Case in Point
How A Pet Insurance Startup Scaled Rapidly in a Dog-Eat-Dog World
FIGO makes pet insurance simple for pet owners, but the company needed someone else to make print and mail services simple for them.
As a new startup company, and unencumbered with a legacy process, FIGO was agile, app-focused and tech-forward. They didn’t want to invest in physical mail equipment when most communications were done electronically, but they still needed print services – and they needed to comply with insurance regulations.
Compliance Made Simple
FIGO’s documents are delivered via a custom app that interfaces with veterinary office software. Nevertheless, physical mail is still needed in some cases. For example, some customers opt into physical mail, and policy cancellation notices must be printed with Proof of Mailing. All in all, roughly 7,000 to 8,000 envelopes are mailed each month, and every single one needs to be compliant.
FIGO also needs help with return mail. Covenir does it all. The return mail is scanned, and a digital artifact is created and put into the insurance platform, where it’s attached to the policy. Physical mail is retained for three months before being shredded, and the digital files are kept for seven years, with no paper processing or storage.
When FIGO switched from one reinsurer to another, documents needed to be reissued. This meant a spike in work, as non-renewals had to be sent out via paper. Covenir stepped up and the project was completed without burdening FIGO’s busy team.
Throughout the FIGO-Covenir relationship, collaboration has been key – and the outsourcing formula has unlocked impressive growth for FIGO.
Agility Meets Scalability
In some companies, operations can become the tail that wags the dog. Not so at FIGO. Covenir’s agile and scalable print/mail services have helped FIGO grow seamlessly.
Khristian Estrada, Product Manager at FIGO, says that Covenir has helped save FIGO money while streamlining operations. Even better, FIGO doesn’t have to think about print mail at all.
That means FIGO can focus on other things – like growing their business. FIGO started with zero net policies. Now they’re up to about 55,000 policies. And after launching in Illinois only, they’ve now expanded into all 51 states and they’re beginning to implement another offering in more than 30 states. Those are impressive results for a young company in a dog-eat-dog world!
“I highly recommend Covenir’s print mail services. The Covenir team is proactive and staffed by great people, and their leader, Mike Nordeen goes above and beyond!”
– Khristian Estrada,
Product Manager, Policy Administration System, FIGO