Fraud case emphasises how Pet Insurance is Milos behind
After facing the possibility of having to put down an injured cat one Cambridge vet has urged all pet owners to insure their pets. Yet costly insurance premiums are proving a barrier to many, meaning p a significant number of pets in Britain still remain without valuable insurance cover, However, technology company Aquarium Software believes it can play a hand in ensuring more people can afford to keep their beloved furry friend, whatever the emergency.
Uninsured Milo suffered a fractured leg and jaw when he was run down crossing the road in Camborne and after her owner could not afford the vets bills, she was given a choice of either putting him to sleep or giving him up to a local animal shelter. Luckily for Milo, she chose the latter.
However, it was not her caring owner’s lack of love that meant she couldn’t afford the insurance that would have kept her Milo at home, but more her lack of income. The increasing price of pet insurance premiums means that the average price is now £220 a year, in part due to the increasing fees being charged by vets but it also thought in part due to fraudulent claims. Figures from the Association of British Insurers show that detected pet insurance fraud soared to nearly £2m last year, from £420,000 the year before.
With recent court cases, including a vet who claimed £200,000 in fraudulent claims over a three year period, hitting the news, the cost of these crimes falls very much at the hands and paws of the pet and its owner, explains Aquarium.
“Increasing rates of insurance fraud in the pet industry have meant that the market is not as affordable for the consumer as it could be,” explains Mark Colonnese, Aquarium Software’s Sales & Marketing Director. “However, with our proven track record of helping track fraudulent claims in an efficient manner, making the industry more profitable, we can help bring the cost down and improve the chances of keeping pets like Milo at home with their loving families.”
While management by exception and anti-fraud initiatives have been applied to car and home insurance for years, this same level of rigour has not yet been widely applied to the pet market. Although over 2.7 million pets are insured in the UK, Aquarium’s experience can help insurers keep on top of spiralling costs for the insurer, allowing more consumers the opportunity to protect their best friends.
“Whilst the vets who make these fraudulent claims are abusing a position of trust, insurers are missing out on vital tools that put preventative information at their fingertips,” continued Mark. “Intelligent claims assessment and fraud triggers can quickly flag areas of concern.”
“In line with veterinary records becoming more comprehensive and insurers gaining access to that digitally, coupled with a national anti-fraud pet claims database which is being established,” he concluded. “We will be able to bring the same means of identifying bogus claims that have been applied to the car and home insurance markets to the pet market.”