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santevet

Fintech · Lyon, France · Founded 2003

Santévet operates as a specialized provider of animal health insurance, functioning similarly to a human health mutual fund. The company was founded in Lyon, France, in 2003 by Jérôme Salord and later joined by his brother, Hugues Salord. The idea originated from Jérôme's experience as a laboratory director for Vetoquinol, where he observed the significantly higher pet insurance adoption rates in the UK (around 35%) compared to France (6%) and saw an opportunity to prevent euthanasia due to financial constraints. He started the company with €100,000 and sold 140 contracts in the first month of commercialization in January 2004. The business offers insurance policies that cover veterinary expenses for dogs, cats, and New Companion Animals (NACs) like rabbits and parrots. Its primary clients are pet owners who want to manage the costs of veterinary care. The business model is based on collecting monthly premiums from policyholders in exchange for covering a percentage of their veterinary bills. Revenue is generated directly from the sale of these insurance plans. Santévet offers multiple customizable formulas, allowing pet owners to choose reimbursement levels ranging from 60% to 100% of veterinary expenses for accidents and illnesses. Plans can cover consultations, surgery, hospitalization, medication, and diagnostic tests. A key feature is the inclusion of a wellness or prevention budget in all plans, which can be used for vaccinations, parasite control, and annual check-ups. The company also provides services like 24/7 telephone assistance for emergencies and a mobile application for managing policies and claims. A distinguishing aspect of Santévet's offering is its commitment to lifetime coverage, ensuring that once a pet is insured, it remains covered regardless of age. The company also doesn't exclude specific breeds and allows policyholders to choose any veterinarian, with reimbursements processed within 48 hours. In February 2022, the company raised €150 million from its majority stakeholder, Columna Capital, to fund its European expansion and digital transformation. Following this, Jérôme Salord transitioned to the role of Chairman of the Supervisory Board, with Hugues Salord becoming the CEO. The company is expanding its presence from France, Belgium, Spain, and Germany to new markets including Italy, the Netherlands, Portugal, and Austria, with the goal of reaching one million insured animals by 2026. Keywords: pet insurance, animal health insurance, veterinary expense coverage, dog insurance, cat insurance, NAC insurance, pet wellness plans, veterinary care financing, animal healthcare, pet medical insurance, lifetime pet coverage, European pet insurance, Lyon, Jérôme Salord, Hugues Salord, Columna Capital, pet healthcare reimbursement, animal accident and illness insurance, preventive pet care, veterinary telehealth assistance