Marsh & McLennan Companies, Inc.’s (MMC - Free Report) unit Marsh tied up with Zurich North America, a leading insurer, to introduce TrustedPals, which is an advanced pet insurance program covering more than 183 million cats and dogs in the United States.
This newly-launched program provides extensive pet insurance with feasible co-payments, limits and deductibles that suit every budget. Supported by Marsh’s Bluestream platform, customers can now get quotes, report claims and purchase insurance.
In the future, it is expected that other features, such as annual rewards for pets with no claims, timely lost pet finding service, etc. would be added to this service. Pet owners will soon be able to manage individual pet insurance requirements via a self-service solution on the back of artificial intelligence.
Marsh declared that it will donate 1% of its TrustedPals profits to companies that serve abandoned pets after natural calamities.
Underwritten by Zurich North America, TrustedPals is accessible by individual pet owners at TrustedPals.com through the affinity marketplace and employer-sponsored voluntary benefit programs brokered by Mercer, the sister company of Marsh.
Notably, Zurich North America will also be able to stay committed to its goal of creating feasible solutions for its customers.
Penetrating the pets insurance market is a smart move by Marsh. This industry has been booming over the past few years on the back of a solid economy.
Per Rockville, MD-based Packaged Facts market research firm, the industry would double its growth figure by 2022, reaching the 2-billion mark. Consistent customer awareness, a healthy economy, technological benefits and a growing need for veterinary expenses augur well for the industry.
Shares of this Zacks Rank #3 (Hold) company have rallied 17.5% in a year’s time, underperforming its industry’s growth of 22.2%.
Stocks to Consider
Investors interested in the same space might consider a few better-ranked stocks like Willis Towers Watson Public Limited Company (WLTW - Free Report) , eHealth, Inc. (EHTH - Free Report) and Brown & Brown., Inc. (BRO - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Willis Towers works as an advisory, broking and solutions company worldwide. The company managed to deliver positive results in the trailing four quarters, the average being 4.56%.
eHealth offers private online health insurance exchange services in the United States and China. It came up with average three-quarter positive surprise of 7.29%.
Brown & Brown deals in insurance products and services. The company managed to deliver positive results in all the trailing four quarters, the average being 167.16%.
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