Pet-Assurance Project Plan

Pet-Assurance

Devon Hielsberg

BUS/475

13 June 2016

Professor Roger Sullivan

Pet-Assurance Strategic Plan 1 | P a g e

Table of Contents

Executive Summary………………………………………………………………………....6

I. Organizational Overview…………………………………………………………....7

II. Purpose of new company division…………………………………………………..7

a. Product service differentiation………………………………………………….7

b. Customer needs and competitive advantage…………………………………...8

c. Mission Statement (Differentiation)…………………………………………….9

d. Vision statement (Future Focus)………………………………………………...9

e. Value proposition (Guiding New Division Strategic Direction)………………9

f. Vision/Mission (Alignment With New Division and Parent)………………….9

g. Mission, Vision, Value of New Division Strategic Direction…………………10

III. Division's strategic direction……………………………………………………….10

a. Culture…………………………………………………………………………..10

b. Social Responsibility……………………………………………………………10

c. Ethics…………………………………………………………………………….10

IV. Business Projection………………………………………………………………....11

a. Overview………………………………………………………………………...11

b. Revenue………………………………………………………………………….12

c. Profit……………………………………………………………………………..12

d. Unit Sales……………………………………………………………………..…12

e. Return On Investment………………………………………………………….12

V. Market Position Statement………………………………………………….……...13

VI. SWOTT Analysis (Template)………………………………………………………….13


VII. SWOTT Synopsis…………………………………………………………………….…21

Internal forces and trends………………………………………………………………………21

a. Strengths …………………………………………………………………………………...…21

b. Weaknesses……………………………………………………………………………….…...21

External forces and trends ……………………………………………………………………...22

a. Opportunities………………………………………………………………………………….22

b. Threats……………………………………………………………………….......……………22

c. Trends…………………………………………………………………………………..……..23

VIII . Supply and Value Chain Analysis…………………………………………………………...…23

a. Leverage core competencies/resources…………………………………………………….23

IX. Change Adaptation……………………………………………………………………………...24

a. Parent firm’s example………………………………………………………………………24

b. How new division will adapt example………………………………………………..……24

X Major issues & Opportunities……………………………………………………………….…24

a. Hypothesis………………………………………………………………………………..….24

b. 5 Research Questions……………………………………………………………………….25

XI Major Assumptions……………………………………………………………………..……….25

XII Risk and Change Management Plan…………………………………………………………...25

XIII Summary of Strategic Objectives………………………………………………………………26

XIV Balanced Scorecard and Impact on Stakeholders…………………………………………….27

a. Shareholder value or Financial perspective……………………………………………..…….27

Market share…………………………………………………………………………………….28


Revenues and costs………………………………………………………………………………28

Profitability………………………………………………………………………………………28

Competitive position……………………………………………………………………….……28

b. Customer value perspective………………………………………………………………………..…28

Customer retention or turnover………………………………………………………………..29

Customer satisfaction…………………………………………………………………………...29

Customer value……………………………………………………………………………….…29

c. Process or internal operations perspective…………………………………………………….……29

Measure of process performance………………………………………………………………30

Productivity improvement………………………………………………………………....…...30

Operations metrics………………………………………………………………………………31

Impact of change on the organization………………………………………………………….31

d. Learning and growth (employee) perspective……………………………………………………….31

Employee satisfaction…………………………………………………………………………...32

Employee turnover or retention……………………………………………………………..…32

Level of organizational capability…………………………………………………………...…32

Nature of organizational culture or climate……………………………………………….......32

Technological innovation………………………………………………………………………..33

XV Potential risks and mitigation plan…………………………………………………………….33

a. Ethical implications of solutions…………………………………………………….…33

XVI Contingency strategy……………………………………………………………………………34

a. Contingency funding……………………………………………………………………34

XVII Communication plan template………………………………………………………………….34

XVIII Monitor and control your strategic plan………………………………………………………35

a. How you’ll use the Balanced Scorecard…………………………………………………...35

XIX Strategies/tactics to implement/realize objectives, measures and targets……………………36


a. Short term objectives……………………………………………………………………….36

b. Functional tactics……………………………………………………………………………37

XX Marketing and information technology strategies and tactics……………………………….37

XXI Issues faced by the organization……………………………………………………………….38

a. Ethical……………………………………………………………………………………….38

b. Legal………………………………………………………………………………………....38

c. Regulatory…………………………………………………………………………………..39

XXII Corporate social responsibility…………………………………………………………………..39

References/Resources………………………………………………………………………….41


Executive Summary

The current pet insurance industry is worth $651 million dollars and has been growing in

double digits since 2009. Yet, only 1% of pet owners actually know that pet insurance is an

actual service. For those who do know that pet insurance is available, the number one determent

against purchasing policies is cost. Why? All existing pet insurance providers offer policies that

are reimbursement only, which means that the customer still has to pay the initial bill. Pet-

Assurance plans to change the market by offering the first ever pet insurance policy that operates

more like a human policy where owner’s pay a premium on a Pet-Assurance policy to ensure the

peace of mind that when they show up at the vet’s office, they can focus on the health and

comfort of their animal, not the cost of the bill. After all, pets are family, too and family sticks

together.

To reach the other 99% of the market yet untapped by other pet insurance companies,

Pet-Assurance will employ an aggressive ad campaign by utilizing the platforms that customers

spend the most time on today: YouTube, Google, Facebook, Twitter, and Instagram. Within the

first year, Pet-Assurance projects to take in $30 million with 20% profit margins and dividends

to shareholders of $.1 in the first fiscal year. These figures equate to 8.33% of the total market

share with the goal of 18.75% in three years with $67.5 million in revenue. Profit-wise, that is

40% profit margins amounting to $27 million.

Pet-Assurance will be the only pet insurance of its kind when it hits the market, the only

one to fully address the customer need of not having to worry about financing while deciding the

best course of treatment for a beloved pet. With affordable introduction policies and more


benefit-encompassing premium policies, Pet-Assurance will ensure that owners and their pets are

cared for and make the company the looked-to leader in the pet insurance industry.

