Pet Insurance Fraud is Woof Justice for Honest Owners

Aquarium Software believes that pet insurance fraudsters are now operating on borrowed time, thanks to the latest insurance technology algorithms, which have now started to weed out spurious claims that would have previously been paid.

(PRWEB) March 24, 2018

Recent industry research suggests that insurance fraud is in decline, but remains unacceptably high, with pet scams among the newest type of fraud affecting the insurance world. The Association of British Insurers (ABI) has stated that insurers detect 2,400 fraudulent claims valued at £25 million every week.

Fraudulent insurance claims are arguably the biggest problem facing the industry, costing £1.32 billion in the UK, in one year alone. Pet scams can include horrific acts such as killing an animal in order to claim for an early death pay-out, as well as purposely injuring pets in "fake accidents" to claim cash. One of the reasons pet scams have been successful in the past is because veterinary bills can be extremely difficult to pin down, until now. Technology, coupled with greater customer engagement is putting an end to the lack of information that allowed fraudsters to commit such crimes.

"Modern technology is delivering the data that is proving such an invaluable insurance anti-fraud tool, particularly where the types of fraud are becoming increasingly sophisticated and widespread," said Aquarium Software Director, Mark Colonnese. "Indeed, the benefit of a crackdown on these pet scammers will be seen in decreased long-term policy premiums for honest pet parents," added Mark. On average an extra £50 is added annually to insurance bills for UK policy holders, due to fraudulent claims such as these. With the number of successful fraudulent claims now in decline, customers can ultimately hope to see the true cost of their insurance premiums following a similar trend.

"Although there is still much work to be done on clamping down on these criminals, the introduction of high end insurance technology to the pet insurance sector is great step in the right direction," added Mark. "We should collectively be able to almost eliminate insurance fraud, once the full power of next generation insurance technology is fully unleashed," Colonnese concluded. Aquarium Software's specialist pet insurance solution spanning premiums rating, policy admin, billing and claims has been implemented by a number of insurers around the globe. For further information contact Aquarium Software on +44 (0)161 927 5620 or visit http://www.aquarium-software.com

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