BPC - 2002-2003: PAWS Pet Insurance

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Past Winners :: 2002-2003: PAWS Pet Insurance
(Now two companies: Fetch Inc. and Embrace Pet Insurance)

Current Company
Fetch Inc. (dba Petplan (USA))
http://www.GoPetplan.com

Petplan

Description
Fetch, Inc. is a provider of accident and illness health insurance coverage for US cats and dogs. In July 2006 Fetch announced the launch of Petplan insurance into the United States. Petplan, operated under license by Fetch Inc. and underwritten by American National Property and Casualty Company, rated A+ (Superior) by AM Best, is the world's leading pet insurance brand, recommended by more veterinarians, pet owners, and pedigree pet breeders than any other.

Key Milestones Since Winning

Selected as the Exclusive Pet Insurance Provider of the Humane Society of the United States. http://www.hsus.org
Secured exclusive US partnership with Petplan. http://www.petplan.co.uk
Secured backing of ANPAC, an A+ (Superior) rated domestic insurance company, to underwrite products. http://www.anpac.com
Regulatory filings approved or submitted in over 40 states.
Completed actuarial analysis and development of proprietary pricing models.
Created and introduced unique premium pet insurance products that are more comprehensive and flexible than any currently available.
Assembled management team and advisory board with extensive expertise and experience.
Secured marketing partnerships with leading product manufacturers and service companies.
Awarded Gold ADDY advertising award for first Petplan USA brochure.

Value of Participating in the WBPC
"Participating and eventually winning the 2003 Wharton BPC was a tremendous experience. The feedback we received at each stage of the competition from the esteemed judges was invaluable in allowing us to refine our business plan and develop a successful fund-raising strategy."
Chris Ashton, President, PetPlan

Current Company
Embrace Pet Insurance
http://www.embracepetinsurance.com
http://blog.embracepetinsurance.com

Embrace Pet Insurance

Description
Embrace Pet Insurance is a woman-owned and led pet health insurance venture based in Cleveland, Ohio. We have raised seed capital, secured an insurance partner, and are working on setting up the company for launch late summer 2006. We are raising our next round of seed funding of $1 million.

Key Milestones Since Winning

July 2003: Alex Krooglik and Laura Bennett formed Embrace Pet Insurance.
October 2003: Entered into detailed discussions with one of the largest US insurance companies for an insurance partnership.
February 2004 Moved company to Cleveland, Ohio.
April 2004: After 6 months of discussions with potential partner, negotiations fell through. It was a huge blow to confidence and morale at the time but retrospectively founders felt it was a worthwhile learning experience.
December 2004: Raised our first round of seed funding of $335,000 from Jumpstart, a non-profit funding organization in Cleveland, plus additional angel funds.
March 2006: Finally signed with our insurance partner and now commencing launch countdown 10-9-8-7.....

Value of Participating in the WBPC
"Participating made us think out every aspect of our plan and provided feedback; winning gave us credibility that still takes us far 2 years later."
Laura Bennett, CEO, Embrace Pet Insurance