Shares of Trupanion Inc (NASDAQ: TRUP) jumped over 25% this morning after announcing a partnership with the online pet food and products retailer Chewy Inc (NYSE: CHWY).
What the partnership means for Trupanion
The agreement between the two companies will see Trupanion offer Chewy customers exclusive preventative care and comprehensive insurance plans for their pets. Margi Tooth, the co-president of Trupanion, is confident the partnership will help ensure high-quality healthcare services for pets at affordable prices.
We have the opportunity to introduce the concept of high-quality medical insurance to Chewy customers. We look forward to increasing the percentage of insured pets that walk through the doors of veterinary hospitals to ensure they get the best veterinary care.
Chewy has a customer base of more than 20 million, which means the partnership represents big business for the Washington-based pet insurance provider.
Why did Chewy pick Trupanion?
Trupanion was a suitable pick for such a collaboration, particularly because of its patented software that helps pay veterinarians directly. Consequently, it maximises access to pet care at minimal out-of-pocket expenses.
The partnership also secures round the clock access for Chewy customers to a dedicated customer service team. In the press release, Head of Chewy Health, Mita Malhotra, said:
The launch of customised care plans specifically designed for our customers is an important enhancement to the Chewy Health ecosystem, advancing our mission to make pet healthcare more affordable and accessible for all pet parents.
Chewy shares are also up close to 4.0% on Tuesday. The Florida-based subsidiary of PetSmart is set to report its financial results for the third quarter later this week.
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