The first pet insurance claims database
providing a holistic view of the claimant and their claims history
CRIF for the Pet insurance industry
The pet insurance market continues to represent significant growth opportunities for insurers. The pet population in the UK stands at around 57 miillion with an estimated 40% of households owning a pet. According to figures from the ABI only 30% of the 8.5 million dog owners and just 16% of the 7.5 million cat owners are thought to have pet insurance and these insurance statistics do not take into account smaller furry animals such as rabbits or more exotic pets such as snakes.
The chance for agile insurers to increase their market share is undeniable. But there are some challenges to overcome in order to achieve profitable growth.
CRIF has developed the industry’s first pet insurance claims database to support UK insurers facing increasing fraud risks and rising claim costs.
CACHE Pet enables insurers to share pet insurance claims data to help detect and prevent pet insurance claims fraud, reduce claim lifecycle by fast tracking genuine claimants, reduce costs and improve customer satisfaction.
CRIF envisions additional data sources being made available via CACHE Pet in the future, these include a full claims profile of the claimant across multiple business lines, pet micro-chip databases and business bureau information related to veterinary practices.
This allows Pet insurers to have a holistic view of the pet insurance claim and the parties involved, supporting the genuine customer, vet and the insurer.
What can insurers do to detect and prevent pet insurance claims fraud?
London, July 4, 2018
CRIF sponsors the 2018 British Insurance Awards
On July 4, CRIF took part in the British Insurance Awards, one of the most popular and spectacular events for the whole insurance community, descending on the Royal Albert Hall for a memorable networking evening.
London, June 26, 2018
RSA to Extend Use of CRIF’s Industry Database for Pet Insurance Claims
RSA is to extend its use of CACHE Pet, the industry’s first pet insurance claims database developed by CRIF Decision Solutions [CRIF] to support insurers facing fraud risk and rising claim costs. The news comes as the ABI released figures revealing that pet insurers paid out an average £2 million per day in claims in 2017, the highest figure on record and increasing 10% year on year.
Royal Albert hall, London, July 4, 2018
The 24th British Insurance Awards 2018
Amsterdam, the Netherlands, May 3-4, 2018
Excellence in Claims Management Conference
Among a panel of European industry players, CRIF has been invited to give a speech on ‘Using insurance claims to boost revenue’ as well as to take part in the debate focused on customer fraudulent behaviours and potential patterns. How to stop fraudulent behaviour before it happens? The panel discussion will try to address this topic and share their views and experiences. For more information: http://euro-events.co/excellence-in-claims-management2018/