Partnership will increase access to veterinary and pet services with a seamless and unified system of care
SAN DIEGO and COLUMBUS, Ohio, Oct. 27, 2022 /PRNewswire/ -- Petco Health and Wellness Company, Inc. (Nasdaq: WOOF) and Nationwide, the largest pet insurer in the country, today announced plans for a multi-year partnership to co-develop integrated and affordable pet health, wellness and protection solutions for every stage of a pet's life, with the goal of better pet health and wellness outcomes for the more than 90 million pet families in the U.S.*
Petco's fully integrated ecosystem of pet health and wellness solutions — including their more than 1,500 Petco pet care centers — and Nationwide's deep claims data set, and pet protection and insurance capabilities will be at the center of the comprehensive programs expected to be available in 2023. With the ability to cross-promote and market to each other's customer base and beyond, the pet-serving companies will leverage their collective infrastructure, expertise and more than 150 years of insights from a rapidly growing customer base of more than 25 million pet families.
"Receiving the medical support pets need throughout their lives is critical for both pets and their families," said Petco SVP Omnichannel Customer Experience, Jenny Wolski. "The customized, data-driven pet insurance solutions we're developing in partnership with Nationwide will be designed to expand families' access to Petco's full range of pet care services, giving them longer and healthier lives together."
Ongoing veterinary care is key to pets' overall health and wellness, and helping them live long, happy, healthy lives. Pet insurance plays a significant role in helping families say "yes" to care they may not otherwise be able to afford, yet only about 2.5% of pets in the U.S. are estimated to be insured, according to 2021 data from the North American Pet Health Insurance Association (NAPHIA). A 2021 VetSuccess study sponsored by Nationwide found dogs and cats insured by Nationwide visited veterinarians 73% and 43% more often, respectively, than pets without health insurance.
"Forty years ago, Nationwide issued the first pet health insurance policy in the U.S. for TV's Lassie. For every year since, more customers have trusted us to protect their pets than any other insurer. Sustaining our market leadership has been driven by continuous, customer-focused innovation — including as the first to offer voluntary benefits plans, avian and exotic coverage, telehealth, and preferred pricing on prescription drugs," said Nationwide pet insurance President and Chief Pet Officer Heidi Sirota. "Our partnership with Petco is another game-changing move that will reshape the pet care industry by expanding access to care, delivering actionable health insights, and improving outcomes for millions of pets and their families."
These new offerings are expected to focus on end-to-end pet care fulfilled through Petco's pharmacy, veterinary hospitals or clinics, and other health and wellness offerings, including Petco's revolutionary Vital Care program. Coverage will include routine preventative care like vaccinations and unexpected medical needs related to accidents or serious illnesses. Petco insurance offerings available to customers and Petco partners (employees) are expected to be delivered exclusively through Nationwide pet insurance in the future.
"With a growing number of pets in U.S. homes, and a need and desire from their loving families for them to live as healthy and happy as possible, expanding pet parents' access to the care that supports all elements of a pets' whole health — including access to veterinary care as well as physical, mental, social and home health — is a key component of Petco's focus on purpose-driven performance," said Dr. Whitney Miller, DVM, MBA, DACVPM and Chief Veterinarian at Petco. "Nationwide's proven track record of enabling extraordinary care for millions of pets is perfectly aligned with our mission of improving lives. With our combined efforts focused on what's best for pets, we aim to streamline the pet insurance process not only for our customers but the veterinary community at large."
Source: 2021-2022 National Pet Owners Survey by American Pet Products Association (APPA).
About Petco, The Health + Wellness Co.:
Founded in 1965, Petco is a category-defining health and wellness company focused on improving the lives of pets, pet parents and our own Petco partners. We've consistently set new standards in pet care while delivering comprehensive pet wellness products, services and solutions, and creating communities that deepen the pet-pet parent bond. We operate more than 1,500 pet care centers across the U.S., Mexico and Puerto Rico, which offer merchandise, companion animals, grooming, training and a growing network of on-site veterinary hospitals and mobile veterinary clinics. Our complete pet health and wellness ecosystem is accessible through our pet care centers and digitally at petco.com and on the Petco app. In tandem with Petco Love (formerly the Petco Foundation), an independent nonprofit organization, we work with and support thousands of local animal welfare groups across the country and, through in-store adoption events, we've helped find homes for more than 6.5 million animals.
About Nationwide pet insurance
With more than 1.1 million insured pets, Nationwide is the first and largest provider of pet health insurance in the United States. Nationwide pet health insurance plans cover dogs, cats, birds and exotic pets for multiple medical problems and conditions relating to accidents, illnesses and injuries. Medical plans are available in all 50 states and the District of Columbia. Products underwritten by Veterinary Pet Insurance Company (CA), Columbus, OH; National Casualty Company (all other states), Columbus, OH. Agency of Record: DVM Insurance Agency. All are subsidiaries of Nationwide Mutual Insurance Company. Pet owners can find Nationwide pet insurance on Facebook or follow on Twitter. For more information about Nationwide pet insurance, call 800-USA-PETS (800-872-7387) or visit petinsurance.com.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities, mutual funds and ETFs; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.
Nationwide, Nationwide is on your side, and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2022.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, concerning expectations, beliefs, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are other than statements of historical fact. Although Petco believes that the expectations and assumptions reflected in these statements are reasonable, there can be no assurance that these expectations will prove to be correct. Forward-looking statements are subject to many risks and uncertainties, including the risk factors that Petco identifies in its Securities and Exchange Commission filings, and actual results may differ materially from the results discussed in such forward-looking statements. Petco undertakes no duty to update publicly any forward-looking statement that it may make, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority.
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SOURCE Petco Health and Wellness Company, Inc.