I. Organizational Overview

In 1996, Dr. Marc Puelo founded PetMed Express, Inc, commonly called 1-800 PetMeds,

based on the principal that “with Americans spending more on companion animals overall,

they would welcome the convenience and discount of ordering medications and products for

their animals online” (PetMed Express, Inc., 1, 2016). Today, the company is looking to

branch out once again in the pet health industry by introducing its own form of pet health

insurance, called Pet-Assurance.

II. Purpose of new company division

A. Product/Service Differentiation

Pet-Assurance is unique for one very important reason. It contains the only plans that do

not operate on a reimbursement system; all other pet insurance reimburses clients for veterinary

expenses based on the type of coverage purchased. The twelve insurance companies as ranked

by ConsumersAdvocate.org, Healthy Paws, PetPlan, Trupanion, Embrace, PetsBest, Pet’s First,

Nationwide Pet Insurance, Pet Partners, ASPCA Pet Insurance, PetPremium , and 24 Pet Watch

all boast a variety of plans to customers with benefits ranging from comprehensive illness and

injury coverage, to the fewest restrictions on coverage, to free apps. The major area they all

lack is that they are reimbursement only. While reimbursement is pleasant, it is not the same as

having expenses already covered when a pet parent walks through the veterinary office door.

It bears mentioning the twelfth company, Banfield Pet Hospital, emphasizes that is

wellness plans cover routine care only such as shots, exams, and spay/neuter services and does


not account for accidents of illnesses. While included in the ConsumersAdvocate.org analysis,

the veterinary practice advertises they offer preventative care plans and work more akin to

“discount memberships” (Banfield Pet Hospital, 2016).

Pets are like children and sometimes they do really dumb things in which they get hurt in

a bizarre fashion, like digging up a hornet’s nest and then being allergic to the hornet’s sting.

Reimbursement does not help with the immediate decision a pet parent faces in a veterinary

emergency room of whether or not the parent has the funds available on hand to save the furry

family member’s life and wellness only plans do not cover needed services period. Many pet

owners admit to liking their pets more than a lot of humans they meet; Pet-Assurance believes

that pet parents should not have to be put through the heartbreak of saying goodbye to their furry

family members early if it can be helped.

B. Customer needs and competitive advantage

The dollar value Americans place on a pet and the companionship that pet provides

increases every year. InsuranceNewsNet.com states that “U.S. pet owners are expected to spend

$15.3 billion on veterinary care in 2014, representing an increase of 66% from the $9.2 billion

spent in 2006” (InsuranceNewsNet.com, np, 2016). Further, under the current reimbursement

system, “the total U.S Pet insurance market is approximately $651 million annually […] The

American pet insurance industry has experienced double-digit growth since 2009 (average

annual growth rate of 13.2%)” (InsuranceNewsNet.com, np, 2016).

These numbers are all for insurance plans that offer at their core the same services,

reimbursement after-the-fact. But the need, the main reason why people purchase pet insurance

is because they ‘Want to make decisions about my pet's health care without worrying about


whether or not I could afford the procedure."’ Pet-Assurance’s plans do it better and bridge the

gap other insurance companies have woefully overlooked.

C. Mission Statement (Differentiation)

The Pet-Assurance mission statement is simple: after all, pets are family, too and family

sticks together. Pet-Assurance gives pet parents the peace-of-mind that in an emergency their

pet’s well-being is our top priority. Pet-Assurance promises to take care of you so you can take

care of your pet.

D. Vision statement (Future Focus)

. Pet-Assurance seeks to prove the other pet insurance companies archaic.

Reimbursement is not enough and should not be the standard. Pet-Assurance plans to usurp the

standard and make all other pet insurance companies compete on its level, by providing

insurance plans that more closely mimic human HMO policies in order to try and alleviate some

of the heartache.

E. Value proposition (Guiding New Division Strategic Direction)

Pets continue to become increasingly more vital to the families they share their lives

with. They bring unmitigated love, loyalty, trust, companionship, and a sense of belonging.

Indeed, science has even found many health benefits to owning a pet. One cannot put a price tag

on these qualities. Yet as a society we do every day when it comes to pets. Pet-assurance will

help make sure the price tag assigned to a family’s pet will fit in the wallet.

F. Vision/Mission (Alignment With New Division and Parent)

PetMed Express, Inc filled the pet pharmacy gap in 1996 with 1-800 PetMeds by

providing clients with a more affordable alternative to pet medication. It is now offering Pet-


Assurance a more affordable pet insurance plan so pet parents can have that peace-of-mind of

taking care of their loved ones now and hash out the billing later.

G. Mission, Vision, Value of New Division Strategic Direction

Families stick together and pets are family, too. The gifts they give their pet parents’ are

immeasurable. Ergo, Pet-Assurance is taking on the current, archaic way pet parents take

care of their animals in the pet’s time of need. Pet-Assurances insurance plans that actually

work like insurance, and not just a reimbursement plan.

III. Division's strategic direction

A. Culture

Pets are increasingly popular. As such, one in every three pets yearly will require

emergency care and owners face a bill of over a thousand dollars every 6.5 seconds, 45% of all

veterinary-recommended care is restricted by cost (InsuranceNewsNet.com, 2016). This is sad

when “91% of U.S. pet owners consider their pets to be family members and 81% consider their

pets as equal members of the family” (InsuranceNewsNet.com, np, 2016).

B. Social Responsibility

PetMed Express, Inc finds it abhorrent that the care of a family member is so cost-reliant.

The company understands that things come up. The puppy decided to eat a bag of jelly beans

after the family car had to have major repairs. Now the puppy needs an ER trip to have its

stomach pumped. Pet-Assurance will make it so families from all walks of life will be better

equipped to save their pets.

C. Ethics


A loved pet should not have to be put down if it can be saved. The animal has done

nothing but shown love and affection for its family. The animal cannot make a decision on its

own well-being ergo its life is in the hands of its family. The family should choose in the best

interest of its pet, not on whether the procedure is too expensive.

