Insurance expenses for pets continue to escalate, according to CRIF's recent statement
In the realm of insurance, a European leader named CRIF is making waves with its innovative pet insurance solutions. The company, known for its consumer and business credit information services, has recently found that a significant proportion of policyholders across Europe have seen a rise in pet insurance costs over the last three years.
In the UK, where pet owners outnumber those in many other countries, the concern about pet insurance costs is palpable. A whopping 39% of UK pet insurance policyholders express anxiety about the cost of treating their pets if they fall sick or get injured.
To address this issue, CRIF offers services like Pet Check and Pet Score. These tools enable insurers to validate pet details in real time, providing a more holistic risk assessment and enhancing the policy pricing and underwriting processes. This approach is expected to combat claims inflation in the pet insurance industry.
One of the companies reaping the benefits of CRIF's pet insurance solutions is RSA Insurance. The technology and data-led approach of CRIF's solutions has delivered proven business benefits for RSA, helping to strengthen its pet insurance fraud detection and reduce the cost of fraudulent pet claims.
The launch of Pet Check is particularly noteworthy. This innovative tool allows insurance companies to validate details of UK pets in real time, aiming to insure pets with greater ease and confidence.
The findings form part of CRIF's latest Banking on Banks report, which identifies the biggest changes to the financial services sector across Europe over the last decade. CRIF's Regional Director for the UK & Ireland, Sara Costantini, suggests that pet insurers should invest more in data analytics and other innovative solutions to offer more personalised and competitive products.
The UK's love for animals is evident in the statistics. One in five (21%) UK consumers hold pet insurance policies, compared with an average of 12% for Europe. A third (32%) of UK pet owners insure their pet's life but not their own, significantly higher than the average across Europe (13%). Interestingly, around one in six (17%) Brits would cancel other types of insurance before dropping coverage for their pet.
In 2024, a record £1.23 billion was paid out in pet insurance claims in the UK, according to the Association of British Insurers (ABI). With such high stakes, it's clear that CRIF's pet insurance solutions could bring much-needed relief to both insurers and pet owners.
However, it's important to note that there are no publicly available details about which other UK insurance companies are currently collaborating with CRIF to improve fraud detection in pet insurance and reduce costs of fabricated claims.
In conclusion, CRIF's pet insurance solutions are poised to revolutionise the industry, offering a more holistic approach to risk assessment, enhancing policy pricing and underwriting processes, and potentially reducing the cost of pet insurance for many UK households.
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