Figo Pet Insurance

What Figo Pet Insurance does

Figo Pet Insurance LLC is a Chicago-based, privately held managing general agent and program administrator for pet health insurance, founded in 2012 and operating across all 50 U.S. states plus a Netherlands distribution partnership. The company sells accident, illness, and emergency veterinary coverage for cats and dogs through a direct-to-consumer digital channel, structured around three subscription tiers — Essential ($5,000 annual limit), Preferred ($10,000), and Ultimate (unlimited) — supplemented by optional Powerup add-ons (Wellness, Veterinary Exam Fees, Extra Care Pack). Pricing is customized by breed, age, location, deductible ($100-$1,000+) and reimbursement rate (70%-100%), with monthly billing creating recurring premium revenue.

The company's core technology asset is Pet Cloud, a proprietary mobile platform that handles policy management, digital claims submission, pet health record storage, and 24/7 Live Vet access to licensed veterinary professionals. Most claims are processed and closed within three business days per company disclosures. Underwriting risk is offloaded to three third-party insurance partners — Independence American Insurance Company, Markel Insurance Company, and Markel American Insurance Company — meaning Figo captures commission and fee economics rather than bearing insurance risk directly.

Commercially, Figo operates a hybrid go-to-market combining direct-to-consumer self-serve web/app sales with channel partnerships, most notably Synchrony Financial's CareCredit (reaching approximately 85% of U.S. veterinary practices) and Pet Service Holding N.V. for Netherlands distribution with planned Germany expansion. The company has raised approximately $18M across four funding rounds from 2014 to 2019 (MGG Investment Group, HCS Capital, The IHC Group), and serves over 200,000 active policyholders with $80M+ in cumulative veterinary reimbursements since inception. Third-party validation includes Newsweek (Best for 100% Reimbursement, 2024), Pawlicy Advisor, and New York Times Wirecutter recommendations.

Name

Figo Pet Insurance

Legal name

Figo Pet Insurance LLC

Website

https://figopetinsurance.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

101–250 employees

Short description

Figo Pet Insurance is a Chicago-based managing general agent operating a cloud-based pet insurance platform serving over 200,000 U.S. policyholders across all 50 states, with modular subscription plans, Pet Cloud mobile app, and Netherlands distribution partnership, offloading underwriting risk to third-party carriers.

Ownership category

akta.pro rank

Product category

Pet Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Direct Property and Casualty Insurance Carriers (524126)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Pet Insurance (FSAJAKAG)

akta.pro secondary industry

Worksite Pet Insurance (FSAIAMAL)

Keywords

• Pet insurance
• Pet healthcare coverage
• Veterinary expense reimbursement
• Accident and illness plans
• Wellness add-on coverage

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Pet Insurance Premiums: Figo generates revenue through subscription-based pet insurance premiums paid monthly by policyholders. Customers select from tiered plans (Essential, Preferred, Ultimate) with customizable deductibles and reimbursement rates, creating a recurring revenue stream from active policies.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Figo Pet Insurance sells subscription-based pet health insurance policies for cats and dogs across all 50 US states, available in three tiers (Essential $5,000 annual limit, Preferred $10,000, Ultimate unlimited) with customizable deductibles and reimbursement rates. Policies are administered through the proprietary Pet Cloud platform, which provides mobile policy management, digital claims submission, and 24/7 Live Vet access, and are underwritten by Independence American Insurance Company, Markel Insurance Company, and Markel American Insurance Company.

Product overview

Figo Pet Insurance offers a modular pet insurance platform with three core plan tiers (Essential, Preferred, and Ultimate) differentiated by annual coverage limits ranging from $5,000 to unlimited. The core product is supplemented by optional Powerup add-ons (Wellness, Veterinary Exam Fees, Extra Care Pack) that provide additional coverage customization. All policies are administered through the proprietary Pet Cloud technology platform, which provides the claims submission infrastructure, 24/7 Live Vet access, and pet health record management. The company operates as a tech-first insurer, having surpassed 200,000 policies since its 2012 founding, with policies underwritten by Independence American Insurance Company and administered in all 50 U.S. states.

Differentiator

Problem solved

Functional benefit

Brands

• Pet Cloud: Figo's proprietary technology platform providing 24/7 access to licensed veterinary professionals, claims submission, and pet health data management tools.

