In response to a 28% increase in pet insurance claims, CRIF’s “Pet Check” provides comprehensive coverage and rapid customer care.
Last year, record-high claims volumes and payouts for pet insurers resulted in increasing losses for the industry. The risk management solution supplier for the financial services sector, CRIF, has introduced “Pet Check” in an attempt to address this issue.
In 2022, pet insurers in the UK received 1.3 million claims, a 28% rise from 2021, and a £42 million loss in 2023. A CRIF roundtable conversation concluded with the following: Despite the rising expense of living, new owners are more likely to want to research and insure their pets, and they will also want comprehensive goods and efficient customer services.
With CRIF’s most recent introduction, pet insurance firms should have less worries since it will enable them to more easily and confidently cover UK pets by verifying their details in real time. Insurance companies can rapidly confirm a pet’s data, such as age, breed, sex, species, breed, and pre-existing conditions, as well as the policyholder’s claims history, by using a tool called “Pet Check” at the time of quote.
By giving insurers a more comprehensive and precise picture of what pet insurance can involve, the Pet Check service helps to enhance both the policy underwriting process and the loss ratio, thereby mitigating the risk of potential underwriting fraud and misrepresentation.
Insurance companies recognise that many pet owners are going through difficult financial times, according to Sara Costantini, regional director for CRIF in the UK and Ireland. They are dedicated to offering reasonably priced plans that provide individuals with peace of mind. They may avoid turning the risk assessment process into a dog’s meal by using Pet Check.
We’re happy to provide pet insurers with next-generation solutions that will enable them to economically maintain and expand their clientele in the face of growing competition from new competitors.
Pet insurers are lagging behind
Even though a sizable segment of the insurance industry has adopted richer, third-party data to improve risk models and uncover new hazards, pet insurers have sometimes been sluggish to implement this technology.
This has frequently meant that it has been difficult to verify the accuracy of the pet and pet owner data provided during the quotation process or when a new pet insurance is first introduced. With the help of fresh data, CRIF seeks to help pet insurers overcome this obstacle and strengthen their position in the market.
Additionally, Pet Check gives insurers the ability to delve into even more depth, allowing the underwriting team to evaluate any disparities discovered with the pet’s owner early on in the policy lifecycle and guaranteeing the underwriting is based on the actual risk involved. By decreasing disagreements with actual consumers later on throughout the claim cycle, this early detection improves the customer experience.
The solution is specifically made to serve insurers who want to decrease the effort required for API integration through a hybrid approach. Pet data is automatically sent over an API, but an intuitive interface allows for additional analysis.
The introduction of Pet Check strengthens CRIF’s industry-leading suite of products for pet insurers, which also includes the first central pet claims database, customised fraud detection tools, and Pet Score, a sophisticated pricing tool based on geographic location that was introduced in June of this year.
