Pet Circle enters insurance market

Pet Circle enters insurance market | Insurance Business Australia

Insurance News

Pet Circle enters insurance market

A “shake-up” for a $1 billion insurance industry?

Insurance News

By
Daniel Wood

Pet Circle, one of Australia’s largest online pet supplies companies, has entered the insurance market. The firm’s media release said the new offering aims to “shake-up” the more than $1 billion pet insurance industry.

“Pet parents are being underserved by other pet insurance providers and there was a clear opportunity to provide a better policy,” said CEO Mike Frizell (pictured above) who co-founded Pet Circle in 2011.

The release said the firm’s veterinarians found that many insurance policies on the market “were not up to scratch.” One major reason, said the release, was the imposition of sub-limits on about 85% of pet coverages.

“We have eliminated confusing pet insurance policy features such as sneaky sub-limits on payouts on accidents or illness, to make it simpler and easier for pet parents to take care of their pet’s health,” said Frizell.

The new offering also doesn’t require excesses per claim or per condition. According to the release, “excesses are annual and policies can be cancelled at any time.” Policy holders also have “free” access to a care team.

The release said the insurance launch is supported by a Series C $125 million funding round in late 2021. According to the Corporate Finance Institute, this round of funding is the fourth stage of startup financing and usually the last stage of venture capital financing.

Pet Circle’s insurance offering is underwritten by Pacific International Insurance.