Bought By Many, a UK insurtech has announced the launch of its pet insurance coverage to US pet parents, under the name it uses in Sweden: ManyPets.
ManyPets launched to customers in the state of Illinois this month, and is now being rolled-out nationwide. The offer will include unlimited coverage for vet fees and dental, and an optional wellness plan.
Building on the success in the UK and Sweden, US pet parents can expect to see innovative new benefits such as 24/7 access to video consultations with a vet on their smartphone.
The business enters the US after doubling gross written premium (GWP) in the past year to over $200m. The US pet market has grown by more than 25 per cent per annum in recent years and ManyPets will work to gain the attention of the 98% of pet parents who do not yet have insurance.
Steven Mendel, CEO and Co-founder of Bought By Many said: “ManyPets was born in Europe — but when we looked across the pond we saw clear demand for quality pet insurance. Our relentless focus on customer service and innovative insurance products is earning accolades from pet parents all around the world, from industry-leading NPS scores, to consumer awards.”
A UK business success story, Bought By Many burst into the pet insurance industry in 2017. Best-known for creating high-quality policies previously unavailable to pet parents, it has seen rapid success in winning customers from large incumbent insurers. In 2019, it launched in Sweden where it has already been highest-ranked for its dog insurance policies. The business now covers almost 400,000 pets across both countries.
Mendel continued: “We’ve seen how successful our approach can be, even in highly-established markets like Sweden. We now want to bring our ethos and deep understanding of pet parenthood to a budding US pet insurance market. We see a huge opportunity for ManyPets to introduce pet parents to a game-changing insurance offering that’s better than they thought possible.”
The launch in the US is the latest chapter in the success story of this high-growth business. In early 2020, Bought By Many closed one of Europe’s biggest insurtech raises, a $97.75M growth equity investment, led by FTV Capital and has raised $165M to date. To support its growth, the business has doubled its team over the last year remotely, despite challenging covid-19 conditions, and now employs more than 230 people globally.