Insurtech Startup Figo Pet Insurance coverage Receives $5 Million Funding From Independence American Insurance coverage Firm For 4% Fairness Stake

U.S.-based insurtech startup, FIGO Pet Insurance coverage just lately introduced it obtained a $5 million funding for a 4% fairness stake from underwriting accomplice Independence American Insurance coverage Firm (IAIC), a member of the IHC Group, inserting Figo’s valuation at $125 million.

FIGO gives a mix of complete insurance coverage insurance policies to guard pets within the occasion of harm or sickness. It additionally has its Pet Cloud product, which permits customers to socially have interaction with different pet house owners to search out grooming and boarding areas, together with different companies.

“Figo makes use of a extremely partaking and mobile-friendly Pet Cloud that permits customers to handle their pet’s healthcare, socially have interaction with fellow pet mother and father, and simply uncover and find companies inside the pet ecosystem. They supply easy, complete, and clear insurance policies with an award-winning customer support employees, and are broadly considered one of many main pet insurance coverage firms.”

Whereas sharing extra particulars about Figo’s insurance coverage, Rusty Sproat, CEO and founding father of Figo Pet Insurance coverage, acknowledged:

“With pets firmly forged as family-members and the prices of pet medical remedy usually equaling human healthcare, pet insurance coverage has change into a necessary a part of household well being protection for thousands and thousands of People. Figo combines a variety of protection choices, pet social connections, and superior applied sciences to ship a best-in-class expertise for a rising variety of American pet households.”

Sproat went on so as to add:

“Figo has set the next insurance coverage expertise customary with this customized, transportable, cloud-based expertise. What’s extra, Figo’s connectivity and data change applied sciences convey our clients conveniences that exceed conventional insurance coverage trade norms.”