Pawlicy Advisor Appoints Chief Medical Officer, Surpassing 500k Personalized Recommendations for Pet Owners as Pet Insurance Gains Traction

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Jul 06, 2023, 09:00 ET

As pet parents become more interested in insurance options, Pawlicy Advisor is providing the personalized education and support needed to provide the pet and vet community with the right care

NEW YORK, July 6, 2023 /PRNewswire/ -- Pawlicy Advisor, the leading, independent pet insurance marketplace recommended by the American Animal Hospital Association, today announced the appointment of a new Chief Medical Officer, on the heels of surpassing 500,000 pet owners who have been supported with personalized insurance recommendations. Pawlicy Advisor is committed to simplifying the process and aiding veterinary practices in educating pet owners through personalized assessments comparing top insurance companies – helping pet owners better understand insurance offerings and what options are right for them based on breed-specific health risks, the expected lifetime costs, location, personal preferences, and more.

Pet insurance is becoming more common among owners as they learn more about the potential savings when providing care for their beloved pets. In providing personalized insurance advice to over half a million pet owners, Pawlicy Advisor has gained a unique understanding of owners and veterinary practices across the country, learning more about why pet owners choose insurance, the most common pet medical needs and the impact insurance has on the care vets can provide in the long-term.

"When your dog or cat is young and healthy, it's common to think you may not need to worry about expensive veterinary costs. It's important to plan for potential emergencies and illnesses, which is why we're encouraged by the growing number of pet owners researching and choosing the right coverage for their pet," says Woody Mawhinney, CEO & Co-Founder of Pawlicy Advisor. "We look forward to working with Dr. Walther, our Chief Medical Officer, to deepen our understanding on how to best serve pet owners and veterinary practices, and the most impactful ways to educate the community."

Dr. Ricky Walther, DVM, Joins Pawlicy Advisor Team as CMO After Service as a Veterinary Advisor

A long-standing partner to Pawlicy Advisor, previously serving as Veterinary Advisor for over 3 years, Ricky Walther, DVM, joins Pawlicy Advisor full-time as the Chief Medical Officer, arriving with the field experience as an associate veterinarian as well as a medical director in a small animal general practice, both private and corporate. Walther's veterinary background has allowed him to see firsthand the positive financial and medical impact pet insurance can provide pet parents and veterinarians. His passion for business education within the veterinary profession was sparked in veterinary school at UC Davis School of Veterinary Medicine while serving as the National President of the Veterinary Business Management Association (VBMA).

"I have always wanted to be a veterinarian. After seeing the impact the Pawlicy team has had on the vet community and pet insurance industry first-hand, I knew there was an opportunity for me to have a larger impact. I am thrilled to be joining Pawlicy Advisor as Chief Medical Officer," says Walther. "I am confident I can contribute more to pets, pet owners, and veterinary teams in this role. Pawlicy is changing the way we talk about pet insurance and finances in our field. I am honored to further drive the mission to make pet insurance more accessible for veterinarians and pet parents."

More Pet Owners Seek Insurance for New Pets

According to NAPHIA's State of the Industry Report in 2023, there was a 22.1% increase in insured dogs between 2021 and 2022, and the number of insured pets has more than doubled in the last four years. Pawlicy Advisor data shows 56% of pet owners are looking for pet insurance for young animals – in comparison to 10% of pets that are older. Once animals are older, pet insurance becomes more complicated and expensive, which is why many vets advocate for purchasing pet insurance early on in a pet's life. Dogs are considered "senior" when they reach 8 to 11 years of age, depending on size, and a long lifespan means more visits to the vet, which can add up quickly, especially for uninsured dogs. Knowing you'll be caring for your senior dog for at least several years, pet insurance can help get them the care they need without breaking the bank.

When it comes to researching pet insurance policies, dog owners are expressing more interest than cat owners, with 83% of Pawlicy Advisor's quotes pulled for dogs and 15% pulled for cats – likely due to the fact that expenses for dogs often run higher. The ASPCA estimates that the first year of owning a dog can cost pet owners as much as $2,000, depending on the size of the animal. Meanwhile, the cost of owning a cat costs pet owners up to $1,174 on average. The breed of your pet also impacts veterinary costs, especially for dogs. Certain dog breeds are more prone to health conditions, and vets see how investing in pet insurance makes a difference in the treatment pet owners are able to afford when those conditions and related expenses arise. Insured pets have more options when it comes to treatment plans. According to Pawlicy Advisor, Lhasa Apso mixes, King Charles Spaniels, Affenpinschers, and chihuahua mixes are the dog breeds most likely to already have preexisting conditions among pet owners searching for insurance. Overall, poodle mixes, chihuahua mixes, German shepherds and French bulldogs are among the top dog breeds owned by those searching for insurance.

Pet Insurance Market is on the Rise, Improving Vet Quality of Life

Pawlicy Advisor's feedback from pet owners has been overwhelmingly positive as they navigate the pet insurance landscape. There are 86.9 million households with pets in the U.S., leaving massive potential for the industry. As the percentage of insured pets rises, vets are able to establish more successful relationships with their clients, who are able to more easily afford necessary care, significantly relieving the emotional burden placed on vets who may have needed to withhold care previously. With platforms like Pawlicy Advisor providing unbiased personalized insurance recommendations, vets can ensure clients are educating themselves on the options available while avoiding liability and remaining agnostic. As the industry grows and more options come to market, the education and cross-comparison of plans is critical for the pet and vet community to make smart financial decisions and provide pets with the best possible healthcare moving forward.

To learn more about pet insurance options and receive personalized pet education, check out pawlicy.com.

About Pawlicy Advisor

Pawlicy Advisor is the leading, independent pet insurance marketplace recommended by the American Animal Hospital Association. Offering personalized comparisons based on breed-specific attributes and total cost predictions for the lifetime of the pet, Pawlicy Advisor's data-driven model brings transparency and simplicity to shopping across top pet insurance providers. Pawlicy Advisor is used by veterinary practices across the country to streamline and outsource the pet insurance conversation to a licensed third party. Pawlicy Advisor's team of pet parents and veterinary advisors are dedicated to making it easy and affordable to do the right thing for our animal companions - and pawlicy.com has served over ten million pet parents to date.

SOURCE Pawlicy Advisor