Figo Pet Insurance Reaches 200,000 Policy Milestone
CHICAGO, September 30, 2024 – Figo Pet Insurance LLC, a provider serving pet parents across the United States, has announced a significant achievement: surpassing 200,000 pet insurance policies. To mark the occasion, the company is releasing data gathered over its decade-long history, offering insights into the evolving landscape of pet healthcare.
“Figo set out to simplify pet insurance and help make vet care more accessible for pet parents, and we’re thrilled to be able to now support over two-hundred thousand pets,” said Tom Bean, VP of Insurance Services Operations at Figo Pet Insurance. “We strive to create a world where people can focus on their pets and not worry about financial accessibility to care. We are proud to have reimbursed more than $80 million in vet bills for our customers.”
Figo highlights its commitment to making pet care more accessible so owners can focus on their pet’s well-being. Standout features include a wellness Powerup, which reimburses routine care expenses. Figo also provides customers with a “Transparency Report” detailing vet record reviews, and pays the majority of claims within one day. This allows pet parents to focus on their pets’ health rather than their wallets.
Key Data and Trends
The data revealed some interesting trends. Mixed-breed dogs top the list of most commonly insured breeds, followed by French Bulldogs and Golden Retrievers. Among popular pet names, Luna, Bella, and Charlie are frequently seen in the dog park. For cats, Luna, Milo, and Oliver are the most common names.
The company also shared insights into common pet hazards and potential risks. Toys, bones, socks, corn cobs, rocks, tennis balls, strings, blankets, fruit pits, and batteries are frequently cited as items that can cause tummy troubles and emergency vet visits for pets.
In a display of passion, Figo’s customers have named their pets with unique monikers, including “Tuna Helper,” “Cheddar Megatron,” and “Paragraph Pete,” which Figo eagerly features in its viral TikTok series.
Industry Context and Statistics
Millennials and Gen Z are leading the charge when it comes to pet insurance, with one in three younger pet owners choosing to protect their pets. Despite this trend, according to the North American Pet Health Insurance Association (NAPHIA) State of the Industry 2024 Report, only 6.25 million pets—just nearly 4 percent of dogs and cats—are insured in the U.S. and Canada.
“Insurance can be a game-changer for your finances and your pet,” said Bean. “Our research shows 44 percent of those with coverage have brought in their pet for an emergency compared to 30 percent without coverage. When you’re not worried about the bill, you’re quicker to get your pet the help they need, and we never want anyone to choose between bills and their pet’s health.”
For further information about Figo’s coverage and cost-saving options, including its multi-pet discount, visit www.FigoPetInsurance.com/Coverage.
About Figo Pet Insurance
Founded by pet parents seeking a more adaptable pet insurance solution, Figo was created to address those needs. Figo seeks to remove barriers in managing pet insurance through innovative offerings that go beyond insurance. United States insurance products are underwritten by Independence American Insurance Company. Figo Pet Insurance is also available in Germany, Belgium, and The Netherlands. Learn more here: www.pinnaclepetgroup.com/pet-insurance.
- Download Report Highlights – NAPHIA State of the Industry Report
- 20240412_Figo_Data_Launch_Doc_Web.pdf (ctfassets.net)