IV. Business Projection

A. Overview

Pet-Assurance will function with plans. The most basic plan is the bronze plan. With this

plan, routine well-being care is completely covered and all other services a co-payment of 25%

of the veterinary bill will be required up to $10,000. The silver plan covers the routing well-

being care as well as blood work and allergy care with any additional services requiring a

copayment of 20% of the veterinary bill up to $10,000. The gold plan will cover everything the

bronze and silver plans cover as well as reduce the copayment to 15% up to $15,000. Finally,

the platinum plan will cover the aforementioned plans, with the addition of covering

illness/injury and any accompanying surgery up to $5,000. After the $5,000, the pet parent will

be required to pay a 15% copayment for any additional services. With all of the plans, pet

parents will be reimbursed 25% of any medications bought through the veterinary office or be

offered a 50% discount by purchasing online from the Pet-Assurance parent company, PetMeds

Express, Inc.

All plans come with a yearly contract with the ability to upgrade at any time (though once

upgraded, the plan must stay in place until the original plan’s yearly contract is up). Payments

can be personalized as long as all payment is received in full at the end of the contract. Early


cancellation of a plan will result in any remaining charges becoming immediately due as well as

a 5% penalty for the plan’s total cost.

B. Revenue

PetMed Express, Inc saw cash flow at $32 million for the end of the fiscal year in 2015 for 1800

Pet Meds (Akdag, np, 2015). “The total U.S Pet insurance market is approximately $651

million annually” with twelve major companies currently providing service

(InsuranceNewsNet.com, np, 2016). As Pet-Assurance is new, it is projecting to take in $30

million in its first full fiscal year.

C. Profit

While $30 million may seem substantial for a new company, the other pet insurance

companies are projected to bring in more than 50 million dollars. Pet-Assurance anticipates a

20% profit margin with which some of the money will be reinvested into the company for

improvements and expansions of our veterinary directory while a portion the company expects to

give back to its stockholders.

D. Unit Sales

Pet-Assurance expects to sell over 63,00 pet plans. This is based on the average

Americans with pet health insurance spending approximately $471 yearly on pet insurance

(InsuranceNewsNet.com, 2016). $30 million in revenue divided by 471 yields approximately 63,

694 plans.

E. Return On Investment


PetMed Express, Inc. is committed to giving back to its stockholders (Akdag, 2015). Pet-

Assurance will continue the tradition of giving back to investors. Currently, the intentions are to

pay a $.1 dividend per share; however, this may increase or decrease at the end of the fiscal year

as needed.

v. Market Position Statement

Reimbursement pet insurance does not work when a pet parent needs to make a snap decision

whether or not to save a furry family member. No family should be forced to make that

heartbreaking decision alone. Let Pet-Assurance ensure that your pet will be around for more

wet, sloppy kisses, more tail wags, more purrs, and more cuddles by allowing you to make sure

they get the care they deserve. Because they’re not just a pet to you; they’re family. Families

stick together.

VI SWOTT Analysis (Template)

Internal forces (Strengths and Weaknesses)

11 Internal Forces &

Trend FactorsStrengths Weaknesses Opportunities Threats Trends

1 Strategy

-Pet-Assurance offers the only non-reimbursement pet insurance.

-Pet-Assurance cannot use any pre-existing, successful insurance models and human HMOs fall under different regulations.

N/A N/A N/A

2 Organizational

Structures

-Pet-Assurance hires from both the insurance and veterinary

-Insurance employees, while finding some crossover, will still be in a new

N/A N/A N/A


businesses in order to best take care of its customers on multiple fronts.

environment.

-Having even a small board of vets to regulate acceptable veterinary offices could be expensive.

3 Processes & Systems

-Calls will be answered on a first called, first served basis.

-Detailed journals will be required of every call center employee in order to best serve customers.

-Calls will be recorded

-Employees will strive for one-call resolution.

-Employees will have to receive detailed training, which increases the cost of turn-over.

N/A N/A N/A

4 Resources

-PetMeds Express, Inc. already has an existing sales network Pet-Assurance can use in its early stages to help grow business.

- Existing PetMeds Express, Inc customers may not appreciate a new sales pitch for Pet-Assurance.

N/A N/A N/A

5 Goals

-Pet-Assurance will become the standard example of pet insurance.

-Other businesses will copy Pet-Assurances model or implement one similar in order to compete.

N/A N/A N/A

6 Strategic -Pet- -The question of N/A N/A N/A Pet-Assurance Strategic Plan 14 | P a g e

CapabilitiesAssurance is unique in North America.

whether to price Pet-Assurance plans to compete with current pet insurance plans, of which it shares little in common. Or, to price Pet-Assurance polices slightly higher due to providing a superior service.

7 Culture

-Pet-Assurance plans to offer employees with pets discounts on their plans.

-Company pet days or pet picnics as employee incentives.

-Days off will be subsequent.

-Pet-Assurance may have difficulties making sure employees do not abuse the discount.

-Call centers have notoriously high employee turn-over rates.

N/A N/A N/A

8 Technologies

-Pet-Assurance wants to bring in state-of-the software and top-rated hardware.

-Getting the best of any technology is expensive, requires training, and has the potential for bugs.

N/A N/A N/A

9 Innovations -Pet-Assurance will create a free app to sign-up, change policies, submit, manage and track claims.

-Pet-Assurance needs to hire an app designer that will address and anticipate customer needs while straying from any potential copyright infringement from

N/A N/A N/A


other pet-insurance companies.

10 Intellectual Property

-The Pet-Assurance App

-Discerning whether or not Pet-Assurance can patent, trademark, or copyright any core ideas behind its insurance plans to help minimize competition.

N/A N/A N/A

11 Leadership

Pet-Assurance will have a board mixed of experienced leaders from PetMeds Express, Inc as well as outside hires.

-PetMeds Express, Inc. experienced legal trouble regarding the medications it was offering as well as ethical dilemmas concerning the acquisition of the medications.

-Mixing old and new leaders may lead to frustration and miscommunication.

N/A N/A N/A

External forces and trends (Opportunities, Threats & Trends)

8 External Forces &

Trend Factors

Strengths Weaknesses Opportunities Threats Trends

1 Legal & Regulatory

N/A N/A -While not technically health insurance, other types of property insurance, i.e.

-Pet insurance is not health insurance. It is regulated as property and casualty insurance. The

-The FBI considers animal abuse a Class A felony and tracks its abuse. This showcases the public’s improved opinion on pet care.


car insurance cover up to a set amount without requiring a reimbursement-based plan.

-The North American Pet Insurance Association (NAPHIA) is an official industry trade organization lending credibility to those who may believe pet insurance is a scam.

