Figo Pet Insurance hits $125m valuation after investment

US-based Figo Pet Insurance has secured a $5m investment which has put its company valuation to $125m.

The investment was supplied by underwriting partner Independence American Insurance Company (IAIC). Following this deal, Figo claims to be the largest pet insurance provider in the US.

A 2019 report from the North American Pet Health Association (NAPHIA) claimed the US pet insurance market is worth $1.3bn, representing a one-year growth of 24%. The market has grown at a 21.4% since 2014.

Furthermore, a survey from Lending Tree into pet owners, found that 42% of millennials have experienced pet-related debt 39% of owners regretted not taking out insurance.

Figo leverages AI technology to offer pet owners insurance and other care services which meet their needs. The mobile app offers 24/7 access to veterinarians, social media pet connections and location-based per-friendly product and service listings.

The AI assistant helps a user simplify the claims process. Other pet care tools include pet record management, claims processing and support access.

Figo Pet Insurance CEO and founder Rusty Sproat said, “With pets firmly cast as family-members and the costs of pet medical treatment often equalling human healthcare, pet insurance has become an essential part of family health coverage for millions of Americans.

“Figo combines a range of coverage options, pet social connections, and advanced technologies to deliver a best-in-class experience for a growing number of American pet families.”

The InsurTech platform collected $4m in a funding round back in 2014. The investment was supplied by HCS Capital Partners.

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