In 2023, Margi Tooth became the CEO of Trupanion, a Seattle-based company that provides pet insurance. The rise in spending on pets is influenced by the increased integration of animals into families, due in part to the pandemic. Tooth highlighted that only 4% of pets in North America have insurance, indicating a significant opportunity for growth in the pet insurance market. Trupanion, founded in 2000, went public in 2014 and currently has a market capitalization of over $1.7 billion. Tooth, who joined Trupanion in 2013, has held various leadership positions within the company and is focused on driving sustainable growth while maintaining a strong foundation.
Tooth emphasized the changing dynamics of pet ownership, with pets being treated more like family members. Trupanion differentiates itself by offering comprehensive coverage, direct payment to vets, and no limits on payouts. Tooth believes that the rising costs of medical care for pets create a greater need for services like Trupanion. The company’s revenue has shown significant growth, with a reported revenue of $314.8 million in the second quarter of this year, up 16% year-over-year. As spending on pet services is projected to more than double by 2030, Trupanion is well-positioned to capitalize on this growing market.
Despite Trupanion’s success, Tooth recognizes the importance of managing the company’s growth in a disciplined manner. She described Trupanion as no longer being a scrappy startup but rather a company that cares for over a million pets and generates over a billion dollars in revenue. Tooth is focused on achieving sustainable growth to reach the company’s next milestones. She attributes her success to a combination of execution capabilities and emotional intelligence, which she believes is critical for effective leadership. Tooth’s appointment as the CEO of Trupanion makes her one of the few women leading a publicly traded company based in Washington state, and she hopes to inspire others, regardless of their background.
Tooth’s passion for animals traces back to her childhood on a farm in rural England, where she dreamed of becoming a veterinarian. Now, she cares for her ‘two girls’ – an English Bulldog and a Maltipoo – along with her three human sons. Tooth describes herself as a ‘heart and head leader,’ emphasizing her ability to balance both emotional and rational aspects of leadership. She values the opportunity to inspire others through her leadership role and believes that anyone, regardless of their background, can achieve their goals with determination and drive.
The pet insurance industry is poised for substantial growth, with increasing interest in comprehensive coverage from pet owners. Tooth’s leadership at Trupanion reflects the shifting dynamics of pet ownership, where animals are considered integral members of the family. She emphasizes the company’s commitment to providing value through comprehensive coverage and exceptional customer service. Tooth’s journey from a childhood dream of becoming a veterinarian to leading a successful publicly traded company highlights the opportunities for individuals to achieve their aspirations with dedication and perseverance. Her leadership at Trupanion sets an example for others, demonstrating that with determination and empathy, anyone can succeed in their chosen field.
