CLEVELAND, Jan. 26, 2024 /PRNewswire/ — Embrace Pet Insurance, a leading provider of pet health insurance for dogs and cats in the United States, is proud to announce a significant milestone– insuring 500,000 pets across the nation. Since selling its first policy to a cat named Lily in Chagrin Falls, Ohio, on October 10, 2006, Embrace has grown significantly as a business, marking a journey of development and dedication to pets and pet parents for the past 17 years.
One of the keys to Embrace’s success is its dedication to customer satisfaction. Embrace prioritizes efficient claims processing, having handled over 4.6 million claims to date, including more than 1 million in 2023 alone. Embrace’s Apollo AI claims processing technology speeds up claims processing by 75% compared to traditional methods, ensuring customers receive their reimbursements faster. In fact, Embrace’s claims team was involved in another milestone for Embrace in 2023—the largest single claim covered in the company’s history–$48,534 for a mixed breed dog with aspiration pneumonia and pyloric valve repair.
Embrace’s achievements are part of a larger trend in the rapidly growing pet insurance market. In 2021, NAPHIA reported the industry’s total in-force premiums in North America reached about $2.84 billion USD, which was over a 30.5% increase from 2020. The growth trend continued into 2022, with the industry experiencing a 23.5% increase in revenue compared to 2021.
“Today marks a significant chapter in Embrace Pet Insurance’s story as we celebrate insuring our 500,000th pet,” said Brian Macias, CEO of Embrace Pet Insurance. “It’s more than just a number for us; it represents half a million stories of love, care, and commitment to the wellbeing of pets across the country. Our dedication to providing peace of mind to pet parents with our comprehensive coverage plans remains unwavering. We believe every pet deserves the best care, and we’re here to ensure they receive it.”
In a tribute to Lily, the first pet insured by Embrace, the company is donating $5,000 to Stay-A-While Cat Shelter in North Royalton, Ohio. This gesture honors Lily’s memory and Embrace’s ongoing commitment to the welfare of pets, aligning with the company’s core values.
For more information about Embrace Pet Insurance, visit EmbracePetInsurance.com or call (800) 660-3817.
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About Embrace Pet InsuranceEmbrace Pet Insurance, a top-rated pet health insurance provider for dogs and cats in the United States, offers one simple yet comprehensive accident and illness insurance plan. In addition to insurance, Embrace offers Wellness Rewards, a non-insurance, optional preventative care product that is unique to the industry. Wellness Rewards reimburses for routine veterinary visits, grooming, vaccinations, training, and much more, with no itemized limitations. Embrace has received numerous accolades for customer and employee satisfaction, including being named the top pet insurance provider on the Forbes list of America’s Best Insurance Companies 2022 and receiving the Great Place to Work™ certification. Embrace is a proud member of the North American Pet Health Insurance Association (NAPHIA) and continues to innovate and improve the pet insurance experience for pet parents across the country. Embrace Pet Insurance is a privately held organization, backed by JAB Holding Company.
For more information about Embrace Pet Insurance, visit EmbracePetInsurance.com or call (800) 660-3817.
SOURCE Embrace Pet Insurance