ILC ARTICLE

New tool helps pet insurers minimise risk

4th July 2023

CRIF has introduced a new pet insurance tool to help insurers better assess risks.

Pet Score considers a number of factors, including location on a micro level to help insurers price policies more competitively. Combined with breed and age data, it delivers a much deeper insight into risk factors.

The launch comes as the Association of British Insurers [ABI] reports that claims volumes reached the highest on record last year, rising by 28% to push payouts above the £1bn mark.

Sara Costantini, Director at CRIF Decision Solutions said, “The pet insurance market is seeing many new entrants and competition to retain and grow market share is becoming much stronger. At the same time, the cost-of-living crisis is causing pet owners to shop around for their insurance cover and more pets becoming underinsured or uninsured. 

“Pet Score gives pet insurers a sophisticated pricing tool which they can use at policy renewal and inception to help them retain existing customers and win new ones.”    

New tool helps pet insurers minimise risk

CRIF has introduced a new pet insurance tool to help insurers better assess risks.

Pet Score considers a number of factors, including location on a micro level to help insurers price policies more competitively. Combined with breed and age data, it delivers a much deeper insight into risk factors.

The launch comes as the Association of British Insurers [ABI] reports that claims volumes reached the highest on record last year, rising by 28% to push payouts above the £1bn mark.

Sara Costantini, Director at CRIF Decision Solutions said, “The pet insurance market is seeing many new entrants and competition to retain and grow market share is becoming much stronger. At the same time, the cost-of-living crisis is causing pet owners to shop around for their insurance cover and more pets becoming underinsured or uninsured. 

“Pet Score gives pet insurers a sophisticated pricing tool which they can use at policy renewal and inception to help them retain existing customers and win new ones.”