Products and services

• Pet Insurance Subscription-based pet insurance for cats and dogs offered to individual pet owners across all 50 US states, with coverage extending to licensed veterinarians in the US, Canada, and Puerto Rico. Includes accidents, illnesses, emergencies, curable pre-existing conditions after a 12-month symptom-free waiting period, and customizable deductibles ($100–$1,000+) and reimbursement rates (70%–100%). Underwritten by Independence American Insurance Company with administration through the Pet Cloud platform.
• Pet Cloud Technology platform included with Figo policies that provides 24/7 access to licensed veterinary professionals, digital claims submission and tracking, pet health record management, and a directory of pet-friendly locations including veterinary hospitals, parks, and businesses.

Quantifiable outcome

• Most claims process and close within 3 business days
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature2 records

Partnerships

Five partnerships are on record, tiered core.

• Synchrony Financial (CareCredit)coreGTM or Marketing Partner · 1 March 2026Figo partners with Synchrony Financial's CareCredit healthcare financing platform to offer flexible payment options for pet insurance premiums. CareCredit enables pet owners to finance their pet care expenses through a dedicated healthcare credit card, integrated into Figo's customer payment options.
• Pet Service Holding N.V.coreChannel Partner/ Reseller/ DistributorMulti-year strategic distribution partnership enabling Figo pet insurance products to be offered to pet owners in the Netherlands. Pet Service Holding N.V. serves as the authorized distribution partner, leveraging local market expertise and existing distribution channels to serve Dutch pet owners.
• Independence American Insurance CompanycoreOthersIndependence American Insurance Company serves as one of Figo's primary insurance underwriters, providing the financial backing and risk-bearing capacity for pet insurance policies sold in certain states.
• Markel Insurance CompanycoreOthersMarkel Insurance Company provides insurance underwriting capacity for Figo pet insurance policies in certain jurisdictions, functioning as a risk-bearing partner that enables Figo to offer coverage.
• Markel American Insurance CompanycoreOthersMarkel American Insurance Company, an affiliate of Markel Insurance Company, serves as an additional underwriter for Figo pet insurance products in specific markets, expanding the company's risk distribution capabilities.

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Trupanion: Public direct-to-consumer pet insurance company offering similar accident-and-illness coverage for cats and dogs. Closest US-listed comparable to Figo on product design, target customer, and distribution model.
• Embrace Pet Insurance: Direct-to-consumer pet insurance provider offering customizable accident-and-illness plans with optional wellness add-ons. Competes head-to-head with Figo in tiered-plan positioning and digital customer experience.
• Pets Best: Direct-to-consumer pet insurance carrier offering tiered accident-and-illness plans with optional wellness add-ons, similar to Figo's Essential/Preferred/Ultimate structure and Powerups.
• Healthy Paws Pet Insurance: Direct-to-consumer pet insurance brand (now part of Trupanion) offering unlimited lifetime benefits and fast claims — directly comparable to Figo's Ultimate plan and speed-of-claims positioning.
• Pumpkin Pet Insurance: Direct-to-consumer pet insurance carrier offering accident-and-illness coverage with optional preventive add-ons. Targets similar pet parents as Figo and overlaps on customizable coverage and digital UX.
• ASPCA Pet Health Insurance: Pet insurance program leveraging the ASPCA brand, administered by Crum & Forster. Competes with Figo in the same accident-and-illness category with tiered plans and wellness add-ons.

Broad incumbents

• Lemonade: Public AI-native insurance carrier offering pet insurance alongside renters, home, and life. While multi-line, Lemonade's pet product directly competes with Figo on mobile UX, fast claims, and millennial/Gen Z positioning.
• MetLife Pet Insurance: National insurance brand offering pet insurance with customizable coverage and discounts. Competes with Figo primarily on brand trust and employer/worksite channels rather than tech differentiation.
• Nationwide Pet Insurance: One of the largest US pet insurance providers, traditionally distributed through veterinary practices and employers. Overlaps with Figo on accident-and-illness coverage and competes on nationwide scale and brand.

Emerging players

• Spot Pet Insurance: Direct-to-consumer pet insurance provider offering accident-and-illness plans with optional preventive care. Comparable digital-first positioning to Figo, though smaller in scale and younger in operating history.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Instagraminstagram.com/figopet
• Xx.com/FigoPet
• LinkedInlinkedin.com/company/figo-pet-insurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds4 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Figo Pet Insurance