CRIF, a major player in Europe’s financial services sector known for its risk management solutions, has ventured into the UK insurance market with a real-time pet insurance service.
The move promises to change the way insurers view and assess their policies, especially in the face of rising claims and costs.
The launch of Pet Check comes at a critical time. With pet insurance claims reaching record levels and the cost of living soaring, pet owners are looking for the best products and services that won’t break the bank. This tool will help insurers to offer competitive prices while mitigating potential risks.
As a major player in the field of risk management, CRIF has consistently provided innovative solutions to the European financial services industry. Its expertise has made it an indispensable asset, especially when it comes to overcoming challenges and complexities.
Pet Check, CRIF’s latest offering, stands out for its real-time validation capabilities. The tool allows insurers to instantly verify critical pet details such as age, breed, sex, species and pre-existing conditions. It also provides insight into the policyholder’s claims history, ensuring a comprehensive risk assessment for the insurer.
Beyond validation, Pet Check provides insurers with a deeper understanding of what insuring a particular pet might entail. By helping to improve loss ratios and the underwriting process, the tool also targets potential underwriting fraud and misrepresentation.
Despite the increasing use of third-party data in many insurance sectors, pet insurance has been slower to embrace these advances. The difficulties lie in verifying the consistency of pet and owner information at the time of quoting or underwriting. CRIF’s Pet Check is designed to bridge this gap, using fresh data to ensure pet insurers strengthen and expand their market position.
CRIF UK & Ireland Regional Director, Sara Costantini, said: “Insurers recognise that these are tough financial times for many pet owners. They are committed to providing policies that are reasonably priced and give people peace of mind. Pet Check will help them avoid making a dog’s dinner of the risk assessment process”.
“We are delighted to be able to offer pet insurers next generation solutions that will enable them to retain and grow their customer base profitably in the face of increased competition from new entrants to the market.”
