RFID or Radio Frequency Identification is the latest technological development that has broken through the property insurance market. By using radio waves to transmit information, RFID has helped several property insurance companies track down otherwise lost properties. Through RFID, property insurance companies can place tags on insured properties. These RFID tags contain important property insurance information, such as identity, location, and/or condition of physical objects.

RFID technology may be used by property insurance companies to tag various insurable objects from automobiles, to hospital equipment, to caravans and even to books. RFID is especially important in intellectual property insurance where the rights of the policyholder are at stake.

RFID tags are comprised of silicon chips which are embedded into their systems for storing information. RFID tags also have antennae for transmitting the stored information to the proper authorities and the property insurance company. With all its capabilities, RFID has been used by several companies whose operations rely in their IT departments, such as property insurance companies, to invisibly connect them with their assets, products, and devices.

Several property insurance companies are using RFID technology as a way of streamlining their businesses and reducing paperwork. In addition, property insurance companies are using RFID to strengthen their property insurance policies. Because RFID can provide unique identification codes, property insurance companies consider it as valuable for tracking down objects.

Listed below are a few companies that provide RFID-based systems for property insurance.

Trovan RFID Property Insurance

Using its RFID-based systems, Trovan provides property insurance companies a way to avoid caravan thefts. Trovan's RFID property insurance service tracks down caravans that have been stolen or lost. Trovan allows users to install Identify UK's RFID system to start taking advantage of their RFID property insurance service.

For example, a caravan is stolen. Trovan's RFID tracker installed in the material automatically sends out signal to the police and property insurance agents. With its unique identification code, police officers and property insurance agents can accurately identify the stolen good.

ActiveWave Property Insurance

ActiveWave caters to the RFID needs of their clients, including property insurance companies. This RFID property insurance provider builds and designs RFID products that are customized to answer the property insurance needs of their clients. With their RFID property insurance solutions ranging from inventory control and container/pallet tracking, to car inventory tracking and fleet tracking, ActiveWave provides for their property insurance clients.

Library Systems RFID Property Insurance

An RFID property insurance provider, Library Systems provides a smoother workflow within libraries throughout the United States. Library property insurance coverage is greatly improved with the RFID-based tag system provided by Library Systems. The RFID property insurance service provided by this company has reduced material handling in libraries by 90%.

TCS RFID Property Insurance

TCS is another RFID property insurance service provider that's been gaining some great following in the property insurance industry. As one of the leading companies in RFID, TCS offers RFID property insurance services and a suite of RFID-based products to help companies overcome the consolidation challenges they are facing in today's market. TCS RFID property insurance service aids companies in claims management, policy management, and many more.