American awards for weirdest pet insurance claims focuses minds on fraud
Kittens ingesting Nerf darts, Jack Russells being carried off by owls and Labradors feasting on babies’ nappies. These are just some of the ‘Most Unusual Pet Insurance Claims’ compiled by America’s leading pet insurer, VPI. But how does the insurance market tell the difference between a genuinely weird claim, and a false one? Anglo-American insurance technologist Aquarium Software is shedding light on such issues for a range of clients on both sides of the pond.
As pet owners will know, household animals get up to the funniest things, and there are many tv shows to prove the point. It is part of what makes pets so endearing; animals do the craziest things that your friends and family may barely believe when you tell them. Unfortunately sometimes our animals’ hilarious adventures are not a laughing matter and the pet ends up in animal A&E, or worse. Animals with a free spirit and sense of ‘adventure’ may sometimes, sadly, find themselves with injuries as a result of their activities and this could well lead to a conversation with the pet insurance firm to explain that you need to claim $2000 because your dog broke its leg whilst water-skiing.
“The list compiled by VPI is fantastic and we at Aquarium Software thoroughly enjoyed reading them (after seeing that all of the animals survived and made full recoveries!)”, said Aquarium Software’s Sales and Marketing Director, Mark Colonnese. “However, VPI also raise a more serious issue. Dealing with the obscure claims that the pet insurance market can throw up is often a difficult task for insurers. Insurance fraud is a genuine threat to the pet insurance market and the capacity for ‘strange’ claims can make it increasingly challenging for insurers to sort the genuine claims from the bogus ones,” added Mark.
So how can insurers protect themselves? Well Aquarium has designed software packages that are specifically tailored to the pet insurance market. It has developed software that analyses claims, claimants and previous trends to give an assessment of a claim’s validity. The software is helping insurers to combat the rising numbers of fraudulent claims in both the pet and general insurance markets.
“We understand that protecting your business from fraud and providing customers with a smooth and efficient service are both crucial factors for insurance companies, and we have developed our software not only to process volume claims as effectively and efficiently as possible – but also to offer unprecedented levels of Management Information that can help in areas such as fraud reduction,” concluded Mark.