Group 1 MA0N0201 Elise MA0N0232 Huyen

 2003, Laura Bennett, Alex Krooglik, Chris and Natasha Ashton won the 1st place in Wharton Business Plan Competition  PAWS Pet Health Insurance  Pet insurance is common in UK but not in US  3 years, sold a 6-month insurance policy

 The essence of PAWS’ business plan  there has feasibility in the U.S. market for pet insurance  pet owners in the U.S. showed no reluctance to spend money for their pets  veterinary care was costly  pet’s were aging  the choices for pet insurance were limited

 Change company’s name to Embrace Pet Insurance  Two milestones  Determine pricing  Find a partner  Received finding from JumpStart  Partnered with Lloyds of London

 Offer customized insurance  Calculate reimbursements  Detailed pricing and coverages comparison to competitors  Outspoken about pets and insurance issues

 The hurdle for Embrace - PPO/HMO network for pet owners - Lower premium - Restrict pet care and limit reimbursement

 Which focuses on the four primary characteristics of successful entrepreneurs? To what extent do Laura Bennett and Alex Krooglik’s founding and development of Embrace Pet Insurance reflect each of these characteristics?

 They are passionate building a fair and reasonable pet insurance company. There were a many difficulties but they had overcome and made Embrace Pet Insurance a reality.

 They offer customized insurance policy for customers to choose.  Also helped customers to calculate the reimbursement.

 Bennett and Kooglik faced many obstacles on the way forming Embrace Pet Insurance a real business.  How to determine the price when the few companies sell pet insurance in the U.S. didn’t share the information  How to find a good partner when the insurance industry is highly regulated and almost no start- up is able to do this

Why Embrace is Best for Your Pet  Our pet insurance plans cover genetic conditions  We use your actual vet bill to calculate your claim refund  Tailor our plans to fit your budget  Lifelong protection for your pet  We don't raise your premiums because you claim

 To what extent do you believe that Embrace Pet Insurance’s basic business idea “adds value” to the lives of its customers? Who is likely to buy Embrace Pet Insurance?

 The idea adds value by providing pet owners the option to buy fairly priced pet insurance.  The target population are the owners who used to pay an expensive vet bill in the past.  Determining the pricing by making survey about the vet services for dogs and cats in various regions in USA  Finding a partner in insurance industry supporting for finance very well to take the risk

 Companies are likely to buy Embrace - Insurance companies such as Lloyds of London, - Investment funds such as Jumpstart

 List the occasions in the development of Embrace Pet Insurance in which Bennett and Krooglik’s tenacity and resolve to make the business work were tested the most.

- Reasonable price compared with the competitors - The cooperation with the other insurance companies to enhance the advocating service and supplement more the valuable insurance devices, also increase the venture funding

 Look at Embrace Pet Insurance’s website. Are the company’s business practices, values, and priorities, as depicted on its Web site, consistent with the type of company that Bennett and Krooglik intended to create, as depicted in the case?

 Yes.  The type of insurance company that Bennett and Krooglik intended to create, as depicted in the case - Offering numerous choices for coverage versus premium and deductible - Reimbursements on whether a member’s vet charged a “reasonable and customary” fee rather than on a set reimbursement schedule - Fair and reasonably price pet insurance

 The company website contains: - A detailed comparison of Embrace’s pricing and coverages compared to competitors - Pets and pet insurance-related issues - Customer bill of rights - Core values (Community&Environment, Passion, Innovation,etc)