-All twelve existing pet insurance carriers are accredited with the BBB, again, lending credibility as Pet-Assurance will also be accredited by the BBB.

company needs to be careful how much it totes Pet-Assurance as a health insurance to avoid legal troubles.

-The company will need to consider the requirements and regulations of home countries if it wishes to outsource any of its call center needs.

2 Global N/A N/A -UK pet insurance policies are more expensive than US policies.

-UK policies at their core operate similarly to how Pet-Assurance would like to

-The UK and Ireland already have approximately 23% of pets covered by health insurance. Their market is much more developed.

-Several

-Pet humanization is growing in the US, Europe, UK, and Japan. As pet humanization grows, so does the amount people are willing to spend on pets (Euromonitor, 2014).


operate so cultural issues will be fewer.

-Canadian policies are also reimbursement-based and afford Pet-Assurance a similar advantage it has in the US.

Canadian firms have lower priced plans than US firms.

-Different countries have different views regarding the treatment of pets. These views may not coincide with a US-based company.

3 Economic

N/A N/A -California, Florida, and Texas have the most pet insurance policies, respectively (PetInsurance, Quotes.com). These areas provide good starting areas to launch Pet-Assurance since more people have heard of pet insurance.

-Personalized payment plans and a low-cost basic plan should help to alleviate qualms about cost.

-The #1 reason people don’t buy pet insurance in

the cost.

-62% of owner incomes are greater than $50,000/yr.

-Implementing a tax on the

service due to each state

having its own taxes.

Economincally, the middle class is shrinking.

4 Technological

N/A N/A -Advancements in veterinary equipment and practices make

Advancements in veterinary equipment and practices can

-Veterinary advancements allow vets more in-depth testing, leading to catching illnesses and genetic


pet care more expensive, ergo the market for pet insurance will continue to increase.

make pet care more expensive. The company will be faced with covering more expensive vet bills for longer-lived pets.

deformities earlier as well as safer/faster surgery methods.

5 Innovation

N/A N/A -Other insurance providers typically have anywhere from a two week to a six month turnaround time on reimbursement.

-Pet insurance currently does not cover routine care unless it is an add-on service, nor do any of the current companies cover pre-existing conditions, which Pet-Assurance will.

-The company may experience a hard time pulling current policy holders away from their current pet insurance providers, despite innovations, due to the high rate of satisfaction.

-Copycat companies may arise or existing companies may change to compete more with Pet-Assurance.

-Pet-insurance is a growing industry, yet still relatively unknown. The growth will continue as it continues to become more well-known.

6 Social N/A N/A -Pet-Assurance has the opportunity to open up the market to a more socially-connected generation.

-Certain breeds of dogs are more

-Only about 1% of pet owners know that pet insurance is available.

-Insurance language can be confusing to the layman and could be a

-Purebred and designer animals, especially popular dog breeds, are becoming more and more unhealthy due to inbreeding of hereditary illnesses and genetic predispositions.


genetically predisposed to problems than others, ergo owners would be more likely to buy pet insurance.

turnoff.

-Over half of the people who have pet insurance (62%) are over the age of forty. The younger, more socially connected demographic is missing.

7 Environmental

N/A N/A -Tree/plant pods give back to the planet while offering owners comfort.

-No regulations currently exist for burying your pet in a plant pod.

-People are more environmentally conscious than ever.

8 Competitive Analysis

N/A N/A - Trupanion is the only publicly traded company in the pet insurance industry. As PetMeds Express, Inc. is a publicly traded company, Pet-Assurance as a new division, will be as well.

-Twelve companies already exist.

-94% of people who have purchased pet insurance are satisfied with their current provider.

- Pet insurance has experienced a 12% annual growth over the past five years and is projected to be a billion dollar industry by 2020 (PetInsuranceQuotes.com, 2016).

VII SWOTT Synopsis

Internal forces and trends

A. Strengths


Pet-Assurance is unique in the pet insurance industry. This gives the company the

proverbial leg-up on the competition in better providing for the needs for its customers. Pet-

Assurance understands that working in a call center atmosphere can be draining and lead to hirer

turn-over rates. This is why it will offer pet policy discounts to all employees, arrange for

regular pet-themed fun days and company outings, as well as ensure subsequent days off.

Leadership will come from both within and outside the company in order to give the most well-

rounded approach to handling customers and growing the business. Lastly, Pet-Assurance will

have very detailed training and state-of-the art software and hardware in order to best equip our

employees for dealing with pet parents who may be distraught due to their pet’s condition.

B. Weaknesses

Providing extensive training, software, and hardware is expensive; the loss will be greater

should an employee end employment with Pet-Assurance. Call centers see higher rates of

anxiety and depression in employees, which leads to more turn-over. Pet-Assurance is also an

entirely new breed of pet insurance without any existing, successful business models making the

company’s start-up risk greater. Lastly, Pet-Assurance runs a higher risk of a slower start up as

part of PetMeds Express, Inc. due to the parent company’s previous legal and ethical trouble in

regards to medicine regulations. The company’s hope is that this new branch will grow PetMeds

Express, Inc. and help regrow some of the business it lost to tougher regulations; however, Pet-

Assurance cannot ignore that the damage done to PetMeds Express, Inc.’s image may initially

have negative repercussions.

External forces and trends

A. Opportunities


The existing pet insurance companies are all BBB accredited companies, which Pet-

Assurance will be as well. This will lend credibility to Pet-Assurance as a new company. The

pet insurance industry experiences growth every year, yet is still relatively unknown to the public

at large. This can benefit Pet-Assurance as the business will continue to grow as public becomes

more familiar with the concept of pet insurance. Both attitudes in the US and globally show pet

humanization is on the rise, leading to pet parents’ willingness to pay vet bills to protect their

animals. The market need for specific breeds with poor genetics means a greater opportunity for

those customers to see a greater value in pet insurance. The Pet Pod idea will not only help the

environment but give grieving parents a balm to their pet’s death and increase the company

image. Lastly, Pet-Assurance will be one of two publicly traded pet insurance companies,

opening up the company to greater financial resources.

