Car and canine insurer ManyPets has exited the Swedish pet insurance coverage market because it ended its partnership with Great Lakes Insurance SE within the nation.
In an announcement launched as we speak (30 May 2023), the insurtech MGA stated the transfer got here following a evaluate of its funding alternatives.
It added that withdrawing from providing pet insurance coverage in Sweden would enable the business to focus solely on the US and UK pet insurance coverage markets.
Catharina Gehrke, ManyPet’s Sweden chief government, stated she was happy with what the business achieved within the Swedish market.
“Our insurances are top rated and our customers are among the most satisfied in the industry,” she stated.
“When ManyPets launched in Sweden in 2019, we were the first to offer pet insurance without a commitment period and breed-specific exceptions.”
New partnership
ManyPets was rebranded in Sweden from its earlier title Bought by Many in November 2020 – in March 2022, all the group’s title was modified to ManyPets, which introduced its UK business in keeping with the group’s total world model.
It will cease providing new insurance coverage insurance policies in Sweden from 1 July 2023.
ManyPets stated it can stay in Sweden so long as the corporate has prospects in that territory and can proceed servicing present insurance coverage insurance policies within the nation as much as the purpose of it expiring.
However, as a part of its exit technique, ManyPets has partnered with insurance coverage agent Hedvig to supply their present prospects a brand new insurance coverage as soon as their present coverage expires.
If the shopper chooses to simply accept Hedvig’s supply, no cooling-off interval applies both.
Gehrke stated: “We have chosen to collaborate with Hedvig because, just like us, they have a strong customer focus, generous terms and work for smoother and simpler digital insurance experiences.”
Hedvig additionally not too long ago launched canine and cat insurance coverage within the Swedish market.
Lucas Carlsén, co-founder and chief government at Hedvig, stated: “We know that ManyPet’s prospects are very glad with each service and declare settlement and we look ahead to persevering with to care for them in the identical smart way.
“We have developed our supply in pet insurance coverage to swimsuit the fashionable pet proprietor and make life simpler for each people and animals.
“It feels both exciting and natural for us to take over the baton from ManyPets to make digital pet insurance the obvious choice for Swedish dog and cat owners.”
