Aflac Incorporated, a Fortune 500 company insuring more than 50 million people in Japan and the US, has formed a joint venture with Trupanion to provide pet insurance in Japan.
Trupanion aims to give pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. The insurer has over 800,000 pets enrolled across the US, Canada, Europe, Puerto Rico and Australia.
The joint venture, Aflac Pet Insurance, will leverage Aflac’s strong brand, insurance expertise, and broad distribution network in Japan with Trupanion’s expertise and leadership in pet insurance, Aflac said.
Aflac Pet Insurance is due to launch in the second half of 2023, pending necessary regulatory approvals.
According to Aflac, the joint venture will offer high-value pet medical insurance designed to help pet owners budget for unexpected care for their pets.
Frederick J. Crawford, president and chief operating officer of Aflac Incorporated, said, “
“We are pleased to expand our partnership with Trupanion, the industry leader in US pet insurance, to increase our value proposition in the Japanese market. This joint venture will combine Aflac’s brand recognition, broad distribution network and industry leadership in Japan with Trupanion’s brand, strong reputation and expertise within the pet insurance industry.”
Margi Tooth, president of Trupanion, added, “We are excited to enter Japan through our alliance with Aflac, which remains a supportive shareholder and partner. We see an opportunity within the Japanese market for a pet insurance product that is aligned with the veterinary community. We look forward to partnering with Aflac to build trust among veterinarians and their staff at Japan’s more than 10,000 veterinary hospitals. Together, we will ensure Aflac insured pets are able to receive the best veterinary care, regardless of treatment cost.”
Earlier this month, Trupanion entered into an agreement to acquire Royal Blue, the parent company of pet insurer PetExpert.
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