Industry innovation means CareCredit and Pets
Best Pet Insurance work seamlessly together to provide pet parents
with easy and flexible financial solution
New reimbursement process to scale to
additional IPH insurers in coming months
STAMFORD, Conn., Oct. 9, 2024
/PRNewswire/ -- Synchrony (NYSE: SYF), a leading consumer
financing company, today announced the launch of a
first-of-its-kind payment experience for pet parents. For consumers
who have both CareCredit and Pets Best pet insurance, this simple
and seamless innovation connects the two solutions by directly
reimbursing insurance claims to the CareCredit health and wellness
credit card, streamlining the payment process for the pet parents
by delivering a unified experience.
Experience the full interactive Multichannel News Release here:
https://www2.multivu.com/synchrony/9239551-en-synchrony-care-credit-pets-best-insurance
Additionally, Synchrony, which entered into a commercial
agreement in March with Independence Pet Holdings, Inc. (IPH), a
leading multi-brand, multi-channel pet insurance provider, will
collaborate to scale the new reimbursement innovation to additional
pet insurance brands in the future. The new technology delivers on
Synchrony's commitment to product development, the establishment of
key technology partnerships, and an always-on focus on improving
the customer experience for pet parents across the pet care
financing industry.
"For more than 35 years, Synchrony has been focused on
empowering pet parents to be financially prepared for the lifelong
veterinary care their pet needs with solutions like CareCredit,"
said Jonathan Wainberg, SVP &
General Manager of Pet Health & Wellness at Synchrony. "We
understand the financial challenges pet parents face, especially
with rising costs of care so we keep pushing ourselves to innovate
to solve for industry pain points. By bringing CareCredit and Pets
Best together with this new reimbursement technology, pet parents
now have a complete financial safety net that's seamlessly
connected. We're thrilled to announce the industry milestone and
feel confident it will enable more pets to get the veterinary care
they need and make veterinary visits stress-free."
The patent-pending CareCredit and Pets Best insurance
reimbursement advancement simplifies the often-complicated process
of managing pet healthcare expenses. Traditionally, pet parents
must navigate multiple steps to pay for veterinary services,
including out-of-pocket payments and subsequent, manual insurance
claims.
When pet parents decide to use both Pets Best and CareCredit it
helps ensure their pets receive medical care without delay and that
they can manage their out-of-pocket costs, knowing their veterinary
costs will be paid easily, so everyone can focus on care for the
pet.
"Focusing on the client experience to streamline the
reimbursement process was a challenge the pet and human care
industry has faced for quite some time, and we're proud to
introduce this simplified offering to our customers," says
Florin Arghirescu, Chief Product
Officer at Synchrony. "This solution not only advances pet care,
but also sets a new standard for efficiency and convenience that
can be applied across various industries."
A Solution that Transforms the Industry
Here's how it works for pet parents who are both CareCredit
cardholders and currently enrolled in Pets Best insurance:
- Step 1: Bring your pet in for treatment at a vet office
that accepts CareCredit.
- Step 2: Pay with your CareCredit health and wellness
credit card.
- Step 3: File a claim with Pets Best Insurance.
- Step 4: Once your claim is processed, receive an
automatic reimbursement credit for eligible expenses directly to
your CareCredit credit card.
"This transformative process is just the first step in IPH's
joint efforts with Synchrony to make pet healthcare payments as
simple and integrated as possible," said Dirk Beeckman, Chairman of IPH. "We look forward
to continuing to build our partnership and scaling this solution
out to additional pet insurance brands under the IPH umbrella in
the coming months."
The Perfect Partnership for Pet Parents
Pets are more important in their parents' lives today than ever
before, but nearly half of pet parents underestimate their
pets' lifetime cost of care, and nearly the same percentage thought
they were financially prepared but were not. That's why this
simple, yet powerful innovation can make such a difference for pet
parents in helping them be prepared to seamlessly manage their
pet's healthcare expenses throughout their life.
"Many pet parents I see don't realize how much it costs to
provide health and wellness care throughout their pet's life," said
Dr. Courtney Campbell, DVM, DACVS-SA
and host of the podcast Anything Pawsible. "As a
result, they may not have a plan for paying these expenses along
the way and can leave them in a tough position of having to choose
between costs or care. I've worked with hundreds of clients who use
CareCredit and Pets Best Insurance, and I'm excited to see this
more complete financial solution come to life to help my clients be
prepared and know they have flexibility in getting the proper care
their pet needs."
CareCredit is a valuable financing option for all types of
veterinary services, treatments, and diagnostics, giving pet
parents peace of mind that they are ready to care for their pets
throughout their lifetime. CareCredit is recommended by
the American Animal Hospital Association and is a
Preferred Partner for the American Veterinary Medical
Association. CareCredit is currently offered in more than 25,000
veterinary practices across the U.S.
To learn more about this new offering, visit
https://www.carecredit.com/petbettertogether/. For more information
on CareCredit and Pets Best,
visit CareCredit.com and PetsBest.com.
About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services
company. We deliver a wide range of specialized financing programs,
as well as innovative consumer banking products, across key
industries including digital, retail, home, auto, travel, health,
and pet. Synchrony enables our partners to grow sales and loyalty
with consumers. We are one of the largest issuers of private label
credit cards in the United States;
we also offer co-branded products, installment loans and consumer
financing products for small- and medium-sized businesses, as well
as healthcare providers.
About Pets Best
Pets Best offers pet insurance and wellness plans for dogs and cats
in every state and has paid over $200
million in claims to their customers. Built upon a legacy of
innovation, Pets Best focuses on putting customers first by
offering flexible coverage, fast claims, and excellent customer
service. Pets Best offers pet insurance for multiple Fortune 500
companies through leading partner connectivity and technology. Pets
Best is a proud founding member of NAPHIA, an organization that has
established high standards and transparency for the pet insurance
industry. Waiting periods, annual deductible, co-insurance, benefit
limits, and exclusions may apply. For all terms
visit www.petsbest.com. Products, schedules, discounts, and
rates may vary and are subject to change. More information is
available at checkout. Pet insurance coverage offered and
administered by Pets Best Insurance Services, LLC is underwritten
by American Pet Insurance Company (NAIC #12190), a New York insurance company headquartered at
6100 4th Ave. S. Suite 200 Seattle,
WA 98108, or Independence American Insurance Company (NAIC
#26581), a Delaware insurance
company located at 11333 N. Scottsdale Rd, Ste. 160, Scottsdale, AZ 85254. Pets Best Insurance
Services, LLC (NPN #8889658, CA agency #0F37530) is a licensed
insurance agency located at 10840 Ballantyne Commons Parkway,
Charlotte, NC 28277. Each insurer
has sole financial responsibility for its own products. Please
refer to your declarations page to determine the underwriter for
your policy. Terms and conditions apply. See your policy for
details.
Media Contact:
Michelle Blaya Romero
Synchrony
626-250-1415
Michelle.Romero@syf.com
Kerry Sutherland
Pets Best Insurance
775-360-6101
kerry@ksutherlandpr.com
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SOURCE Synchrony
