CRIF, a major player in Europe’s financial services sector known for its risk management solutions, has ventured into the UK’s insurance market with a real-time pet insurance service.
This move promises to reshape the way insurers view and assess their policies, especially in the face of growing claims and rising costs.
The introduction of Pet Check comes at a critical juncture. With pet insurance claims reaching record levels and the cost of living soaring, pet owners are on the lookout for the best products and services that won’t break the bank. This tool is poised to assist insurers in offering competitive prices while also mitigating potential risks.
A significant entity in the risk management domain, CRIF has consistently provided Europe’s financial services industry with innovative solutions. Their expertise has made them an indispensable asset, especially when it comes to navigating challenges and complexities.
Pet Check, CRIF’s latest offering, stands out due to its real-time validation capabilities. The tool enables insurers to immediately verify critical pet details, such as age, breed, sex, species, and pre-existing conditions. Moreover, it provides insights into the policyholders’ claims history, ensuring a comprehensive risk assessment for the insurer.
Beyond mere validation, Pet Check offers insurers a more profound understanding of what insuring a particular pet might involve. By aiding the improvement of loss ratios and the policy underwriting process, the tool also targets potential underwriting fraud and misrepresentation.
Despite the growth in third-party data adoption by many insurance sectors, pet insurance has been slower to embrace these advancements. The difficulties lie in verifying the consistency of pet and owner information during the quotation or policy inception. CRIF’s Pet Check is designed to bridge this gap, leveraging fresh data to ensure pet insurers strengthen and expand their market stance.
CRIF Regional Director for the UK & Ireland, Sara Costantini said, “Insurers appreciate these are tough financial times for many pet owners. They are committed to providing policies that are priced appropriately and give people peace of mind. Pet Check will help them to avoid making a dog’s dinner of the risk assessment process.”
“We’re pleased to be offering pet insurers next-generation solutions that give them the opportunity to retain and grow their customer base profitably, and in the face of increased competition from new market entrants.”
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