American Pet Insurance Company (APIC) Named as the Underwriter for PetPartners Inc., Administrator of the AKC® Pet Healthcare Plans
APIC continues to expand its MGA (Managing General Agent) Portfolio
Seattle, Wash. (PRWEB) November 02, 2012
American Pet Insurance Company (APIC) has been named as the sole insurance carrier for PetPartners Inc. with its flagship brands, The AKC Pet Healthcare Plans, providing protection to registrants of the American Kennel Club®, the world's largest registry of purebred dogs. PetPartners also administers the CFA® Pet Healthcare Plans for The Cat Fanciers' Association®, the world's largest registry of pedigreed cats.
APIC is the only insurance carrier fully dedicated to pet insurance, making it the clear authority in this expanding industry. APIC's singular focus on pets differentiates APIC from its competitors who are all multi-purpose insurance carriers, i.e. insurance generalists writing traditional insurance products such as auto, homeowners, marine, general liability etc. APIC's specialization in the pet insurance segment provides it and its partners and customers with an array of advantages including long-term viability and stability in this specialty segment; market expertise that guarantees efficiencies and time-savings during the start-up phase for new MGA's seeking to enter the pet insurance segment; and extensive data collection and reporting that is essential to product planning, successful business operations and interaction with regulators.
The consumer market opportunity in North America is significant, as less than 2% of pet owners in the U.S. and 3% of pet owners in Canada are insured, compared to more mature markets in Europe where major pet insurers in those markets estimate pet insurance take-up rates to be between 20% and 50%.
“Respected, established pet insurance companies such as PetPartners are now turning to us as the industry experts uniquely qualified to fulfill their pet insurance underwriting needs,” said Tim Graff, President of American Pet Insurance Company. “Our dedicated actuarial team leads this industry in data collection and reporting. We provide the required depth of expertise and comprehensive end-to-end service for filings, claims review, underwriting risk, and preparing the required assessments and submissions to regulatory authorities.”
“We are already experiencing positive developments directly resulting from our shift from a large general insurance underwriter to a streamlined underwriter focused exclusively on pet insurance,” said Steve Popovich, PetPartners Inc. President and Chief Executive Officer.
“We selected APIC as our preferred insurance carrier because APIC is thoroughly immersed all the time in all aspects of the highly specialized pet insurance segment. We are in sync speaking the same language across the gamut of pet insurance, enabling us to better run our business. We value the business advantages achieved by engaging with an insurer whose sole purpose is to insure pets, and we are armed with the confidence that APIC won't change direction by opting to exit the pet insurance industry. ”
American Pet Insurance Company (APIC) specializes in pet health insurance and is licensed across the United States and Puerto Rico. The company's experienced approach streamlines start-up and administration costs for current pet insurance program providers (PetPartners Inc., Trupanion and Vetinsurance). A full-service commitment yields data collection and reporting that is unmatched in the industry, supported by proven expertise in regulatory filings, claims review and underwriting pet insurance risks.
The Cat Fanciers' Association, CFA and the CFA logo are trademarks and service marks of the Cat Fanciers' Association.
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