RSA is extending its use of a pet insurance claims database following a successful trial in which the insurance company identified several suspect claims.
CACHE Pet, which was developed by CRIF Decision Solutions, the operator of the RTA, EL and PL claims portals, enables insurers to share pet insurance claims data to detect and prevent fraud, accurately assess risk, and support competitive pricing.
RSA added a sample set of pet claims into CACHE Pet in Q4 2017 and as a result identified a number of suspect claims.
Adele Sumner, head of fraud intelligence and strategic development at RSA, said: “We are now extending this activity to encompass all pet claims as a direct result of this success. RSA are active supporters of initiatives that help prevent and detect fraudulent claims.”
Sara Costantini, director at CRIF Decision Solutions, commented: “The benefits of data sharing are significant and are already enjoyed by insurers using CRIF’s CACHE service across other lines of business. We have been working closely with the UK’s pet insurers over the last two years, partnering to share knowledge and expertise to develop and realise this initiative.”
“The market has welcomed the pet insurance claims database, recognising the value of the additional evidence available to support decision making. The opportunities for growth in the market remain significant with 8.2 million UK households currently having no insurance for their pet. Industry collaboration and data sharing across the sector with CACHE Pet will assist insurers in controlling rising claims spend, tackle increasing fraud and underpin confidence in accurately pricing risk to achieve profitable growth.”
Pet insurers paid out £775 million in claims during 2017, the Association of British Insurers (ABI) reported last month.
This was the highest claims payout on record for pet insurance and represented a 10% year-on-year increase, averaging at £2 million per day.