B. Threats

The individuals who currently have pet policies fit a specific demographic: over forty

years old with an income of greater than $50,000. Of those individuals, 94% are currently

satisfied with their pet health insurance. Those individuals make up about 1% of the pet owner

population; most people do not even know that pet insurance is a real thing

(PetInsuranceQuotes.com, 2016). This adds difficulty in breaking into the industry because

people do not even realize that a viable market exists and those that do are happy where they are.

Pet-Assurance is faced with the challenge of exploding the market if it hopes to achieve its

vision.

Further, people are money conscious. Veterinary costs are on the rise and most people

and the middle class in the United States is shrinking. Pet-Assurance needs to impress so much


value on its potential clients that perhaps they do have to choose between a policy and other

monetary wants because their animals are worth it and vet costs without a policy are staggering.

C. Trends

Worldwide more and more people view their pets as part of their family and subsequently

are willing to pay more for their pets’ comfort. Pet insurance continues to grow at a double digit

rate. The market for Pet-Assurance is only becoming bigger; the company would be foolish not

to get in on it now.

VIII Supply and Value Chain Analysis

A. Leverage core competencies/resources

Supply chain at Pet-Assurance consists of potential buyers either researching online or

calling for information over the phone, applying for a policy online or over the phone, the

approval process, and being supplied with a policy number upon approval. The value of inbound

logistics will be handled by a call center staff comprised of phone operators and online operators

until 11pm PST. Operations will multi-faceted. It will be overseen on the most basic level by

team leaders, followed by team managers (every team manager is in charge of several teams),

followed by a shift manager. The shift managers report to the call center department heads, who

report to the call center director. The call center director is in charge of that particular call

center. Outbound logistics will also be covered by the call center staff with the occasional

manager stepping in for more difficult situations. Marketing and sales departments will work out

of regional sales offices. Lastly, each call center will have basic service technicians with higher

level service technicians available at regional offices.

IX Change Adaptation

A. Parent firm’s example


PetMeds Express, Inc. saw a way to make medications for pets more affordable and make

a profit as well. This helped alleviated financial strain that vet visits and the care of beloved pets

put on families. The company is still around after twenty years and changes made in regards to

the distribution of medications. The company was criticized that it obtained its medications from

unethical vets looking to make a side profit. Further, that the company was distributing

medications that required a prescription without one. Laws regarding distribution of medications

were reformed several times, each time PetMeds Express, Inc adapted in order to remain in

compliance with those laws in order to provide its customers with freedom of choice where to

get their pet medications from (PetMeds Express, Inc., 2016)

B. How new division will adapt example

Pet-Assurance also sees the need to make pet care more affordable. Surprise vet visits

can amount to thousands of dollars out of pocket for pet families, but with Pet-Assurance, that

doesn’t have to be the case. Pet-Assurance polices also help alleviate the financial strain of vet

visits. By keeping up on regulatory laws concerning the care of pets and monitoring how pets

are classified and the wording language used in policies, Pet-Assurance can avoid the challenges

and drama PetMeds Express, Inc. saw in the late 1990s/early 2000s.

X Major issues & Opportunities

A. Hypothesis

The biggest uncertainty surrounding Pet-Assurance at this time is cost effectiveness.

Will Pet-Assurance policies bring in enough money to offset the cost of paying out for expensive

pet procedures? Pet-Assurance believes its business plan is cost effective because the higher cost

of the more inclusive policies will offset the costs of routine care and smaller procedures.

B. 5 Research Questions


1) How do other insurance firms make money?

2) What are their profit margins (per plan if possible)?

3) Is it acceptable to take a loss on some policies to get people to buy the plan and bring

them into the company because they can be upsold?

4) How much should the plans be priced at?

5) Will Pet-Assurance be able to compete with the other pet insurance companies if its plans

are more expensive than its competitors?

XI Major Assumptions

Pet-Assurance has its major assumptions in four areas: marketing, organizational,

technical, and resources (Githens, 2012). Pet-Assurance assumes that the market will respond

favorably to the new face of pet insurance and will attract owners who have never had pet

insurance before. The company assumes that competitive companies will be playing catch up to

create their own version of Pet-Assurance but Pet-Assurance’s head start will give it an

organizational lead. Pet-Assurance assumes that using new technology specifically for Pet-

Assurance instead of adapting existing technology borrowed from the parent company will long-

term create a more cohesive experience for both customers and employees. Lastly, Pet-

Assurance assumes with funds provided from the parent company, Pet-Assurance will be self-

sustaining within the PetMeds Express, Inc. after the first twelve months.

XII Risk and Change Management Plan

Pet-Assurance recognizes that after launch, a distinct possibility exists that competitors will try

and create their own versions of the Pet-Assurance plans. In order to try and combat this, Pet-Assurance

is going to create a “Suggestion Spot” on its app and online webpage where customers can send the

company suggestions for improved service and products. Should the company choose a customer’s


suggestion for implementation, the customer will be rewarded with 5% off a monthly bill. Employees

will have a similar suggestions spot available through the employee portal in order to promote a smoother

experience addressing customer needs. Should Pet-Assurance use the suggestion, said employee will

receive a $20 gift card within the next two pay periods. In both scenarios, Pet-Assurance assesses these

incentives will be more economical than customer churn and employee turnover.

XIII Summary of Strategic Objectives

The summation of Pet-Assurance’s strategic objectives will fall into eight basic categories:

market standing, innovation, human resources, financial resources, physical resources, productivity,

social responsibility, and profit requirements (Businessdictionary.com, 2016).

For the first twelve months, Pet-Assurance desires one twelfth of the current pet

insurance market.

Its innovation comes from the fact that no pet insurance policies exist in the US like the

ones Pet-Assurance provides and the company will reward customers and employees for

further innovative suggestions. Prospective employees will go through two interviews,

the first with HR and the second with HR plus a manager the employee will be working

under. Once hired, employees will go through a month of training in a mock classroom

and mentorship before released on their own.

Initial financial resources will come from the parent company, PetMeds Express, Inc.

with the expectation that after twelve months Pet-Assurance will be able to sustain itself.

Physical resources will be a combination of new equipment and expanding upon PetMeds

Express, Inc. existing network.

Productivity will be measured at each managerial level, with each leveled manager

required to send bi-monthly reports to superiors.


