Pets Best Insurance: New Pet Insurance Partnership
Posted on July 18, 2008 under Industry News
July 18, 2008 — (New Orleans, LA) Today Pets Best Insurance and the American Veterinary Medical Association Group Health & Life Insurance Trust (AVMA GHLIT) announced an exclusive relationship with an aggressive goal to educate veterinarians and consumers about pet insurance. Pet owners enjoy the financial peace of mind that pet insurance provides and veterinarians are able to maintain their client relationships while performing science-based medicine. To that end, this effort by the AVMA GHLIT will affect positive change for the pet insurance industry.
As part of the new exclusive arrangement, Aetna’s general insurance subsidiary, AICC, will be the new underwriter for the Pets Best Insurance plan.
According to Gary R. Holfinger, DVM and Chairman of the Board of Trustees of the AVMA GHLIT, “We know today that the veterinary profession must be a leading component of providing information and education to our clients about pet insurance. Having a consistent utilization of pet insurance in the United States will increase the overall health of pets by providing an additional resource to deliver needed care. Working exclusively with Pets Best Insurance and Aetna, we feel certain to deliver a trusted pet insurance product for pet owners and our members.”
According to Dr. Jack Stephens, President and Founder of Pets Best Insurance, “The leadership shown today to make pet insurance a central component of the veterinarian-client relationship is very gratifying. For over thirty years, we have been building an industry to reduce pet euthanasia and provide peace of mind for pet owners. Third-party insurance also benefits pet owners and the veterinary profession by providing funding for additional quality veterinary care. This partnership will be the milestone that makes pet insurance a priority for the majority of pet owners in the United States. Our long-term strategy will benefit pets, pet owners and the veterinary profession. We are thankful to be a part of an important effort that will help us realize our mission at Pets Best and also have long-term positive benefits for the veterinary profession.”
Pets Best Insurance is currently underwritten by North Pointe Insurance of Michigan. North Pointe Insurance will work to transition current and future policy holders to AICC.
“We are pleased to join with Pets Best Insurance and the AVMA GHLIT to offer access to trusted, affordable insurance for pet owners,” said Aetna’s Dan Fishbein. “More than 60 percent of American households have a beloved pet and spend approximately $10 billion a year in veterinary care. Insurance provides valuable financial protection, and we know that more than half of consumers and our own members surveyed find it appealing for us to offer pet insurance.”
The American Veterinary Medical Association Group Health & Life Insurance Trust was established by the AVMA in 1957. The trust provides life, disability and medical insurance to AVMA member veterinarians. AVMA GHLIT insurance provides personal lines of insurance coverage to approximately 33,204 participants.
Pets Best Insurance administers an insurance plan that reimburses pet owners for services from the veterinarian they choose, with no benefit schedules or fee restrictions. Pets Best Insurance was founded by Dr. Jack Stephens, the pioneer of the pet insurance industry with over 30 years of experience. Pets Best includes a choice of three affordable coverage plans with a straightforward 80:20 claims reimbursement structure. The Pets Best Insurance team is a highly skilled and professional group of pet lovers who have developed products based on innovation and insight into veterinary care. Visit Pets Best Insurance at www.petsbest.com or phone 877-PetsBest (738-7237).
Aetna is one of the nation’s leading diversified health care benefits companies, serving approximately 37.3 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities and health care management services for Medicaid plans. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans, governmental units, government-sponsored plans, labor groups and expatriates. www.aetna.com