Australian e-commerce pet supplies retailer Pet Club has announced plans to tap into Australia’s $1.1 billion pet insurance industry with its next venture into pet care.
The former Smart 50 winner was founded in 2011 by Mike Frizell and James Edwards on a mission to help all pet parents with their pets by offering over 10,000 quality products in their online pet range and free 24/7 pet advice. From home pet club Vet Squad.
Pet club insurance will follow The company’s Series C funding of $125 million in late 2021, which boosted Pet Club to unicorn status, and its latest fulfillment center and last-mile delivery expansion last year.
The establishment’s opening also comes at a time of increasing competition in the pet care space, with new startups and experienced entrepreneurs entering the growing industry.
Pet Club Insurance offers the highest policy limits for dogs in Australia, eliminating sub-limits for pet parents to claim up to the annual limit of $30,000 per year for rising veterinary costs and an annual surplus.
According to Pet Club founder and CEO Mike Frizzell, pet parents are being underserved by other pet insurance providers and there was a clear opportunity to offer a better policy.
“Our Pet Club Vet Squad, which works in veterinary clinics, told us that many pet insurance policies are not up to scratch, with sublimits tracking pet parents,” he explained.
“In fact, 85% of Australian pet insurance products have sub-limits that can limit pets from receiving the best treatment. We decided that Pet Club could do better by offering a more comprehensive and straightforward pet insurance option for dogs and cats,” he said.
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To make it simpler and easier for pet parents to take care of their pet’s health, we’ve removed confusing pet insurance policies, such as hidden sub-limits on accident or illness payouts.
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“Many pet insurance policies on the market have coverage for certain conditions or treatments, such as paralysis ticks, which can have a sublimit of $1,200 but can cost up to $4,336. With Pet Club Insurance, you don’t have to choose between your money and your pet’s health.”
Pet Club Insurance is underwritten by Pacific International Insurance and distributed by Knose Financial Services.
Customers can personalize their policies with different annual limits, annual excess up to $150 and premiums up to 90 percent. The retailer offers an “optional extras package” that includes dental treatment, behavioral therapy and treatments such as acupuncture, physiotherapy and hydrotherapy.
Policyholders can cancel insurance at any time, even if a claim has been paid on the policy, and they also have access to insurance and general pet advice through the company’s pet care team.
Frizzell says every pet owner deserves peace of mind when it comes to insurance.
He added: “Our ‘best for pets’ philosophy underpins everything we do at Pet Club.