HomePet Industry NewsPet Insurance NewsSynchrony (SYF), Dutch Unveil Advanced Pet Insurance Plan

Synchrony (SYF), Dutch Unveil Advanced Pet Insurance Plan

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Synchrony Financial SYF recently collaborated with the veterinary telehealth company Dutch. Per the terms of the deal, the Pets Best subsidiary of the former will extend the benefits of its insurance plans to the annual veterinary care members of the latter. The offering named Dutch x Pets Best insurance plan can be availed at the website of Dutch.

The enhanced pet insurance plan formed as a result of integrating Pets Best’s Accident Only insurance plan with the all-time online veterinary care services of Dutch is likely to deliver an array of cost-effective and virtual care solutions for pets’ urgent and daily care needs.

The new offering aims to simplify the pet insurance process, wherein pet parents can easily meet treatment expenses or other costs related to owning a pet that often generates financial stress. In case of pet accidents calling for emergency in-person attention, the insurance plan will serve as a cushion for pet parents.

The recent tie-up reflects Synchrony’s sincere efforts to strengthen its presence across the U.S. pet insurance market. The market holds promising prospects, driven by growing demand for pet insurance plans to minimize the out-of-pocket costs for serious illnesses or unanticipated injuries. Per BlueWeave Consulting, the U.S. pet insurance market is anticipated to witness a CAGR of 10.6% over the 2022-2028 forecast period.

As the leading telemedicine, tailored treatment plans and prescription medications provider for pets across most U.S. states, Dutch seems to be the apt partner for complementing SYF’s endeavor. Both partners roll out API-backed solutions and advanced pet insurance products to address growing demand for veterinary services.

Synchrony acquired Pets Best, a leading U.S. pet insurance agency, back in 2019 to capture a significant share of the rapidly-growing pet insurance market. Pets Best offers a diverse range of affordable pricing and coverage options to address multiple vet expenses that may crop up frequently.

The latest move can also be termed as a time opportune one. 70% of American families own a pet, per the American Pet Products Association (APPA). Despite owning a large number of pets, only 3% of the domesticated animals across the United States remain insured, according to the North American Pet Health Insurance Association (NAPHIA).

Shares of Synchrony have gained 10.9% in the past six months against the industry’s decline of 5.7%. SYF currently carries a Zacks Rank #3 (Hold).

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Stocks to Consider

Some better-ranked stocks in the Finance space are Carter Bankshares, Inc. CARE, The Howard Hughes Corporation HHC and Lakeland Financial Corporation LKFN. While Carter Bankshares flaunts a Zacks Rank #1 (Strong Buy), Howard Hughes and Lakeland Financial carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Carter Bankshares’ earnings surpassed estimates in three of the trailing four quarters and missed the mark once, the average beat being 4.92%. The Zacks Consensus Estimate for CARE’s 2022 earnings suggests an improvement of 84.1%, while the same for revenues suggests growth of 13.3% from the corresponding year-ago reported figures. The consensus mark for CARE’s 2022 earnings has moved 7.7% north in the past 30 days.

The bottom line of Howard Hughes beat estimates in three of the trailing four quarters and missed the mark once, the average surprise being 83.81%. The Zacks Consensus Estimate for HHC’s 2022 earnings is pegged at $3.49 per share, indicating to increase more than three-fold from the year-ago reported figure. The same for revenues suggests an improvement of 8.4% from the year-ago reported figure. The consensus mark for HHC’s 2022 earnings has moved 0.3% north in the past 30 days.

Lakeland Financial’s earnings outpaced estimates in three of the last four quarters and missed the mark once, the average surprise being 4.14%. The Zacks Consensus Estimate for LKFN’s 2022 earnings suggests an improvement of 11.5%, while the same for revenues suggests growth of 9.9% from the corresponding year-ago reported figures. The consensus mark for LKFN’s 2022 earnings has moved 4% north in the past 30 days.

Shares of Carter Bankshares and Lakeland Financial have gained 25.4% and 9.4%, respectively, in the past six months. However, the Howard Hughes stock has lost 15.2% in the same time frame.

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