PET Check is the first service on the market which enables insurers to confidently validate pet details in real time and gain an accurate understanding of risk to optimise policy pricing and the policy underwriting process.
What is PET Check?
Insurance companies are not always able to validate the consistency of pet information disclosed at the quotation stage or at the inception of a new pet policy. Thanks to PET Check, now pet insurers can instantly verify pet details like age, breed, sex, species and pre-existing conditions, relying on a constantly growing database containing millions of pet records.
Simply enter the pet’s name, address, date of birth, sex, species and breed and you will immediately receive, through a traffic light model, either confirmation that the pet details are correct or, where applicable, a suite of KPIs including any inconsistencies identified and the level of confidence, as well as the pet’s pre-existing conditions.
Depending on your use case, the tool also provides the ability to drill down to the fine details, enabling the underwriting team to validate and discuss the discrepancies found with the customer early in the policy lifecycle, thus ensuring the policy is underwritten according to the true risk involved.
The solution is designed to support a hybrid approach for those customers looking to minimise the API integration effort. In fact, while pet information is automatically submitted via API, drilling-down into the fine details reported is possible via an easy-to-use web app made available to the policy underwriting team to investigate policy applications showing discrepancies.
EASY API INTEGRATION: Easy-to-integrate API complemented by comprehensive documentation
HYBRID APPROACH: Ability to deploy a hybrid approach, enabling the pet information to be submitted via API, while drilling-down into the fine details of the report via a web app
COMPREHENSIVE PET DATABASE: Constantly growing database containing millions of pet records
IMPROVE LOSS RATIO
Real-time data enrichment enables advanced risk assessment and policy quotation optimisation by improving the loss ratio
MITIGATE UNDERWRITING FRAUD
Enhanced data validation effectively mitigates the risk of underwriting fraud and mis-representation
SPEED UP UNDERWRITING REVIEW
Underwriting Team equipped with a tool for a timely intervention either before or immediately after the policy inception (e.g. policy premium review or cancelation)
ENHANCE CUSTOMER EXPERIENCE
Early data inconsistency detection reduces disputes with genuine customers later at the claim stage
PET Check
Pet insurers can confidently validate pet details in real time and gain an accurate understanding of risk to improve the loss ratio, optimise the policy underwriting process and effectively address the risk of potential underwriting fraud and mis-representation.