Streamlined risk assessment and pet policy pricing
Accurate pricing and rapid, secure delivery of high volumes of data that informs claims and quotation decisions is essential as pet insurers compete to issue millions of riskless quotes and perform sustainable underwriting transactions every day.
With the majority of insurance sales being generated through insurers’ websites and online price comparison services, CRIF fulfils the growing need for immediate access to pet claims information to allow insurers to make quicker and more accurate underwriting decisions.
Provide your customers with the right price for the right risk.
RADAR, Rapid Detection & Analysis of Risk, is a point-of-quote or point-of-sale risk tool designed to deliver an enriched claims history and help detect pet insurance fraud at a very early stage by reducing the insurer’s exposure to fraud and the negative impact that this can have on their business.
RADAR, ENRICHED CLAIMS HISTORY AND EARLY PET FRAUD DETECTION AT POINT-OF-QUOTE.
RADAR is a high-performance and high-volume screening tool which allows insurers to assess their risk in real time and either decline the business or price it accurately to ensure all parties are suitably protected.
RADAR delivers results in a sub-second environment for point-of-quote and real-time point-of-sale processing, or through a post-sales batch service supplying data enrichment through extraction. It can be configured to reflect pet insurers’ risk tolerances and can be applied to any insurance business.
Making trusted data available at the point-of-quote and point-of-sale provides customers with efficient data streamlining, supporting the underwriting and pricing process whilst reducing the risk of fraud at the earliest stage.
A DYNAMIC RESPONSE TO PET INSURANCE FRAUD AT A VERY EARLY STAGE.
RADAR provides a comprehensive risk validation by enriching insurers’ internal data with the widest range of external sources, including pet claims data.
Highly customisable, the service can be tailored to specific underwriting processes and deliver predictive risk indicators which can be integrated into insurers’ back office systems. Thanks to machine learning techniques, these predictive indicators can evolve and adapt to reflect the behaviour of fraudsters.
- Results and insights delivered in real time, processing and analysing a high volume of data.
- Output and delivery of risk indicators and multiple data enrichment.
- Informed decisions can be made at a very early stage thanks to the combination of a range of internal and external data sources.
- High level of data source customisation and added-value analytical tools available.
- Inherent flexibility and configurability together with machine learning techniques can deliver a solution which can evolve with an insurer’s business and counter-fraud strategies.
- Operational savings due to accurate and comprehensive data analysis, which will improve pricing accuracy and help identify fraud at point-of-quote and point-of-sale, protecting profits.