Every year billions of dollars are lost on insurance fraud: Insurance claims are often overinflated. This is the main reason for ever increasing insurance rates.
While submitting an insurance claim after a theft, victims often feel entitled to add additional items of value to their claim, that are not actually missing. They justify this by stating they paid “more than enough” to the insurance firm over the years.
These illegal claims are often covered by insurances, due to the inexistence of a reliable check for the claimed items. Insurance firms are forced to spread these fraudulent costs over every policy holder, driving all insurance prices up.
Registry Blocks Insurance is the bridge that connects the UniqueID Item Registry to insurance companies for fraud prevention. This results in cheaper and more cost effective contents insurance.
If the owner of the product UniqueID submits a fraudulent claim, this person can never legitimately use, sell, register or insure the item again. This drastically decreases the amount of fraudulent claims, which results in decreased insurance costs.
Registering items also benefits policy holders because they only pay for products they actually own, rather than paying for the average collective spread of all policy holders.
When policy holders register a significant amount of their belongings, insurance firms make much more accurate risk calculations, further reducing insurance costs.
- Reduced costs due to decreasing fraudulent claims.
- Accurate risk calculations in comparison to traditional insurance firms.
- Cheaper insurance due to cost savings of insurance firms
- Exclusively pay for actual belongings.