Trupanion, Inc. (NASDAQ: TRUP) is engaged as a medical insurance company specifically geared towards cats and dogs across the United States, Canada, and Australia. Founded in 2000, Trupanion now has over 600,000 pets enrolled in its programs. Shares of the pet insurance company are rallying 29% through early trading on Tuesday, December 7, 2021. Over the past three months, Trupanion has seen average daily volume of 335,150 shares. However, volume of 668,285 shares or dollar volume of around $95.49 million, has already exchanged hands through early trading Tuesday.
Shares of Trupanion are gaining after the company announced that it has entered into partnership with Chewy, Inc. (NYSE: CHWY) to create exclusive pet insurance and wellness plans for Chewy’s 20 million online customers. Chewy continues to focus on expanding its product and services offerings to pet parents, including health care services.
Under initial plans for the partnership, Chewy will offer its customers both Trupanion-led preventative care and comprehensive insurance plans. The partnership’s synergy extends beyond just being able to offer Chewy customers insurance. Trupanion’s patented software will allow Chewy to leverage direct payments to veterinarians, which helps reduce out-of-pocket expenses and improving access to care.
“We’re humbled and excited when we find a partner like Chewy, who recognizes the value of our brand and expertise,” said Margi Tooth, Co-President of Trupanion. “Through our partnership, we have the opportunity to grow the category by introducing the concept of high-quality medical insurance to Chewy’s customer base of over 20 million pet parents. In doing so, 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.”
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