Insurance providers across Canada and the U.S. offer products that protect against potential financial loss arising out of the legal liability incurred by an insured party because of damage resulting from the use of an insured product or out of the liability incurred by a contractor completing a work project. In an insurance contract, the insured party pays a specified amount of money called a premium to another party the insurer. The insurer agrees to compensate the insured for specified future losses.
In this detailed work environment, it is important to know and keep track of every document and every resource within the organization—this is where RFID technology can help.
GAO RFID System Solutions: Insurance Providers
GAO RFID solutions for Insurance Providers can help the insurance industry to keep track of clients, policies, and resources to ensure maximum efficiency.
RFID and Insurance for the Cold Supply Chain System
When it comes to insuring food for transportation across land or sea RFID technology is indispensable, the reduction of losses associated with the cold supply chain of food transport is very accessible. Positioning your insurance company as a carrier that understands the deployment of RFID in risk improvement is beneficial to both parties involved. Enhancing your insurance company’s loss control and underwriting practices by educating yourself and your clients of the benefits of RFID should be seriously looked at. Reducing the amount of produce lost from the farm to the retailer is of paramount importance to both parties.
Most insurance companies are reticent when it comes to tackling the cold chain supply management side of things. RFID High Temperature Tags installed in refrigerated tractor trailers and cargo ships can monitor and relay back to the supplier Real Time Data of food products being transported. Each year $35 billion of food is wasted annually due to a lack of controls during transportation.
Banks and government institutions frequently send information regarding credit card transactions, loan applications and other sensitive information using encryption software and the physical transportation of documents via courier. Banks use a combination of GPS to pinpoint the location of courier vehicles carrying secured data, RFID tags can be included in tamper proof cases holding data tapes and confidential paper files. Documents provided with an RFID tag can be scanned at locations such as the entrance to certain buildings or rooms. RFID transponders can also be used to track the person or persons in possession of private and secure documentation. Insurance against theft of financial information, patents and official documents is handled with our RFID Asset Tracking System customized for your insurance company.
The biggest threat to revenue from a retailer’s perspective is content and inventory control. Retail shrinkage is the loss of inventory caused by theft from employees, customers and organized crime. Inventory accounting errors, fraud and damaged products all fall under this definition. According to the Global Retail Theft Barometer shoplifting costs U.S. retailers $42 billion per year. Retailers and consumers end up paying for stolen goods with higher retail costs, and this directly impacts retailers when it comes to insurance premiums. Retail shop insurance premiums for retailers can be curtailed with Retail RFID Tags not just by reducing shoplifters but preventing theft from staff and accounting errors.
Integrate our Solution with your Insurance Company’s Management System
The above methods are just some of the ways GAO RFID can assist your Insurance Company in offering enhanced services to your clients in the corporate and federal segments of society. Instead of providing just insurance options to your clients why not offer the benefit of our RFID technology for the security of goods and services for both parties involved, maintain a long term relationship with clients without significantly increasing annual premiums.
Contact us for a more informed look at what solutions we may have for you.