Odie Pet Insurance, renowned for its innovative pet health insurance solutions, has announced a strategic partnership with Insuritas, a leading embedded insurance provider for financial institutions. This collaboration integrates Odie's comprehensive pet insurance products into Insuritas' award-winning BUNDLE platform, streamlining access to pet insurance for customers of financial institutions.
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The partnership allows Insuritas' financial institution clients to offer Odie's range of customizable and affordable pet insurance options. These include a comprehensive Illness & Injury plan, an Accident Only plan, and a Wellness Plan that covers routine care. This variety ensures that pet owners can tailor their insurance coverage to fit their needs and those of their pets.
Miles Thorson, CEO and Co-Founder of Odie Pet Insurance, highlighted the strategic advantage this partnership provides. "With Odie's 'pet insurance as a solution' platform, we make it simple for partners to introduce a new line of business effectively," Thorson said. "We are excited to collaborate with Insuritas, enhancing their service offerings and advancing our mission to make pet insurance more accessible."
Since the partnership began in late 2023, Insuritas has seen notable interest and growth in pet insurance. Online engagement has been strong, with one in five customers who initiated the process receiving a quote, and one in three of those purchasing a policy. This trend underscores the growing demand for online insurance solutions, aligning with Insuritas' 2024-2025 strategy to expand its offerings.
Jeffrey Chesky, President and CEO of Insuritas, emphasized the strategic benefits of the partnership. "This development reflects Insuritas' commitment to diversifying income streams for our financial institution partners," Chesky stated. "BUNDLE has long empowered banks and credit unions to provide essential insurance products, and we are thrilled to include Odie's pet insurance in our portfolio."
Given that only about 4% of pets are insured in the U.S. and rising veterinary costs pose financial challenges for many pet owners, this partnership highlights the urgent need for affordable, comprehensive pet insurance options. The collaboration between Odie and Insuritas marks a significant step toward addressing this critical need.
