US-based provider of workplace benefits Unum, in collaboration with insurance company Nationwide, has introduced a new pet insurance product.
Called Unum Pet Insurance, the new offering comes alongside the customer’s Unum voluntary benefits.
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It includes reimbursement options of 50% and 70%, along with access to Nationwide’s VetHelpline, a virtual veterinary support service.
The new Unum Pet Insurance provides customers with various other features including discounts on eligible pet prescriptions at participating pharmacies and coverage for emergency boarding costs if the pet owner is hospitalised due to illness or injury.
Additionally, there is optional wellness coverage for routine pet care expenses such as physicals, vaccines and flea and tick treatments.
Unum Pet Insurance also offers benefits such as lost pet support, which covers advertising costs and rewards for finding a lost pet, and additional coverage if the pet remains missing after two months.
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By GlobalDataThe insurance solution extends to mortality or life insurance features, covering up to $1,000 for euthanasia, cremation, burial and the original cost of the pet.
Unum Group executive vice-president of voluntary benefits and president of Colonial Life, an Unum Group company, Tim Arnold said: “We are thrilled to be rounding out our voluntary benefits portfolio with the addition of Unum Pet Insurance. As workforce needs and employee expectations evolve, we must too. Employees want more than protection for themselves – they want to ensure their families are cared for as well.
“For employers, it is important to remember that everyone defines family differently, and for many, pets are just as important as any other member of the household.”
Nationwide vice-president of sales for pet insurance Melissa Lovely said: “Employers are looking for every lever to keep their best employees and attract top talent, and research shows that offering pet-related benefits provides that competitive advantage.
“This partnership between Nationwide and Unum positions our industry-leading companies to support a greater number of pet-owning employees and provide more care for more pets.”
In other US pet insurance sector news, last month, Chubb agreed to acquire Healthy Paws, a pet insurance-focused managing general agent.
Healthy Paws, founded in 2009, insures more than 500,000 dogs and cats across the US. Chubb stated that this acquisition will help it tap a market with considerable growth potential.
