculates pet insurance claims while pet owners are still at the vet, so for eligible claims, pet owners have less out of pocket expenses and don’t need to worry about delayed paperwork to get their money back.

“Our member rewards program and online information directory also makes pet insurance approachable for new and experienced pet owners,” she added.

How exactly does Petsy work?

On sign up, members join an exclusive community which gives them access to a number of lifestyle benefits from Petsy’s partnered brands such as Booking.com, selected Dominos stores, and local city pubs such as The Carrington, providing offers on pet-friendly accommodation to discounts on dining out with your pet.

An online directory is also available for members to tap into, containing plenty of pet-related information regarding breeds, common health issues and more tips on caring for a dog or cat.

Petsy was co-founded by Ms Limanto in 2019. Previously, she ran Rufino, an online startup specialising in developing, manufacturing and distributing pet products including luxury leather dog collars, accessories, grooming products and treats, which she founded with her father (an experienced leathersmith) in 2014 at only 24 years old.

Rufino’s products were sold online internationally, and locally at markets and select retail stores in Australia. However, after Ms Limanto’s father was diagnosed with cancer and passed away in 2018, she decided to no longer pursue the Rufino journey without him.

Still holding a natural interest in pet health, nutrition and care, Ms Limanto co-founded Petsy in 2019 after being introduced to Fast Cover CEO Dean Van Es, the founder of one of Australia’s leading travel insurance companies, and realised the opportunity for them to join forces.

Globally the pet insurance market is expected to grow at a CAGR of over 20% during the period of 2019-2025, with Australia expected to lead the pet insurance market in the APAC region.

Moving forward, Ms Limanto hopes to see more Australians insure their pets, with Petsy considered a go-to provider for pet insurance.

Get unlimited access to our FREE business tools…

Need to raise capital? Want to become a more persuasive presenter? Want to master social media? Is it time to overhaul your website? Unlock the library to get free access to free cheat sheets and business tools. Click here for free business tools.