Trupanion™ AI Technology Empowers Pet Parents with Lightning-Fast, Direct Hospital Payments
Built on proprietary, cutting-edge technology, Trupanion's award-winning software can process a member's invoice at the hospital in just five seconds.
SEATTLE, Aug. 9, 2023 /PRNewswire/ -- Trupanion, Inc. (Nasdaq: TRUP), the leader in medical insurance for cats and dogs, announced today a milestone that will have its members and the veterinary community alike celebrating. Trupanion now automates over 60% of invoices submitted through its free, patented, web-based vet portal, providing lightning-fast invoice processing and direct payments to veterinary hospitals at the time of checkout.
With a demonstrated ability to pay an invoice at time of checkout in just five seconds, Trupanion couples the fastest veterinary invoice processing time and highest degree of veterinary invoice automation of any pet insurance company in North America. This quick and efficient payment process brings much-needed relief to pet parents, allowing them to focus on their pets' treatment and well-being rather than worrying about how to pay a medical bill.
"Trupanion has transformed the way pet parents approach veterinary care," said Trupanion President Margi Tooth. "By removing upfront payments and using AI to eliminate cumbersome paperwork and wait times, pet parents can more easily say 'yes' to the treatment their pet needs, regardless of cost. In turn, this removes barriers to care and empowers veterinary professionals to practice their best medicine, unhindered by financial constraints. Happier vets can focus on what matters most: helping pets."
Trupanion's patented, award-winning vet portal employs state-of-the-art artificial intelligence (AI) to replicate real-world policy decisions. Using a series of Machine Learning (ML) models trained on millions of claims processed by Trupanion team members, this proprietary technology covers a wide variety of claiming scenarios, ensuring accurate and efficient processing.
"Trupanion, through vet direct pay, is the first and only pet insurer that can pay a bill directly to the veterinary hospital at time of checkout," said Jacquie Mero, Trupanion Vice President of Claims. "As many pet parents can't afford to pay the full cost of treatment out of pocket and wait for reimbursement, our ability to pay hospitals directly in real-time can often mean the difference between a pet receiving the treatment they need or leaving without care."
Trupanion's use of AI to enhance the member experience extends beyond paying hospital invoices. Nearly 40% of traditional medical claims that are submitted for reimbursement by Trupanion members also are automated. When equipped with a member's veterinary Medical Record Summary (MRS), Trupanion's technologies can recognize, process, and approve a claim in a fraction of the time compared to other pet insurers. For first time claims, Trupanion relies on team member reviews for accuracy, which allows for subsequent claims to be handled with unparalleled processing precision and speed with Trupanion's automation technology.
Since its inception in 1999, the company has paid over $2.2 billion dollars directly to veterinary hospitals on behalf of its members, which now includes more than $1 million every single day. With Trupanion's coverage, pet parents can confidently navigate a medical crisis without worrying about the financial burden.
Pets insured by Trupanion live, on average, 2.3 years longer than their uninsured counterparts. Pet parents interested in becoming a Trupanion member can visit the new Trupanion.com for more information about policies.
About Trupanion
Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada and Australia with over 900,000 pets enrolled. For over two decades, Trupanion has given pet parents peace of mind so they can focus on their pet's recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. Trupanion is the only provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol "TRUP". The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued in the United States by its wholly-owned insurance entity American Pet Insurance Company and distributed by Trupanion Managers USA, Inc., and in Canada, by Omega General Insurance Company and distributed by its wholly-owned subsidiary Canada Pet Health Insurance Services, Inc., dba Trupanion. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For more information, please visit trupanion.com.
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SOURCE Trupanion
