Companion Protect

About Companion Protect

Positioned within the rapidly expanding pet wellness sector, Companion Protect operates as a B2B2C administrator of pet insurance and wellness programs. The Kansas City-based company was founded in 2015 by Chuck Laue, who currently serves as CEO, to address what he identified as a "severely broken" distribution model in the pet insurance industry. Laue's background, which includes experience as a shelter director, provided him with firsthand insight into the need for more accessible pet healthcare solutions, particularly for rescue animals.

Companion Protect's business model centers on creating white-label pet health solutions for established brands, enabling them to offer customized, branded insurance products to their own customer bases. The company's clients span several channels, including major property and casualty insurers like Liberty Mutual, Safeco, CSAA Insurance Group, and Progressive, as well as employee benefits providers, retailers, and animal welfare organizations. This strategy allows Companion Protect to tap into the distribution networks of large, trusted brands, thereby expanding its market reach. Revenue is generated through the administration of these insurance programs.

The core of its offering is the PALS® technology platform, designed to deliver a seamless administrative experience for both the partner brands and the end-consumer pet owners. For pet owners, the company's policies are structured to be straightforward, often featuring a single comprehensive plan for accidents and illnesses with set reimbursement rates and deductibles. A notable feature has been the absence of traditional waiting periods for coverage to begin, a significant differentiator in the pet insurance market. The company also provides coverage for a range of treatments, including hereditary conditions and alternative therapies. To support its growth and enhance its digital capabilities, particularly in claims processing, Companion Protect has secured significant funding, including a $27 million Series A round in 2023 and a $20.25 million extension in 2024 from investors such as Avanta Ventures, Liberty Mutual, and Old Republic International Corporation.