London, June 21, 2017
London, June 21, 2017
RSA has consolidated its in-house claim data related to pet claims on the centralised platform. Initially using CACHE Pet at point of claim, the insurer will interrogate the consolidated data to identify fraud and validate claims faster and accurately.
CRIF is currently in talks with a number of pet insurers and expects to announce further subscribers to the new database shortly. Built to import current and historic claims data, CACHE Pet provides a centralised industry platform facilitating full data reciprocity between users. Members are able to share claims data to detect and prevent pet insurance claims fraud, reduce claims life cycle by fast tracking genuine claimants, cut costs and improve customer satisfaction.
CRIF is offering insurers flexible commercial terms to use the database. Membership is free with no joining fee and a transactional charge for searching the database is based on insurer size and volume of business. Service accessibility is equally flexible with options including manual web interface, overnight batch transfer and real time claim assessment. A steering group represented by the membership will drive CACHE Pet service developments forward based on member needs. Individual user MI reports are currently available and CRIF plans to analyse aggregated and anonymised pet claims data in the future to deliver valuable industry trend reports and statistics.
Adele Sumner, Head of Fraud Intelligence & Strategic Development at RSA commented: “ABI statistics released in April show that the number and cost of pet insurance claims reached record levels in 2016. Insurers received over 2,500 claims every day and paid out a record £706million over the course of the year. At RSA we are proud to support our genuine customers with the care of their pets and we are determined to reduce the impact of fraud on our policyholders. The counter fraud successes derived from shared industry databases in the motor, household and personal injury sectors provide pet insurers with an opportunity to identify fraud to protect our honest customers and prevent fraudulent claims. We look forward to collaborating with our fellow pet insurers and collectively benefiting from a better understanding of the fraud risks facing our individual organisations and the pet insurance sector.”
Sara Costantini, Director at CRIF Decision Solutions said: “We are delighted to welcome RSA on board with CACHE Pet. It is our plan to continue to innovate to make this facility ground-breaking for insurers with enriched data services providing a holistic view of the claimant and their claims history, together with the vet, their treatment records and practice information. We also envisage extending the service in the future to support insurers further with a comprehensive quote and underwriting process as well as overall customer engagement during the insurance life cycle.“
