London, June 26, 2018
London, June 26, 2018
RSA is to extend its use of CACHE Pet, the industry’s first pet insurance claims database developed by CRIF Decision Solutions [CRIF] to support insurers facing fraud risk and rising claim costs. The news comes as the ABI released figures revealing that pet insurers paid out an average £2 million per day in claims in 2017, the highest figure on record and increasing 10% year on year.
CACHE Pet enables insurers to share claims data to detect and prevent pet insurance claims fraud, accurately assess risk and support competitive pricing. Users can decrease claim life cycle by fast tracking genuine claimants, reduce costs, profitably increase market share and improve customer satisfaction. CRIF continues to work with the UK’s leading pet insurers to onboard and embed the initiative and has introduced a six weekly round table meeting to further enhance industry collaboration.
Adele Sumner, Head of Fraud Intelligence and Strategic Development at RSA explains: “RSA added a sample set of pet claims into CACHE Pet in Quarter 4 of 2017 and as a result identified a number of suspect claims. 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 said: “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.”
