Forbes Names Philadelphia-Based Petplan Pet Insurance One of America’s Most Promising Companies
PHILADELPHIA, Feb. 6, 2013 /PRNewswire/ — Petplan pet insurance, the nation’s No. 1 rated and fastest growing pet insurance provider, is delighted to announce that the company has been listed at No. 34 of Forbes magazine’s annual ranking of America’s Most Promising Companies – a list of 100 privately held, high-growth companies with bright futures.
One metric never says it all. For the Most Promising list, Forbes strove for a holistic gauge of young, privately-held companies, trying to pin down their trajectories by looking at a slew of variables. Over the course of six months Forbes reviewed thousands of applications. The final assessment is based on growth (both in sales and hiring), quality of management team and investors, margins, market size and key partnerships. Forbes turned to CB Insights, a Manhattan-based data research firm that specializes in assessing private companies, to refine the search. Their MOSAIC software scans 45,000 sources to measure a company’s health. A new distribution deal, for example, marks a positive signal, while the loss of an executive is a negative. MOSAIC gathers those myriad signals into a final score that FORBES uses as an initial guide in producing the list. After verifying sales numbers, speaking with each company and debating their merits and blemishes, Forbes produces a final ranking.
This distinguished accolade is the latest of many successes the company has enjoyed. In 2011, Petplan made its debut on the Inc. 500 list of fastest growing privately held companies in America, and late last year, social media phenom Pinterest selected Petplan as one of just five companies to help them launch their business pages.
“We are beyond thrilled to have been selected by Forbes as one of America’s most promising companies,” says Natasha Ashton, Co-Founder and Co-CEO of Petplan. “They say success demands passion, and there is no company more passionate about protecting pets and delivering truly exceptional customer service than Petplan. Our own experience of going into debt to care for our cat, Bodey, is what drove us to launch Petplan in the U.S. just over six years ago. Our unwavering dedication to pet health and creating an exceptional customer experience is what drives us to not only being the No. 1 rated pet insurance, but the first billion-dollar pet insurance company.”
Petplan’s success is indicative of the industry’s rapid growth in the U.S., which has been fueled by rising costs in veterinary care and the changing attitudes of many American pet parents, 98 percent of whom view their pets as four-legged members of the family. Yet, there is still tremendous opportunity for growth in the U.S. as just one percent of the nation’s 93 million cats, and only three percent of the nation’s 78 million dogs, are currently insured.
“Petplan is primed to continue to grow exponentially, and will continue to look for ways to improve the lives and health of pets everywhere,” comments co-founder and co-CEO Chris Ashton. “I strongly believe the American market is moving in the direction of many European nations, where 25 to 50 percent of pets have health insurance. Petplan remains committed to providing pet parents the pet insurance coverage and expert pet health tips they need to keep their pets healthy, and their budget intact.”
To learn more about Petplan and its variety of pet health care offerings, please visit http://www.GoPetplan.com
Top-rated pet insurance provider, Petplan, is the only pet insurance company to have been included on Inc. Magazine’s list of 500 fastest-growing, privately held companies in America. Petplan’s fully customizable dog insurance and cat insurance policies provide coverage for all hereditary and congenital conditions for the life of the pet as standard, and meet the coverage requirements and budget for pets of all/any age. Petplan pet insurance policies are underwritten by AGCS Marine Insurance Company in the U.S. and by Allianz Global Risks US Insurance Company in Canada. The Allianz Group is rated A+ by A.M. Best (2011). For information, about Petplan pet insurance, visit www.GoPetplan.com, read the Petplan “Vets for Pets” Blog, or call 1-866-467-3875.