Social responsibility will be handled in the form of the company will be a publicly traded

company and stakeholders receiving $.10 dividends the first year.

Profit-requirements will be met when the company can sustain itself without assistance

from the parent company.

XIV Balanced Scorecard and Impacts

A. Shareholder value or Financial perspective

Quadrant One

Shareholder Value Or Financial

Perspective

Balanced Scorecard For

Pet-Assurance

Measures Objectives Measure Target Initiatives Year 1 Year 2 Year 3

Market Share

Increase market share

% of market share

18.75% of market share

or more

-Introduce pet insurance to people who

didn’t know it existed

-Make more pragmatic for

potential customers

8.33% Market Share

12.5% Market Share

18.75% Market Share

Revenues & Costs

Increase revenue 1.5x, decrease cost

dollars $67.5 million revenue

Sell plans to customers, use latest

tech so won’t have to

upgrade as soon

$30 million revenue

$45 million revenue

$67.5 million revenue

Profitability Increase

profit margin to 40%

% profit margin, dollars

40% profit margin

Increase number of

policies and level of

policies sold

20% profit margin/ $6

million profit

30% profit margin/

$13.5 million profit

40% profit margin/ $27 million profit


Competitive Position

Leader in market # of policies

143,312 policies sold

Open market to untapped

targets

63,694 policies

95,541 policies

143,312 policies

Market share : By year three Pet-Assurance plans to have 18.75% of the market share by

introducing pet insurance to those who previously did not know it existed and making it more

pragmatic for customers who previously were turned off by cost.

Revenues and costs: By year 3, Pet-Assurance predicts $67.5 million in revenue based on a 1.5

increase in sales every year by enlarging the current target market.

Profitability: Pet-Assurance anticipates a 40% increase in profitability by year three by increasing

the number and level of policies it sells.

Competitive position: Pet-Assurance projects more than 143, 00 policies sold by opening up the

market to those who were unaware pet insurance exists.

B. Customer value perspective

Quadrant TWO

Customer Value

Perspective

Balanced Scorecard

For Pet-Assurance


Customer Retention

Or Turnover Increase

customer retention

# of customers that have been with the company 6 mos or longer

60% with company

over 6 mos

-Track customer

retention in system

-Thank you from

company at every 6 mos anniversary

25% 6 mos or longer

40% 6 mos or longer

60% 6 mos or longer


Customer Satisfaction

Satisfy Customer

Needs

Rating on Customer

Satisfaction Surveys

95% Customer

Satisfaction

Customers fill out required survey upon signing up,

optional survey upon

contact thereafter

75% Customer

Satisfaction

85% Customer

Satisfaction

95% Customer

Satisfaction

Customer Value

Customer regards service as indispensable

Percentage of money

customer saved on vet

bill 90% savings

Customers receive data

on how much saved on vet

bill with claim 70% savings 80% savings 90% savings

Customer retention or turnover: Pet-Assurance is targeting customer retention of 60% or more in

year three by tracking the length of time customers have been with the company and sending

thank you’s and pet-appropriate treats every six months in recognition of their loyalty.

Customer satisfaction: In year three, Pet-Assurance’s goal is 95% customer satisfaction. The

company will track this by requiring surveys to be filled out upon signing up and optional surveys

sent out upon the customer contacting the company for any reason thereafter.

Customer value: Pet-Assurance targets 90% savings for its customers by year three. Generally,

customer file a claim within the first three years of purchasing a policy; Pet-Assurance not only

will provide excellent service but will send customers a comparison of the veterinary bill and the

amount the customer saved through a Pet-Assurance policy.

C. Process or internal operations perspective

Quadrant THREE

Process Or Internal

Operations Perspective

Balanced Scorecard For

Pet-Assurance



Measure Of Process

Performance Increase process performance

% increase in calls per hour

25% increase in calls per hour

-Record and review calls-Training, coaching sessions

10% increase calls per hour



Productivity Or

Productivity Improvemen

t Less work time between calls

Seconds between when employee ends a call and starts another from queue

<30 seconds between calls

Continue to improve upon ease of use of ordering system and journaling system 120 seconds 60 seconds

30 seconds

Operations Metrics Increase

efficiency of call resolution

# of callbacks per one customer per situation

One call resolution

Training, team management coaching sessions 2 callbacks 1 callback

<1 callback

Measure of process performance: Pet-Assurance targets a 25% increase in calls per hour by year

by recording and reviewing calls, then reviewing calls with employees to coach them on the areas

they do well and the areas that need improvement.

Productivity improvement : By year three, Pet-Assurance’s goal is a maximum of 30 seconds

between calls for experienced employees. This will be achieved with employee familiarity with

the Pet-Assurance work portal as well as the company’s continuous efforts to improve the ease-

or-use of the ordering and journal system employees are required to use.

Operations metrics : Pet-Assurance wants to increase the efficiency of call resolution so that by

year three a majority of calls are resolved on the first call. The plan for increasing efficiency

focuses on reviewing employees calls and coaching from team management.

Impact of change on the organization: Ultimately, Pet-Assurance’s goal is to be an adaptive

company. Companies that do not adapt to new trends and needs of customers are doomed to

stagnate and die. One of the ways Pet-Assurance will keep abreast of change is with “Suggestion


Spots” available on the webpage and app for customers and on the work portal for employees; the

company will reward customers with 5% off of their next bill and employees with $20 gift cards

who submit suggestions that Pet-Assurance puts into use.

