Miles Thorson is the CEO and Co-founder of Odie Pet Insurance, which provides affordable and transparent pet insurance coverage for dogs and cats. Thorson co-founded the company in 2019 with the aim of providing pet owners with a more accessible and affordable option for pet insurance. Before starting Odie Pet Insurance, Miles worked for his family’s specialty insurance platform as an executive. Prior to joining insurance, he worked as a business development lead for Wheels Up, a private aviation company.
Miles’s vision for Odie Pet Insurance is to make pet insurance more accessible to all pet owners, regardless of their income or their pet’s health history. The company offers customizable plans that allow pet owners to choose the coverage that best suits their needs and budget. Under his leadership, Odie Pet Insurance has experienced rapid growth and success. The company has received funding from top investors and has been featured in several media outlets, including Forbes and TechCrunch.
Unique Approach to Make Pet Insurance More Accessible
What sets Odie Pet Insurance apart from other pet insurance providers is its unique approach to distribution. Instead of solely relying on direct-to-consumer sales, the company creates strategic partnerships with businesses that cater to pet owners. This allows it to bring pet insurance to new customer bases and provide a whole new revenue stream for its partners. Odie Pet Insurance coverage includes accident and illness coverage, as well as optional wellness coverage. The company offers customizable plans with various deductible and reimbursement options to fit each pet owner’s budget and needs.
One of the most distinguishing features of Odie Pet Insurance is that it does not charge or change an insured’s rate based on claims history. Instead, it operates with an annual rate increase cap of less than 10%, promoting transparency and affordability for its customers. This unique approach to pet insurance ensures that pet owners can provide the best care for their furry friends without fear of financial repercussions.
Took Inspiration from Family Business
Miles’ inspiration to step into the insurance sector can be traced back to his family’s insurance business, where he grew up seeing his father’s passion for the industry. This exposure to the business from a young age instilled in him an interest in the insurance sector, which later led him to pursue a career in it. Miles was drawn to the personal interactions that came with producing P&C business, and he thrived on working with successful business owners and entrepreneurs who were his clients. He saw firsthand the impact that insurance can have on people’s lives and businesses, and he wanted to be a part of that.
Moreover, Miles’s family-run platform encouraged him to challenge himself in pursuit of new opportunities, which eventually led him to transition from being a broker to building specialty programs and learning the tech side of the industry. This broad exposure helped him understand how the industry operates and how it can improve, inspiring him to co-found Odie Pet Insurance and make pet insurance more accessible and transparent to all pet owners.
Eliminating the Pressure of Comparison
As the CEO of the company, Miles has faced various challenges throughout his journey as a leader. One of the most significant challenges that he has encountered is the pressure to compare his company to others in the space that have already achieved success. This can create an immense amount of stress and self-doubt for a leader, and Miles had to remind himself that many factors go into a business journey, some of which he can control and many that he cannot.
Another challenge Miles faced was identifying the right talent to join his team. As a startup, Odie Pet Insurance required people with different skill sets and experiences to build a robust and well-rounded team. Finding the right talent, especially in a competitive industry like insurance, can be a daunting task. However, Miles managed to attract a great team to work with him, allowing him to focus on the long-term vision of the company and its products, running growth and distribution efforts, and managing capital needs.
Using Feedback as Foundation to Build Top-class Services
Odie Pet Insurance listens to its clients and makes sure to take feedback seriously. The company interacts with its clients daily and constantly looks for ways to improve its overall coverage offering, user experience, and claims processing. In addition, the company deals with conscientious pet parents and families who deeply love their pets. These clients face significant costs for daily care and unexpected health bills. The company’s insurance product is designed to offset or minimize these expenses so that pet parents don’t have to choose between their furry family member and their own financial well-being.
The feedback received from clients can impact the company’s strategies and operations in various ways. For instance, if clients suggest changes to the insurance product’s coverage, the company may consider altering the policy. If clients report difficulties with the user experience or claims processing, the company may investigate and implement improvements to enhance the overall customer experience.
Wisely Managing Work-life Balance
Miles recognizes the importance of having interests and activities outside of work for a fulfilling life. He mentions that he loves exploring with his wife, whether it is traveling and experiencing new cultures or just taking a local hike with their dogs. Additionally, he is a keen golfer and considers it an important way for him, his family, and his friends to build relationships together.
By making time for these personal interests, Miles is able to maintain a healthy work-life balance. This helps him stay motivated and excel professionally. He understands that finding a balance between work and personal life is crucial for his overall well-being, and this allows him to stay productive and focused in both areas.
Emphasis on the Importance of Continuous Learning
Miles’ advice to aspiring leaders in the insurance sector is to have a deep understanding of their product and the industry. He emphasizes the importance of continuous learning and approaches the knowledge acquisition process with a professional athlete’s mindset toward mastering their sport. By having a strong command over the industry and being knowledgeable about their product, aspiring leaders can set themselves apart and make a name for themselves in the competitive insurance sector.
Aspiring to Dominate the Pet Insurance Industry
Miles sees Odie Pet Insurance entering an exciting growth phase in the next five years. The company has set a goal to become one of the top five pet insurers in the industry. It plans to achieve this goal by optimizing and iterating its products, which will continue to add value to its customers and partners. Miles acknowledges that achieving this goal will not be easy, as the pet insurance sector has been predominantly focused on online customer acquisition.
Miles believes that companies in the pet insurance sector have not been able to innovate on the actual insurance product or the pet health and wellness services they offer. To overcome this challenge, Odie Pet Insurance plans to introduce a fully integrated pet health platform with insurance at its core.
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“I believe a fully integrated pet health platform with insurance at its core can shake things up for the benefit of pets, their owners, and our business.”
