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CRIF launches Pet Check in the UK

Monday 9 October 2023 13:57 CET | News

Fintech CRIF has announced the launch of its real-time pet insurance service in the UK, allowing companies to simplify the validation process for pet details. 

The new service enables insurers to instantly verify the age, breed, sex, species, and pre-existing conditions, as well as their policy holders’ claims history. Pet Check provides a broader understanding of what insuring a pet could entail, aiming to improve the loss ratio, and policy underwriting process, and address the risk of potential fraud and misrepresentation. 

Fintech CRIF has announced the launch of its real-time pet insurance service in the UK, allowing companies to simplify the validation process for pet details.

 

Pet Check’s objective and features

While the majority of the insurance industry integrated enriched, third-party data to improve risk models and identify additional factors, pet insurers fell behind in adopting this technology. Mostly, providers struggle to validate the consistency of pet and owner information disclosed at the quotation stage, or at the inception of a new pet policy. CRIF’s solution aims to solve these issues for pet insurers, leveraging new data to maintain and expand their market position.

Moreover, Pet Check enables underwriting teams to assess any discrepancies found with the pet’s owner early in the policy lifecycle. By ensuring the policy is underwritten according to the true risk involved, this beforehand detection enhances the customer experience by minimising disputes at the claim stage. The solution has been designed to support a hybrid approach for insurers looking to reduce the API integration effort. Although pet information is automatically submitted via an API, further analysis can be done through a mobile app.

The newly launched service comes as an addition to CRIF’s Pet Score solution introduced in July 2023. The solution allows insurers to assess the risk associated with pet insurance policies based on geographical location at a micro level while enabling them to price contracts more competitively, assist growth in market share, improve profitability, and preserve the loss ratio. Pet score complements CRIF’s existing suite of solutions for pet insurers, including a centralised pet claims database and fraud detection tools for this specific market. 

CRIF’s latest developments

CRIF specialises in decision management, consumer profiling, fraud prevention, Open Banking, and digital transformation solutions, offering its services to over 10,500 financial institutions, 600 insurance companies, and 82,000 business customers across 50 countries. The company’s objective is to create value and opportunities for consumers and businesses by providing reliable information and services.

At the beginning of September 2023, CRIF launched Synesgy, a solution that offers UK-based businesses with globally compliant ESG insights for sustainable supply chains. The service simplifies supplier audits, allowing businesses to collect and access ESG reports and view the sustainability ratings of their partners. 

Source: Link


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Keywords: insurance, product launch, fintech, API, underwriting, fraud management
Categories: Banking & Fintech
Companies: CRIF
Countries: United Kingdom
This article is part of category

Banking & Fintech

CRIF

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