RSA to Extend Use of CRIF’s Industry Database for Pet Insurance Claims

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.”

About CRIF Decision Solutions Ltd:
Established in the UK in 1997, CRIF Decision Solutions Ltd. is part of the CRIF Group. The company has been providing added-value solutions, consumer profiling and information services for the UK legal professions and insurance industry for over 20 years to support decision management and fraud prevention. It is also the outsourcer appointed by Claims Portal Ltd. to operate the RTA, EL and PL portal. Since 2000 the company has supplied some of the major life insurers with a solution to support reciprocal data sharing and credit reporting, relating to collections and adverse activity in the IFA market, and in 2002 it was awarded CUE Nominated Supplier.

CRIF’s Total Lifecycle Solutions product suite supports insurers throughout the insurance service cycle incorporating RADAR at point of quote and sale; VERIFICATION SERVICES at point of sale, CACHE at point of claim and SHERLOCK at claims investigation. CRIF’s Total Lifecycle Solutions are available as a suite of services or as individual stand-alone products by accessing the CRIF Decision Hub.

CRIF is a global company specialising in the development and management of credit bureau services, business information systems and credit solutions. Established in 1988 in Bologna (Italy), CRIF has an international presence, operating over four continents (Europe, America, Africa and Asia).

Over 6,300 banks and financial institutions and more than 55,000 business clients use CRIF services in 50 countries.

CRIF Decision Solutions
16 High Holborn, London WC1V 6BX, UK

This release was published on openPR.