Pre-existing medical conditions are often excluded from coverage in pet insurance, leading to complicated and drawn-out claims, unhappy policyholders, and many pet owners forgoing insurance. But what if you could obtain precise and reliable risk rating on pets’ pre-existing conditions?
Verisk’s Pet Risk Rating Tool automates the assessment of pre-existing conditions, enabling insurers to get a full view of a pet’s risk within minutes and to make underwriting decisions with speed and precision. Instant results are delivered following the completion of a simple questionnaire about a pet’s medical conditions.
We’ve worked with insurers to automate the assessment of pre-existing conditions since 2000. Using similar principles and technology and with expert input from academic and practicing vets, we’ve created our Pet Risk Rating Tool.
The analytics in the Pet Risk Rating Tool have been developed and refined by experts in medical risk assessment, based on an understanding of the natural progression of medical conditions and claim costs. The data set and algorithms are updated regularly.
The Pet Risk Rating Tool uses consistent veterinary medical codes (VeNom) to identify pre-existing conditions. These codes can help match pre-existing conditions to claims.
The Pet Risk Rating Tool is easy to implement through an application program interface (API) or widget plugin solution.
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