Margi Tooth became the CEO of Trupanion, a pet insurance provider based in Seattle, in 2023. She has observed a significant increase in spending on pets, driven in part by the pandemic, as pets become more integrated into families. Despite this rise in popularity, only 4% of pets in North America have insurance, highlighting the under-penetrated nature of the category. Trupanion, founded in 2000 and now with a market capitalization of over $1.7 billion, aims to address this gap in the market. Tooth, who joined Trupanion in 2013, is focused on sustainable growth for the company.
With pet services expected to double to $112 billion by 2030, Trupanion positions itself as a company that offers comprehensive coverage and higher claims payouts compared to competitors. Their direct payment service pays veterinarians directly at checkout and has no limits on payouts, distinguishing them in the market. Tooth emphasizes the importance of providing the best value to ensure pets receive the care they need while maintaining customer satisfaction and lifetime value. Rising medical costs for pets further underscore the need for services such as Trupanion.
Tooth’s background growing up on a farm in rural England and her initial aspiration to become a veterinarian have shaped her approach to leading Trupanion. She describes herself as a “heart and head leader,” emphasizing both emotional intelligence and execution capabilities. With her experience in various roles within Trupanion, including chief marketing officer and president, Tooth is focused on disciplined growth for the company, moving away from its scrappy startup days to a more established operation. Trupanion’s revenue growth has been significant over the years, pointing toward a promising future for the company.
As one of the few women leading a publicly traded company in Washington state, Tooth sees her position as an opportunity to inspire others to pursue their goals, regardless of background or identity. She believes that anyone can achieve success with determination and effort and hopes to serve as a role model for individuals, whether similar to her or not. Tooth’s leadership at Trupanion marks a significant milestone not only for the company but also for representation and diversity in the business world. Her commitment to growth, innovation, and inclusion bodes well for the future of Trupanion and the pet insurance industry as a whole.
