Pictured: Pets Best Insurance Client Advocate Torrey Stephens taking a last minute look at the agreement. Also included in the
picture, (from left) are Masahiro Aruga, Business Development for Pets Best Japan, Donald Dietrich, (standing) Administrator, Idaho
Department of Commerce, Iwao Nonaga, President & CEO, Pets Best Insurance Inc. Japan, Dr. Jack Stephens, Founder & President
Pets Best Insurance, Dale Peterson, (standing) Executive Director, Buy Idaho Inc., Greg McDonald, CEO, Pets Best Insurance
January 31, 2008, (Boise, ID) Today Pets Best Insurance hosted a delegation of business leaders and dignitaries from Japan and the state of Idaho to announce the launch of their brand of pet insurance in Japan. Pets Best founders, Jack Stephens DVM, and Greg McDonald, along with Pets Best Japan founder Mr. Iwao Nonaga were on hand to meet with local Boise media about this historic expansion of pet health insurance from the United States to Japan.
Although several European pet insurance companies have expanded outside their countries’ borders, this marks a first for a leading pet insurance provider in the United States to expand its technology, business processes and brand outside the United States and the first pet insurance company in Japan.
With a declining human birth rate in Japan, pets are becoming an integral part of the family. There are over 25 million dogs and cats in Japan. Pets, according to a survey of Japanese pet owners, are considered friends and provide spiritual support. Just as in the United States and Europe, the rise in stature of pets increases the utilization of veterinary care, resulting in greater need for pet insurance. Pets once considered only objects, were changed by legislation in 2004 as objects with life, an important distinction in Japanese culture. Pets fulfill a needed role in Japanese society, just as in the United States by reducing stress, providing companionship, improving “good feeling” hormones and bringing joy to families.
The founder of Pets Best Japan spent several years doing an analysis of pet insurance in North America and Europe, focusing on products and systems. After an exhaustive search, the principals decided that Pets Best had the best product and proprietary software system for pet insurance. Mr. Iwao Nonaga, the founder
of Pets Best Japan said, “After dealing with many companies in North America and Europe, we found that
Dr. Jack Stephens, the founder of pet insurance in the United States, was by far the person with the most
knowledge and insight to provide us with a model for success. Our goal was to have a highly automated,
streamlined system from which to operate and the best product to market to a highly discerning market in
Japan.”
The multi year agreement provides for all current and future automated underwriting and claims systems to be utilized in Japan. In addition certain proprietary and patent pending processes and procedures of Pets Best will be utilized by Pets Best Japan in exchange for an upfront fee and ongoing royalties based on
sales. In addition, Dr. Stephens will serve on the Pets Best Japan board of directors and be a senior advisor to the company. “The diligence and planning of Mr. Nonaga and his team was superlative and in great depth.” Said Dr. Stephens. “In all my years I never experienced such due diligence and all of us at Pets Best are extremely proud that we were chosen over all other pet insurers in the world for this agreement.”
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Pets Best Insurance reimburses pet owners for services from the veterinarian they choose, with no schedules or fee restrictions, truly establishing it as "Pet insurance that really pays!" Pets Best Insurance was founded by Dr. Jack Stephens, the pioneer of pet insurance with over 25 years in the pet insurance industry. Dr. Stephens is also an accomplished veterinarian and avid pet enthusiast. Pets Best includes a choice of four affordable coverage plans with a straightforward 80:20 claims reimbursement structure and
NO benefit schedules. The Pets Best Insurance team is a highly skilled and professional group of pet lovers who have developed products based on innovation and insight into veterinary care. Visit Pets Best Insurance at www.petsbest.com or phone Pets Best Insurance at 877-PetsBest (738-7237). Pets Best, Simply the Best Pet Insurance.Media Contact: Loran Hickton Phone: 1-866-609-PETS
