Pricing sophistication for pet policy premium
Pet Score enables insurers to assess the risk associated with pet insurance policies more effectively, based on geographic location at a micro level.
By integrating this new additional data into the premium pricing process at point of quote, insurers can confidently price policies more competitively, assisting in growing market share, improving profitability and preserving loss ratios.
The CRIF algorithm incorporates a number of different variables, developed and optimised specifically for the pet insurance market. These include the housing and economic conditions of the area together with urban architecture, in order to predict the probability of a pet experiencing a negative event requiring treatment covered by the insurance policy.