Trupanion (TRUP) 47th Annual Raymond James Institutional Investor Conference summary

Company overview and market context

• Focuses exclusively on pet insurance, operating for over 25 years with expansion from Canada to the US and Europe.

• Covers illness, accidents, and chronic conditions, with a unique direct vet payment model and a single core plan.

• Operates in North America and several European countries under different brands.

• Utilizes independent Territory Partners for vet-focused distribution and maintains strong relationships with veterinary practices.

• Pet insurance market penetration in North America is low (4%) compared to the UK (25%), indicating significant growth potential.

Industry trends and consumer education

• Veterinary costs have risen sharply, with 52% inflation over five years, driving demand for budgeting solutions.

• Increased pet ownership and stronger pet-parent bonds, especially post-COVID, are fueling market growth.

• Consumer education efforts include partnerships with breeders and shelters to raise awareness of insurance benefits.

• Entry of large insurance brands and broader consumer marketing are increasing awareness and competition.

• Younger demographics and changing family structures are expected to further boost pet ownership and insurance adoption.

Product development and distribution

• Core plan offers customizable deductibles, unlimited coverage, and direct vet payments.

• New product targeting younger, cost-sensitive pet parents to launch in 12–18 months, offering more restrictive but affordable coverage.

• Landspath, a new vet-distributed pet food subscription, aims to reinforce vet relationships and improve pet health.

• Distribution channels include Territory Partners, partnerships with State Farm, Aflac, Chewy, and smaller brokers.

• No family plan; deductibles are per pet, per condition for life, with upcoming enhancements to deductible options.