The idea for Embrace Pet Insurance began as the result of Laura Bennett and Alex Krooglik's project for the Wharton Business Plan Competition in 2003.
The two MBA students won, beating out a passel of bio-technology and technology ideas along the way. When both Bennett's husband and Krooglik moved to Cleveland to work for Progressive Insurance, so did Embrace Pet Insurance.
The Mayfield Village-based company started small, but proved it could compete with the big dogs right away. One advantage Embrace has over its competitors is that hereditary conditions are covered � expensive conditions such as hip dysplasia and cherry eye.
"A good claims experience is key to pet insurance," says Bennett, who also sits on the board of the North American Pet Health Insurance Association. "People get what they expect out of the product."
Business doubled in the last year. So did the staff � from 10 to 20 employees. Bennett says the company is growing at rapid pace. And the staff may double again.
Bennett who is originally from the U.K., says pet insurance is much more common across the pond than in the U.S. "Less than half of cats and dogs are insured here. The market as a whole is growing at 20 percent per year � that's in the down years of the economy."
That has attracted the interest of a host private investments and venture capital groups. JumpStart alone has invested $800,000 in Embrace.
"We are employing people with good and interesting jobs and we hope to continue to be a part of this exciting success story," she said, adding that the company is staying put. "I love Cleveland. I believe in this area."
Source: Laura Bennett, Embrace Pet Insurance
Writer: Colin McEwen