D. Learning and growth (employee) perspective

Quadrant FOUR

Learning & Growth

(Employee Perspective)

Balanced Scorecard For Pet-Assurance


Employee Satisfaction Increase

Employee Satisfaction

% satisfied employees

85% Satisfaction

-Ease of call process-Random satisfaction surveys

60% Satisfied Employees



Employee Turnover Or

Retention Lower employee turnover

% of employees leaving company

27% or Less Turnover Rate

-Incentives-Recognition-Consecutive days off-Shift bids

33% Turnover Rate

30% Turnover Rate

27% Turnover Rate

Level Of Organizationa

l Capability Increase organizational capability

-score on eval

-Score the equivalent of B or better; increase every year

-hire outside evaluators yearly to come in and grade company Score B Score B+/A-

Score A-/A

Nature Of Organizationa

l Culture Or Climate

Build Healthy Organizational Culture

-Score on bi-weekly employee evals (Outstanding, Great, Good, Keep at it, Needs improvement, Unsatisfactory)-% of

90% employees obtaining scores of “Good” or better

-Managers listen on calls and review call/grade for employee

75% employees score overall “Good” or better

83% employees score overall “Good” or better

90% of employees score overall “Good” or better


employees at eval level

Technological Innovation -No mess call

in directory-Easy to use app

-% of calls that get redirected-% increase of app use

-10% or fewer redirected calls-15% increase in app use v. call ins

-List extensions for different parts of customer service -Easy app access and use

-25% calls redirected-5% increase app use



Employee satisfaction: In three years, Pet-Assurance strives for 85% employee satisfaction by

continuing to streamline the call process for the employees and issuing random satisfaction

surveys weekly for employees, with no employee receiving the survey in back-to-back weeks.

Employee turnover or retention: Pet-Assurance recognizes employee turnover is usually high in a

call center setting and strives for only 27% turnover at the end of three years by offering

employees monetary as well as earned time off incentives, recognition of outstanding efforts, and

a policy of consecutive weekly days off to prevent burnout.

Level of organizational capability: At the end of three years, Pet-Assurance’s goal is to earn the

equivalent of an A/A- on its organizational capabilities. These evaluations will be conducted by

an outside group to prevent bias.

Nature of organizational culture or climate: In three years, employees will score an overall

“Good” on evaluations given bi-weekly by the employees’ team management. Team

management will coach employees on troubled areas and how to improve them. Further, Pet-

Assurance plans to have quarterly employee days, i.e. pizza party or other events to promote

cohesiveness.

Technological innovation: Within three years, Pet-Assurance strives for 10% or less of calls

redirected to appropriate areas by implementing a call directory in which the customer does not

have to navigate an automated system. Automated systems can lead to customer confusion and


additional stress from employees who are forced to deal with a customer who ended up in the

wrong area. Numbers of appropriate departments will be available in-app and online as well as a

help line for customers who truly cannot figure out with whom they need to speak. Further, Pet-

Assurance will promote the ease of its app use, thus reducing the number of call-ins employees

have to deal with.

XV Potential risks and mitigation plan

Risk management planning will be ongoing at Pet-Assurance both to assess customer needs and

employee needs. Call centers need not unpleasant experience for either employees or customers. Risk

management will be in charge of going through the various surveys, suggestions, and calls in order to

help stem any problems before they become bigger issues.

A. Ethical implications of solutions

Employees will sign a waiver upon being hired that they acknowledge their calls are recorded for

quality assurance. Customers will receive an automated disclaimer that their calls are monitored for

quality assurance. Further, because employees will be handling credit and banking information, cell

phones are prohibited to be out in an employee’s workspace. Employees will be briefed of this necessity

and that being caught with a phone out is grounds for severe disciplinary action up to termination. For

emergencies, employees will be given the company reception number to give to their families and friends

for contact purposes.

XVI Contingency strategy

A. Contingency funding

Higher executive and board member bonuses will be based on how well Pet-Assurance does

throughout the year; exceeding goals will see higher bonuses while failure to meet goals will see lower

bonuses. Should Pet-Assurance not meet its goals, high-end executives and board members will see their


bonuses cut and potential taken away completely. Likewise, should the company do extremely poorly,

executives and board members can expect a pay cut if they were the supervisors of areas that did

exceptionally poorly. All higher end executives and board members will have this written into their

contracts to avoid disputes. In the instance the company does poorly beyond the point of recouping some

expense from bonuses and upper level pay cuts, Pet-Assurance will enter into negotiations with its parent

company, PetMeds Express, Inc.

XVII Communication plan template

Target Audience

Communication

Objective

Message

Type

Media

Channel

Timing/

Frequency

CEO/President/ Board of Directors

-Company productivity

-Regional problems

-Email

-Board Meeting

-Internet

-In-person or teleconference

-Monthly

-As required/as needed

Investors/Stockholders

-Company health and profitability

-Expected dividends

-Email or letter (stakeholder preference)

-Webcast

-Internet or paper mail

-Quarterly

Management Team -Employee productivity

-Team cohesion and balance

-Employee problems

-Training

-Email

-Management meetings

-Internet

-In-person

-Weekly or more as needed

All Employees -Notice of incentives, goals, changes, training

-Holiday notices/hours/closings

-Meetings with team or managers

-Email

-Company bulletins

-Team Meetings

-Internet

-Visible in high traffic employee areas

-In-person

-Weekly

-Monthly recaps

-More as needed

Marketing -Target markets -Email -Internet -Beginning,


Department -New strategies

-Success rate of ventures

-Team meetings -in person mid-project, and end of project

Community -Product/Service benefits and availability

-Approved Vets

-Promotions

-App/text

-Website/email

-Brochures

Facebook/Instagram

-Mobile

-Internet

-in person or mail request

-Social media

-Monthly

-Weekly (social media)

Vendors/Suppliers -technical problems

-logistics issues

-Email

-Phone call

-Internet

-Telephone

-bi-weekly

Customers/Clientele -Discounts, promotions

-Incentives

-New products/services

Eligibility/requirements

-App/text

-Phone call

-Email

Facebook/Instagram

-Letter

-Mobile

-Telephone

-Internet

-Mail

-as needed/ as required

XVIII Monitor and control your strategic plan

A. How you’ll use the Balanced Scorecard

For implementation of the balanced scorecard, Pet-Assurance will implement cascading.

Cascading is the eighth step put forth by Howard Rohm’s 9-Step framework for balanced

scorecards. Morognwa Makakane describes it as “cascading the corporate scorecard throughout

the organisation [sic] to business and support units. Then team and individual scorecards are

developed to link day-to-day work with departmental goals and corporate vision” (Makakane, 1,

2007). Basically, the scorecard will start at headquarters and be handed down to the various

departments. Those departments will then initiate their own version of the corporate scorecard


specifically for their department. The more individualized scorecards will illustrate how best to

achieve the corporate goals specifically for that department.

