Group 1
MA0N0201 Elise
MA0N0232 Huyen
 2003,
Laura Bennett, Alex Krooglik, Chris and
Natasha Ashton won the 1st place in Wharton
Business Plan Competition
 PAWS Pet Health Insurance
 Pet insurance is common in UK but not in US
 3 years, sold a 6-month insurance policy
 The
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



essence of PAWS’ business plan
there has feasibility in the U.S. market for pet
insurance
pet owners in the U.S. showed no reluctance to
spend money for their pets
veterinary care was costly
pet’s were aging
the choices for pet insurance were limited
 Change
company’s name to Embrace Pet
Insurance
 Two milestones
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
Determine pricing
Find a partner
 Received
finding from JumpStart
 Partnered with Lloyds of London
 Offer
customized insurance
 Calculate reimbursements
 Detailed pricing and coverages comparison to
competitors
 Outspoken about pets and insurance issues
 The
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-
hurdle for Embrace
PPO/HMO network for pet owners
Lower premium
Restrict pet care and limit reimbursement
 Which
focuses on the four primary
characteristics of successful entrepreneurs?
To what extent do Laura Bennett and Alex
Krooglik’s founding and development of
Embrace Pet Insurance reflect each of these
characteristics?
 They
are passionate
building a fair and
reasonable pet insurance
company. There were a
many difficulties but
they had overcome and
made Embrace Pet
Insurance a reality.
Product/customer focus
 They
offer customized insurance policy for
customers to choose.
 Also helped customers to calculate the
reimbursement.
Tenacity despite failure
 Bennett
and Kooglik faced many obstacles on
the way forming Embrace Pet Insurance a
real business.
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
How to determine the price when the few
companies sell pet insurance in the U.S. didn’t
share the information
How to find a good partner when the insurance
industry is highly regulated and almost no startup is able to do this
Execution Intelligence
Why Embrace is Best for Your Pet
 Our
pet insurance plans cover genetic conditions
 We use your actual vet bill to calculate your
claim refund
 Tailor our plans to fit your budget
 Lifelong protection for your pet
 We don't raise your premiums because you claim
 To
what extent do you believe that Embrace
Pet Insurance’s basic business idea “adds
value” to the lives of its customers? Who is
likely to buy Embrace Pet Insurance?
 The
idea adds value by providing pet
owners the option to buy fairly priced pet
insurance.
 The target population are the owners who
used to pay an expensive vet bill in the
past.
 Determining the pricing by making survey
about the vet services for dogs and cats in
various regions in USA
 Finding a partner in insurance industry
supporting for finance very well to take
the risk
 Companies
-
-
are likely
to buy Embrace
Insurance companies
such as Lloyds of
London,
Investment funds such
as Jumpstart
 List
the occasions in the development of
Embrace Pet Insurance in which Bennett and
Krooglik’s tenacity and resolve to make the
business work were tested the most.
- Reasonable price compared
with the competitors
- The cooperation with the
other insurance companies to
enhance the advocating
service and supplement more
the valuable insurance
devices, also increase the
venture funding
 Look
at Embrace Pet Insurance’s website. Are
the company’s business practices, values,
and priorities, as depicted on its Web site,
consistent with the type of company that
Bennett and Krooglik intended to create, as
depicted in the case?
http://www.embracepetinsurance.com/
 Yes.
 The
type of insurance company that Bennett
and Krooglik intended to create, as depicted
in the case
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-
Offering numerous choices for coverage versus
premium and deductible
Reimbursements on whether a member’s vet
charged a “reasonable and customary” fee
rather than on a set reimbursement schedule
Fair and reasonably price pet insurance
 The
company website contains:
http://www.embracepetinsurance.com/
- A detailed comparison of Embrace’s pricing and
coverages compared to competitors
- Pets and pet insurance-related issues
- Customer bill of rights
- Core values (Community&Environment, Passion,
Innovation,etc)