RFID Solutions
RFID in the Insurance Industry
Radio frequency identification usage to identify items furthers the barcode concept significantly. RFID can store an object's unique identification attributes and more complex data. Sensors collect information instantaneously and can invoke action when appropriate. Wireless networks are key to this instantaneous response environment. The opportunities of RFID technology for the insurance industry are enormous. Examples include:
- Variable, accurate pricing with reduced risk - Real-time pricing structures could accurately assess risk based current conditions and price coverage accordingly. For example, a distributor or retailer's insurance policy could vary daily or throughout the day based on real time inventories, with extra charges or reduced charges for stock levels of items most prone to theft.
- Process efficiency - A property insurer could verify the location of a warehouse and inventory items automatically. Details of a claim, such as speed at the time of an auto accident could be collected.
- Loss prevention - Inserting RFID tags in worker's clothes could prevent them from entering restricted areas without authorization and necessary safety equipment. Sensors could monitor insured property, assisting in identifying potential losses. For example, poorly performing equipment that needs service can be identified before a loss occurs. Smart objects and response systems can provide new levels of protection, warning and safety.
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