If you insure your home and automobile, chances are you may also have separate coverage for personal property. Whether it’s an engagement ring, an antique, a hard-to-replace family heirloom, or your pesky smartphone where the screen somehow manages to crack in spite of the ballistic-grade protector sleeve you wrapped around it, there’s always a need for additional coverage. However, you wouldn’t pay more than the cost of replacement or repair to insure these assets, making it essential that these lines of coverage are relatively inexpensive and easy to obtain. In typical practice, a personal property line requires nothing more than a proof of purchase or an appraisal document to insure.
While this creates a bit of an honor system for insuring personal property and makes for a seamless user experience, it does leave the door open for potential fraud. For instance, what happens when that pricey Rolex watch disappears? What if that Rolex watch never existed in the first place and was just a receipt? This is an important consideration as insurers will often bake the anticipated cost of fraud into the premium. Ultimately, everyone pays the cost of a process that can be easily exploited.
What if there was a better method for personal property underwriting? A method sitting in the palm of your hand that could prevent much of this fraud? Thanks to advanced AI and photo validation technology, you can verify the existence and condition of your personal property assets by merely snapping a photo or two as part of the application process. Behind the scenes, photo validation and AI do the heavy lifting to determine that, indeed, the antique vase you are insuring is real and located in your home or that the smartphone you are trying to insure is free from any of those dreaded screen cracks before you get that policy.
These new technologies are changing the game for personal property insurance, making it a win for all parties, both the insurer and the insured. Not only do they guard against potential fraud, but what could be easier than taking a few pictures with your phone?
Check out the brief video below and let us know what you think.
Attestiv provides authenticity and validation for digital photos, videos and documents using patented tamper-proofing blockchain technology and AI analysis.
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Nicos Vekiarides is the Chief Executive Officer & co-founder of Attestiv. He has spent the past 20+ years in enterprise IT and cloud, as a CEO & entrepreneur, bringing innovative new technologies to market. His previous startup, TwinStrata, an innovative cloud storage company where he pioneered cloud-integrated storage for the enterprise, was acquired by EMC in 2014. Before that, he brought to market the industry’s first storage virtualization appliance for StorageApps, a company later acquired by HP.
Nicos holds 6 technology patents in storage, networking and cloud technology and has published numerous articles on new technologies. Nicos is a partner at Mentors Fund, an early-stage venture fund, a mentor at Founder Institute Boston, where he coaches first-time entrepreneurs, and an advisor to several companies. Nicos holds degrees from MIT and Carnegie Mellon University.
Mark Morley is the Chief Operating Officer of Attestiv.
He received his formative Data Integrity training at Deloitte. Served as the CFO of Iomega (NYSE), the international manufacturer of Zip storage devices, at the time, the second fastest-growing public company in the U.S.. He served as the CFO of Encore Computer (NASDAQ) as it grew from Revenue of $2 million to over $200 million. During “Desert Storm”, Mark was required to hold the highest U.S. and NATO clearances.
Mark authored a seminal article on Data Integrity online (Wall Street Journal Online). Additionally, he served as EVP, General Counsel and CFO at Digital Guardian, a high-growth cybersecurity company.
Earlier in his career, he worked at an independent insurance agency, Amica as a claims representative, and was the CEO of the captive insurance subsidiary of a NYSE company.
He obtained Bachelor (Economics) and Doctor of Law degrees from Boston College and is a graduate of Harvard Business School.