Standing out in a crowded market is no easy task. Pet insurance company Lassie has just surpassed €50 million in gross written premiums in under four years, with over 160,000 active policies.
This milestone not only marks rapid growth, but also positions the startup ahead of our European startup competitors combined. For context: Dalma has 60,000 policies and Napo 70,000, policies.
I spoke to CEO of Lassie, Hedda Båverud Olsson, who contends that the company was lucky to start in Sweden, which is one of the most mature markets for pet insurance.
“That meant we had to build an excellent product from day one. So when we expanded into Germany and France, our offering was already far ahead of the competition.”
She also attributes their success to their founding team:
“I focus on marketing, Sophie handles everything insurance-related, and Johan leads the tech. That combination means we’re strong on execution, and at the end of the day, that’s what really matters.”
Olsson contends that Lassie is building an ecosystem around pet care.
With Lassie, customers get access to preventive care content, dog training courses, activity tracking, dental checkups, and more. Further, through Lassie’s app, pet owners can learn more about how to prevent injuries, collect points, and get rewarded with a cheaper insurance price. The company also recommends healthy products within its e-commerce store.
Olsson says, “We’ve also built a very strong core insurance product. We’ve optimised everything from pricing to terms and conditions thanks to Sophie's expertise. But what really makes us stand out is the added value we offer—and the trust we’ve earned.”
The startup recently celebrated reaching a 4.7 rating on Trustpilot, which is no small feat for a growing company.
According to Olsson, in places like Germany, many customers are buying pet insurance for the first time.
“A big part of our mission there is education—many people don’t realize how expensive vet visits can be. That thinking was inspired by my mother, who’s a vet. Not everyone has access to that kind of knowledge, so part of our mission is to democratise it.”
Treatments can easily cost €10,000 or more, especially with surgeries or weekend emergencies. For most people, that’s not an amount you just have sitting in a bank account.
“Insurance lets pet owners treat their animals like family, without facing financial ruin.”
Lassie’s pet eligibility is a stand out — pets are insured from the age of eight weeks without a maximum age limit.
Olsson contends, “we want to be inclusive and cover all pets, regardless of age.”
“Older pets can live long and healthy lives with the right care. It’s similar to humans—things like diet, exercise, and sleep make a big difference"
One of the challenges I’ve discussed when talking to petcare starting is the increasing pressure on pet insurers to offer more add-ons.
Olsson notes that on the one hand, the company wants to offer high coverage limits so people can afford necessary treatment.
"But there’s a risk: higher limits can lead to upselling by clinics, pushing up prices and creating inequality around who can afford pet care.”
Lassie addresses this by working with clinics and also pushing for more transparency. In Sweden, the app now includes pricing info from different vet clinics, so users can make informed decisions.
“We’re also using data to help users know when a vet visit is necessary, or when they might just need to speak to a digital vet first.”
Anonymised data from Lassie customers helps the company refine its dynamic pricing system and offer fairer rates based on breed, age, and other risk factors.
According to Olsson, it also helps to optimise claims:
“We now have a large dataset of vet bills, which allows us to train AI models to process and validate claims more efficiently. That improves speed and accuracy, for us and our customers.”
Looking forward, the company is investing heavily in its app with plans to expand the ecosystem to include more training content, partnerships, and engagement tools.
Olsson notes:
“Once we feel confident we’ve nailed those areas, we’ll look toward entering a new market. We’re excited about that possibility—but only once we’re truly ready.”
Lead image: Lassie co-founder and CEO Hedda Båverud Olsson and Louie via Lassie. Photo: Uncredited.
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