http://www.rfidjournal.com/blog/entry/3751
This entry points out the interesting ways in which RFID technology is helping the insurance industry. The article discusses RFID usage for warehousing that can alert security whenever containers are moved without the proper authority, and also RFID being used to ensure that fire protection equipment is being inspected on a regular basis. The usage of RFID in these manners help to reduce risk.
In another post, I discussed pay-as-you-drive insurance which involves RFID technology within auto insurance. Similarly to the above example, RFID technology can be installed in homes in order to check that fire alarms are inspected and operating appropriately. In terms of other products offered in Personal Lines, we have a specialty products that covers valuable items such as jewelry, furs, antiques, etc. Although those items are stored in safe places for the majority of the time, losses are still reported. As a result, while those items are stored, if they were equipped with RFID technology, insurance companies would be able to track the location of those valuables and notify the proper authority so that they could be restored to their rightful owners. In addition to restoration within this type of coverage and others, this technology also decreases the potential for insurance fraud. Once covered items are equipped with RFID technology, insureds no longer have the opportunity to report losses that haven't actually occurred. The uses for this technology in insurance are limitless. As a consumer of insurance, can you think of any coverages where RFID technology might be a benefit to you?
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