Partnership will increase access to veterinary
and pet services with a seamless and unified system of care
SAN
DIEGO and COLUMBUS,
Ohio, Oct. 27, 2022 /PRNewswire/ -- Petco
Health and Wellness Company, Inc. (Nasdaq: WOOF) and Nationwide,
the largest pet insurer in the country, today announced plans for a
multi-year partnership to co-develop integrated and affordable pet
health, wellness and protection solutions for every stage of a
pet's life, with the goal of better pet health and wellness
outcomes for the more than 90 million pet families in the U.S.*
Petco's fully integrated ecosystem of pet health and wellness
solutions — including their more than 1,500 Petco pet care centers
— and Nationwide's deep claims data set, and pet protection and
insurance capabilities will be at the center of the comprehensive
programs expected to be available in 2023. With the ability to
cross-promote and market to each other's customer base and beyond,
the pet-serving companies will leverage their collective
infrastructure, expertise and more than 150 years of insights from
a rapidly growing customer base of more than 25 million pet
families.
"Receiving the medical support pets need throughout their lives
is critical for both pets and their families," said Petco SVP
Omnichannel Customer Experience, Jenny
Wolski. "The customized, data-driven pet insurance solutions
we're developing in partnership with Nationwide will be designed to
expand families' access to Petco's full range of pet care services,
giving them longer and healthier lives together."
Ongoing veterinary care is key to pets' overall health and
wellness, and helping them live long, happy, healthy lives. Pet
insurance plays a significant role in helping families say "yes" to
care they may not otherwise be able to afford, yet only about 2.5%
of pets in the U.S. are estimated to be insured, according to 2021
data from the North American Pet Health Insurance Association
(NAPHIA). A 2021 VetSuccess study sponsored by Nationwide
found dogs and cats insured by Nationwide visited veterinarians 73%
and 43% more often, respectively, than pets without health
insurance.
"Forty years ago, Nationwide issued the first pet health
insurance policy in the U.S. for TV's Lassie. For every year since,
more customers have trusted us to protect their pets than any other
insurer. Sustaining our market leadership has been driven by
continuous, customer-focused innovation — including as the first to
offer voluntary benefits plans, avian and exotic coverage,
telehealth, and preferred pricing on prescription drugs,"
said Nationwide pet insurance President and Chief Pet Officer
Heidi Sirota. "Our partnership with
Petco is another game-changing move that will reshape the pet care
industry by expanding access to care, delivering actionable health
insights, and improving outcomes for millions of pets and their
families."
These new offerings are expected to focus on end-to-end pet care
fulfilled through Petco's pharmacy, veterinary hospitals or
clinics, and other health and wellness offerings, including Petco's
revolutionary Vital Care program.
Coverage will include routine preventative care like vaccinations
and unexpected medical needs related to accidents or serious
illnesses. Petco insurance offerings available to customers and
Petco partners (employees) are expected to be delivered exclusively
through Nationwide pet insurance in the future.
"With a growing number of pets in U.S. homes, and a need and
desire from their loving families for them to live as healthy and
happy as possible, expanding pet parents' access to the care that
supports all elements of a pets' whole health — including access to
veterinary care as well as physical, mental, social and home health
— is a key component of Petco's focus on purpose-driven
performance," said Dr. Whitney
Miller, DVM, MBA, DACVPM and Chief Veterinarian at Petco.
"Nationwide's proven track record of enabling extraordinary care
for millions of pets is perfectly aligned with our mission of
improving lives. With our combined efforts focused on what's best
for pets, we aim to streamline the pet insurance process not only
for our customers but the veterinary community at large."
Source: 2021-2022 National Pet Owners Survey by American Pet
Products Association (APPA).
About Petco, The Health + Wellness
Co.:
Founded in 1965, Petco is a category-defining health and
wellness company focused on improving the lives of pets, pet
parents and our own Petco partners. We've consistently set new
standards in pet care while delivering comprehensive pet wellness
products, services and solutions, and creating communities that
deepen the pet-pet parent bond. We operate more than 1,500 pet care
centers across the U.S., Mexico
and Puerto Rico, which offer
merchandise, companion animals, grooming, training and a growing
network of on-site veterinary hospitals and mobile veterinary
clinics. Our complete pet health and wellness ecosystem is
accessible through our pet care centers and digitally at petco.com
and on the Petco app. In tandem with Petco Love (formerly the
Petco Foundation), an independent nonprofit organization, we work
with and support thousands of local animal welfare groups across
the country and, through in-store adoption events, we've helped
find homes for more than 6.5 million animals.
About Nationwide pet
insurance
With more than 1.1 million insured pets, Nationwide is the first
and largest provider of pet health insurance in the United States. Nationwide pet health
insurance plans cover dogs, cats, birds and exotic pets for
multiple medical problems and conditions relating to accidents,
illnesses and injuries. Medical plans are available in all 50
states and the District of
Columbia. Products underwritten by Veterinary Pet Insurance
Company (CA), Columbus, OH;
National Casualty Company (all other states), Columbus, OH. Agency of Record: DVM Insurance
Agency. All are subsidiaries of Nationwide Mutual Insurance
Company. Pet owners can find Nationwide pet insurance on Facebook
or follow on Twitter. For more information about Nationwide pet
insurance, call 800-USA-PETS
(800-872-7387) or visit petinsurance.com.
About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and
strongest diversified insurance and financial services
organizations in the United
States. Nationwide is rated A+ by Standard & Poor's. An
industry leader in driving customer-focused innovation, Nationwide
provides a full range of insurance and financial services products
including auto, business, homeowners, farm and life insurance;
public and private sector retirement plans, annuities, mutual funds
and ETFs; excess & surplus, specialty and surety; pet,
motorcycle and boat insurance. For more information,
visit www.nationwide.com. Follow us
on Facebook and Twitter.
Nationwide, Nationwide is on your side, and the Nationwide N and
Eagle are service marks of Nationwide Mutual Insurance Company. ©
2022.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, concerning expectations, beliefs, plans, objectives,
goals, strategies, future events or performance and underlying
assumptions and other statements that are other than statements of
historical fact. Although Petco believes that the expectations and
assumptions reflected in these statements are reasonable, there can
be no assurance that these expectations will prove to be correct.
Forward-looking statements are subject to many risks and
uncertainties, including the risk factors that Petco identifies in
its Securities and Exchange Commission filings, and actual results
may differ materially from the results discussed in such
forward-looking statements. Petco undertakes no duty to update
publicly any forward-looking statement that it may make, whether as
a result of new information, future events or otherwise, except as
may be required by applicable law, regulation or other competent
legal authority.
Petco Media Contact:
Ventura
Olvera
ventura.olvera@petco.com
Nationwide Media Contact:
Karen Davis
davik53@nationwide.com
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SOURCE Petco Health and Wellness Company, Inc.