CRIF Launches Database to Combat Pet Insurance Fraud

CRIF GmbH, a global provider of business information and credit risk management solutions, has launched CACHE Pet, a database aimed at combating fraud and improving the efficiency of claims handling in the pet insurance industry.

The pet insurance market has experienced significant growth, with projections indicating further expansion. In 2015, UK pet insurers paid out a record £657 million in claims, averaging approximately £1.8 million per day. Despite rising claim costs, consumers are increasingly finding insurance premiums to be prohibitively expensive.

The rise in undetected fraudulent claims presents a substantial challenge to the sector. Fraudulent activities range from insuring non-existent pets and staging accidents to pet swapping and cases involving veterinary complicity. While mandatory microchipping for dogs in the UK aims to aid in identifying fraud, the existence of multiple microchip databases complicates data traceability.

CRIF's CACHE Pet database offers a centralized platform for insurers to share and analyze data related to pet insurance policies and claims. The solution is designed to identify anomalies in claims, detect serial claimants, and flag suspicious veterinary practices, aiming to provide a more comprehensive view of the policyholder and their claims history.

This system assists insurers in risk management and aims to improve customer satisfaction by enabling more informed claims decisions. CRIF plans to expand the database in the future to incorporate additional business lines and integrate data from pet microchip registries and veterinary practice information.