When Trey Ferro compared pet-insurance adoption in 2019, the gap jolted him: nearly 40 percent of UK pet owners were covered, yet only about 2 percent of Americans were. The Chicago-born economist decided the shortfall came down to awareness, and that insight pushed him to launch Spot Pet Insurance in Miami at the start of 2020.
Ferro, now 27, had spent 18 months at Cameo learning how celebrities can drive direct-to-consumer sales without feeling forced. “I knew I could take that playbook and make a digital pet-insurance brand people actually liked,” he told Refresh Miami. By the time COVID-19 emptied offices, he and two early teammates were building one from South Florida.
The choice of Miami was deliberate. Warm weather and a mayor eager to court startups helped, but Ferro cared most about talent that thrives face-to-face. Today Spot employs just over 50 people – about 40 of them in the city – and the team eats breakfast and lunch together in-office every weekday. “That family-like environment keeps our collaboration strong,” he said.
Spot’s product mirrors the snap-in, snap-out design Gen Z expects. New customers can finish enrollment in under two minutes, and filing a claim requires only a photo of the vet bill; reimbursements often hit bank accounts within 48 hours.
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The company underwrites through a third-party company, leaving Spot free to focus on marketing and user experience. Social partnerships with MrBeast, Kesha, and Purina keep the brand in millennials’ feeds, while a 24/7 tele-vet line stands by when a dog gulps down something it shouldn’t.
Market demand is catching up fast. The North American Pet Health Insurance Association reports that U.S. gross written premium climbed to $4.7 billion in 2024, up 21 percent year over year. Spot beat that pace threefold, growing 63 percent and accounting for roughly 22 percent of all newly insured pets. The company now covers more than 750,000 cats and dogs and manages upwards of $265 million in premiums.
Pricing flexibility plays a big role. Policies start around ten dollars a month but scale to cover six-figure surgeries. “We wanted something that works for nearly everyone,” Ferro said, noting that the average customer is young and female – owners who often treat pet wellness as household health care. Spot’s most recent addition, Spot Perks, extends discounts on food, toys, and training videos even when a policyholder hasn’t filed a claim.
Despite the numbers, Ferro measures success in more personal terms. “I want to give away a billion dollars in claims,” he said. “When someone writes that Spot saved them nine grand and their dog’s life, that’s better than any chart.” Reaching that figure means expanding both reach and retention, goals that line up neatly with Miami’s ambitions to be a consumer-tech hub.
If U.S. adoption eventually mirrors the UK’s forty-percent coverage rate, the market could quadruple before it even looks mature. Spot plans to be ready when that day arrives, fueled by the same on-the-ground energy that drew Ferro south five years ago, and by thousands more pet owners who would rather protect their “fur babies” than gamble with the next emergency bill.
This story was originally published by Refresh Miami, a WLRN News partner. Refresh Miami is the oldest and largest tech and startup community in Miami with over 16,000 members.
