Draft:Embrace Pet Insurance
Embrace Pet Insurance
[edit]Embrace Pet Insurance Agency, LLC (commonly Embrace Pet Insurance) is a company offering accident and illness insurance policies for dogs and cats. The company also provides a wellness rewards program designed to cover routine veterinary care expenses.
| Company type | Private subsidiary (Independence Pet Group) |
|---|---|
| Industry | Pet insurance |
| Founded | 2003 |
| Founders | Laura Bennett, Alex Krooglik |
| Headquarters | Warrensville Heights, Ohio , United States |
Key people | Brian Macias, CEO(2020–) |
Number of employees | 327 (2024) |
| Website | www |
History
[edit]Embrace originated from a student business plan called PAWS, which won the 2003 Wharton Business Plan Competition.[1] Co-founders Laura Bennett and Alex Krooglik relocated to Cleveland that year to incorporate the business. According to the Society of Actuaries, Bennett was the first actuary in the U.S. pet insurance industry.[2] Krooglik was responsible for product strategy during Embrace's early years, and after leaving Embrace, he went on to co-found Petabyte Technology, a company that builds veterinary software solutions, as reported by GeekWire.[3]
The company began offering pet insurance policies nationwide in 2006. [4] Between 2012 and 2013, Embrace experienced an annual increase of 50 percent in active policies.[5]
In 2014, Embrace relocated its headquarters to Warrensville Heights, Ohio. According to Crain's Cleveland Business, the office was designed with pets in mind, featuring black steel gates that allowed employees’ dogs to move freely between cubicles. The company was acquired by NSM Insurance Group in April 2019.[6] In 2024, the company processed approximately 1.2 million claims, reimbursing policyholders a total of $212.5 million.[7]
In 2023, Embrace introduced Apollo, a claims automation platform using artificial intelligence.[8] In 2025, JAB Holding Company affiliate Independence Pet Group acquired Embrace for \$1.5 billion.[9]
Operations
[edit]As of 2024, Embrace operates in all 50 states and employs 327 staff members.[10]
Products
[edit]Embrace offers insurance coverage that includes accident and illness protection for dogs and cats. The company also offers a wellness rewards program that covers routine veterinary care, such as vaccinations and annual exams.[11]
See also
[edit]
References
[edit]- ^ "Wharton Now - Wharton Magazine". Wharton Magazine. 2003-08-01. Retrieved 2025-06-16.
- ^ "From Underwriting to Pet Insurance: Laura Bennett's Journey". Society of Actuaries. Retrieved 2025-06-27.
- ^ "Petabyte Technology raises \$8M to build Rhapsody enterprise software for veterinarians". GeekWire. 2019-05-10. Retrieved 2025-06-24.
- ^ "NSM Insurance Group Acquires Embrace Pet Insurance". Insurance Journal. 2019-04-02. Retrieved 2025-06-16.
- ^ "Embrace Pet Insurance embraces the animals". Crain's Cleveland Business. 2014-07-06. Retrieved 2025-06-21.
- ^ "NSM Insurance Group Acquires Embrace Pet Insurance". Insurance Journal. 2019-04-02. Retrieved 2025-06-16.
- ^ "Pet Insurance Market Size to Worth USD 18.26 Billion by 2033". Precedence Research. 2025-05-30. Retrieved 2025-06-11.
- ^ "Embrace Pet Insurance Streamlines Claims with AI Platform Apollo". Startup World Tech. 2023-03-30. Retrieved 2025-06-24.
- ^ Ben-Hutta, Shefi (2025-02-05). "JAB acquires Embrace Pet Insurance for $1.5 billion". Coverager. Retrieved 2025-06-19.
- ^ "Great Place to Work Certification - Embrace Pet Insurance". Great Place to Work. Retrieved 2025-06-21.
- ^ "Embrace Pet Insurance Review". CBS News. 2024-03-27. Retrieved 2025-06-21.