Rusty Sproat, the CEO of Figo Pet insurance, claimed he was inspired to establish the business after noticing a lack of integration between technology and the pet insurance market.
Customers of Figo Pet Insurance can use a smartphone or online portal to manage their pet’s records and file claims for exams, surgeries and unexpected deaths.
“I began researching it and saw a huge gap with technology and brands within the industry,” Sproat told the Chicago Tribune.
“The more I researched it, the more I was surprised at how, in a time when everybody is pushing technology to make things easier, there was a lack of technology that was in the pet insurance space.”
Sproat said he was further compelled to launch the business after realising that almost two thirds (65%) of US households own a pet and a million members of the North American Pet Insurance Association had taken out insurance on their animal.
Pet insurance policy holders at Figo can upload documents, such as records and certificates directly onto an online portal. The site also provides a social media network that can make others aware of a pet’s allergies, fears or medical conditions.