RFID for Radio Frequency Identification is a technological breakthrough using radio waves to transmit key information over short distances. Radio Frequency Identification (RFID) can significantly improve numerous aspects of enterprise performance through automatic data capture technology that provides unparalleled visibility and precision – from inventory management and asset tracking to security and even contact-less payment.
The data information sent via RFID describes the identity, location, and/or condition of physical objects varying from automobiles, hospital equipments. RFID have tags silicon chips embedded in their system for information storage and antennae for data transmission. RFID are used to connect the IT systems of firms, like property insurance companies with their physical products, assets, and devices.
Many property insurance companies are using RFID technology to streamline their business processes. Property insurance companies are also using RFID to strengthen their property insurance policies because it provides a unique identification code. Below are a few companies that offer RFID-based systems for property insurance.
Trovan RFID Property Insurance
Trovan is a company that specializes in prevents caravans from theft with using their RFID-based systems. The caravan and camper owners install the Identify UK’s RFID system.
The RFID installed in caravans will signal the police and property insurance agents to track the stolen good. RFID will also allow police and property insurance agents to accurately identify the stolen good. In this regard, RFID is a more convenient method of property insurance because is low costs, and low risk.
ActiveWave RFID Property Insurance
ActiveWave is a company that builds and designs customized RFID products for their clients, including property insurance companies. ActiveWave provides property insurance a new way of tracking and securing insured properties by taking advantage of the recent development on RFID technology. ActiveWave RFID solutions ranging from inventory control and container/pallet tracking, to car inventory tracking and fleet tracking,
Library Systems RFID Property Insurance
Library Systems allows libraries to take advantage of recent technological developments and use RFID property insurance. Since librarians can do more with fewer resources with the RFID tag system provided by Library Systems, the property insurance is increased. The RFID property insurance system of this company also has material handling reduced up to 90%.
TCS RFID Property Insurance
TCS is one of the leading companies that offer RFID use based products for property insurance companies. Their suite of property insurance products is designed to help property insurance companies overcome the consolidation and other challenges they are facing. TCS develops RFID property insurance packages to aid property insurance companies in claims managing, policy management, and many more. TCS also provides assistance for the property insurance company in back-office functions such as accounts receivables and billing systems and collection.