After the corporate balanced scorecard has been implemented and the individual

departments have constructed individual scorecards, Pet-Assurance needs to evaluate the

effectiveness of the balanced scorecard and its implementation. Simply, Makakane writes “Were

the expected results achieved?” (Makakane 1, 2007). Pet-Assurance will need assess current

programs and the cost-effectiveness of these programs, adding new programs and removing old

programs when something does not work for the company or customers, ensuring that planning

and budgeting work together, and “ensuring that organizational learning and knowledge building

are incorporated into planning” (Makakane, 1, 2007).

XIX Strategies/tactics to implement/realize objectives, measures and targets

A. Short term objectives

Pet-Assurance recognizes that the three-year outlook can be daunting. Therefore, for

smaller quarterly milestones will be arranged within the company. The first milestones involve

getting all the different components of Pet-Assurance on the same page, adjusted, and

comfortable with their individualized scorecards. The policies should be approved by the

Department of insurance and Pet-Assurance should have approved trademarks and copyrights in

place. Employees should be trained and taking calls with the most basic calls requiring minimal

help. The app should be designed and the first version at least operational. Marketing should

have at least created an ad for YouTube and begun implementing it and should be in the process

of obtaining the Google AdWords.

B. Functional tactics

Each department creates an individualized scorecard. This defines what needs to be done


now and what needs to be done in the future in order to meet that department’s goals for the

larger, corporate scorecard. In this, the individualized scorecard must also identify who/whose

team is responsible for accomplishing a task. Each management leader, from the team level to

the call center director need to be well-versed on what makes a “good” or “bad” employee;

appropriate rewards, reprimands, and motivations; and understand how the individual divisions

work as a whole company.

XX Marketing and information technology strategies and tactics

In order to reach the large market that is unaware that pet insurance exists, Pet-Assurance

will market predominantly online and through social media. The first ad campaign the company

will utilize is YouTube’s in-stream ads. Ideally, when YouTube viewers search for pet-related

videos, Pet-Assurance ads will air before the video.

Further, Pet-Assurance will invest in the Google ad-words “veterinarians,” “dog care,”

“sick dog”, “cat care,” “sick cat,” and “pet insurance”. The goal is when Google users search

any of the above terms, Pet-Assurance will achieve a higher ranking in the list results Google

amasses and thus will be listed as one of the first links to click.

With social media, Pet-Assurance will run Facebook ads for people who show interest in

animals. Pet-Assurance will also utilize hashtags #petsarefamily, #furbaby(ies), #petcare, and

#petinsurance when advertising on Twitter and Instagram. Further, we will encourage our

customers to post pictures of their pets, use the above-mentioned hashtags, and tag Pet-

Assurance in their posts. Pet-Assurance will run quarterly cutest pet contests to encourage

customers to use Pet-Assurance social media outlets.


XXI Issues faced by the organization

A. Ethical

Pet-Assurance faces several ethical issues. First and foremost, the company must take

care of its employees and their rights, which include mandatory breaks, time off, clear

scheduling, and insurance options for full-time employees. Second, Pet-Assurance must take

care of its customers and making sure their needs and their pets’ needs are being properly

assessed. Not only will this mean management comfortable with insurance policies, but

exceptional veterinarians available in the directory that will treat customers with compassion and

cognition. Lastly, Pet-Assurance needs to avoid the ethical conundrum that plagued PetMeds

Express, Inc in the early 2000s and be very open to the public about how the company operates.

B. Legal

Pet-Assurance will need to keep up-to-date on the laws governing pet care and pet

insurance. Currently, pets are viewed legally as property and thus, the insurance covering them

is technically a property and casualty insurance. Pet-Assurance will need to carefully and

blatantly outline what is and is not covered in its pet policies in order to avoid misrepresentation

of services and future legal trouble.

Further, Bios Urn is a Spanish company. Bios Urn has listed publicly that “The

relationship between Estudi Moline Disseny SL [Bios Urn] and the USER shall be governed by

Spanish legislation and any dispute shall be submitted to the Courts of the city of Madrid”

(Urnabios.com 2016). While pursuing and maintaining a relationship with Bios Urn, Pet-

Assurance should seek legal counsel from a firm with experience in the Spanish legal system.

C. Regulatory

Pet-Assurance needs to examined by the state’s Department of Insurance (DOI) in order


achieve the most credibility possible for its policies. “The DOI's approval process makes sure

the company has policy rates and content that is fair and honest and that the company is

financially sound” (Wilkerson, 1, nd). This means it would behoove Pet-Assurance to contract

an admitted insurance underwriter to ensure the policies are written correctly and are in

compliance with the DOI. Further, by gaining DOI approval, Pet-Assurance will be required to

contribute to a Guaranty Fund, “a state fund that is used to pay claims if an insurance company

were unable to meet their financial obligations” (Wilkerson, 1, nd).

XXII Corporate social responsibility

One of the hardest things for a pet owner is the death of their animal. The death of a pet

can be just as devastating as the death of a friend of loved one. The Humane Society of the

United States writes “Unfortunately, you don't always get that understanding when a pet dies.

Some people still don't understand […] why you're grieving over ‘just a pet”’ (The Humane

Society of the United States, 1, 2016). Pet-Assurance recognizes the difficult grieving process

owners face and offers an alternate way to honor a pet’s life. Pet-Assurance is seeking a

partnership with Bios Urn. Bios Urn is a kick start company that offers a 100% biodegradable

urn in which a tree or other plant can be grown from the ashes of a loved one (Estudi Moline

Disseny, S.L., 2012). In this way, the pet’s memory can be preserved in a noble way while also

giving back to the planet. The pet Bios Urns, which Pet-Assurance would like to call Pet Pods,

will be available in different sizes and 5% of the cost of a purchased Pet Pod will be donated to

The Humane Society of the United States, optionally in the name of the deceased pet or grieving

family, to help preserve the quality of life for pets still in search of forever homes.


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A. UOPX Textbooks

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referrer=https://www.google.com/.

Wilkerson, F. DVM. (n.d.) Pet MD. “Regulation in the pet insurance industry.” Retrieved on 13

June 2016 from

http://www.petmd.com/centers/insurance/evr_regulation_in_the_pet_heath_insurance_in

dustry.

Graphic/logo/picture/ and other references

N/A


Documents

Pet-Assurance Project Plan