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. Document Management 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. Retail Insurance 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.