Crif Decision Solutions says that it has launched the first pet insurance claims database.
The company says that the database, called Pet Cache, will support insurers facing fraud risk and rising claim costs. It enables insurers to share claims data to detect and prevent pet insurance claims fraud, reduce claim life cycles, lower costs, and improve customer satisfaction.
Crif says that figures from the Association of British Insurers [ABI], which show that pet insurance claims rose by 9% in 2015 – resulting in a pay-out equivalent of £1.8 million every day – have been partly driven by growing fraud. Common fraudulent claims include fake accidents to cover pre-existing conditions or intentionally injured pets, insuring imaginary pets, staging pet disappearances, pet swopping and the submission of inflated and treatment exaggerated veterinary bills.
According to Crif, Pet Cache will give insurers a centralised platform where they can share and interrogate industry pet claims data and related industry data bases. This will support the claims investigation process and identify claim anomalies, serial claimants, suspect vets operating as professional enablers and emerging fraud trends.
Sara Costantini, director at CRIF Decision Solutions said: “We recognised the claim costs control challenges facing those already operating in this space and the related barriers to entry to others who would like to offer this cover.
“We are excited by the prospects of what can be achieved with a centralised industry database providing an holistic view of the claimant and their claims history, together with the vet, their treatment records and practice information and the associated benefits to policy life cycle.
“The fraud deterrent value alone we believe will be significant and pet insurers will be able to make informed claim decisions to support their customers, improve satisfaction and operate competitively.
“The market as a whole will become better educated and have an improved understanding of fraud risk associated with pet insurance.”