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SEATTLE, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Trupanion, a leader in medical insurance for cats and dogs, received an Innovation in Insurance Award last week for its proprietary hospital software and groundbreaking work in artificial intelligence and claims automation. Presented by Accenture and EFMA, the top prize in the Offering & Experience Innovation category was awarded to Trupanion for its proprietary artificial intelligence-driven automation, which enables direct payment of claims to veterinary hospitals often within seconds.
“We’ve approached this technique to design using artificial intelligence that replicates the decision making process that those adjusting claims would normally be responsible for,” commented David Jaw, director of data science at Trupanion. “Trupanion’s claims adjudication process is very thorough and technical, driven by the veterinary education we have across the business, so creating AI that replicates this took thousands of hours of rigor. We’re excited by the way it’s been received by the industry but more importantly how it helps our members.”
With almost real-time payment directly to a veterinary hospital, Trupanion’s patented software is making a difference for pets, pet owners, and veterinary health care teams.
“We are incredibly excited and proud to have our proprietary software recognized as a benchmark for excellence across the insurance industry,” said Margi Tooth, chief revenue officer at Trupanion. “We are steadfast in our commitment to providing the best experience for our members and the veterinary professionals who care for our pets. Direct payment to the veterinary hospital in literally seconds reduces our members’ out-of-pocket costs and helps protect the hospital experience for veterinary teams – letting them focus on providing the best medicine and not the best payment option. It truly puts the pet first, every time.”
In addition, Trupanion’s proprietary software allows veterinarians to realize savings in credit card fees, increases in-house pharmacy sales with clients more likely to purchase medication at the time of checkout, and improved client compliance, not to mention the end of claim forms – all at no cost for the veterinarian.
A global competition, the Innovation in Insurance Awards were presented by global professional services company Accenture, and EFMA, an association of more than 3,300 retail financial services companies in 130 countries. Each entry was assessed using three criteria: originality; strategic capacity to generate long-term competitive edge and return on investment; and adaptability for use in other markets and countries.
Trupanion is a leader in medical insurance for cats and dogs throughout the United States and Canada. For almost two decades, Trupanion has given pet owners peace of mind so they can focus on their pet's recovery, not financial stress. Trupanion is committed to providing pet owners with the highest value in pet medical insurance with unlimited payouts for the life of their pets. Trupanion is listed on NASDAQ under the symbol "TRUP". The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Omega General Insurance Company. For more information, please visit trupanion.com
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