European risk management solutions provider CRIF has forayed into the UK insurance market with the launch of a real-time pet insurance validation offering.
Dubbed Pet Check, the tool aids in cross-checking the details of the pets instantly and offer coverage.
This approach aids insurance companies in providing competitive prices while eliminating possible risks.
Intended for usage at the point of quote, Pet Check allows insurers to verify pets’ age, breed, species, sex, already-existing conditions and claims history of policyholders on a real-time basis.
The solution also offers insurers a wider and more precise understanding of what insuring a pet could involve.
This data will aid them in cutting down the loss ratio and enhance the underwriting process, the company claims.
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CRIF UK & Ireland regional director Sara Costantini said: “Insurers appreciate these are tough financial times for many pet owners. They are committed to providing policies that are priced appropriately and give people peace of mind.
“Pet Check will help them to avoid making a dog’s dinner of the risk assessment process.
“We are pleased to be offering pet insurers next-generation solutions that give them the opportunity to retain and grow their customer base profitably, and in the face of increased competition from new market entrants.”
Earlier, the company launched the Pet Score solution that help insurers to efficiently evaluate the risk linked with pet insurance policies, based on geography.