The Hartford Teams Up With Intelleflex on Loss Prevention and Underwriting Innovation
New Technology Helps Reduce Waste and Improve Quality in the Perishable Food Supply Chain
(firmenpresse) - SANTA CLARA, CA -- (Marketwire) -- 08/09/11 -- The ® Corporation is entering a strategic alliance with to help both companies explore insurance-related opportunities to reduce the amount of produce lost and improve the overall quality of produce during the distribution process from the grower to the retailer. One third of shipped produce is wasted each year, representing $35 billion annually. The partnership, which is through The Hartford's corporate venture division , may also enable The Hartford to enhance its loss control and underwriting practices.
The alliance focuses on the application of the Intelleflex XC3 Technology™ RFID readers and tags. Placed in pallets of produce at harvest, the tags continuously monitor the temperature and condition of produce as it travels through the distribution process, calculating the remaining shelf life. This provides shippers, distributors and retailers with the ability to route product to maximize quality, salability and reduce unnecessary perishable waste.
"Intelleflex XC3 Technology enables pallet-level condition monitoring that can reduce the number of claims due to temperature-related shrink while providing a powerful ROI -- often within a single growing season," said Peter Mehring, CEO of Intelleflex. "Our alliance with The Hartford will provide perishable supply chain managers with the knowledge they need to implement practical, cost effective solutions that cut waste and maximize profits."
The data captured by the Intelleflex temperature monitoring solution will also enable The Hartford to innovate within the marine insurance market, which includes ground, air and sea transportation. Over time, The Hartford can use information gleaned to gain a deeper understanding of the cold supply chain, which may result in an opportunity to tailor offerings or underwrite policies based on data trends.
"Identifying cold chain issues quickly and routing perishables based on remaining shelf life are critical to enhancing customer profitability and operational effectiveness," said Alexander McGinley, marine underwriting officer at The Hartford. "This new technology will help our customers decrease the amount of produce wasted due to temperature variations."
"The Hartford is strongly committed to open innovation in helping us get to the future faster," said Jacqueline LeSage Krause, vice president of innovation and corporate venture capital at The Hartford. "Hartford Ventures allows us to identify and collaborate with leading private companies to develop solutions that address the unique needs of our insurance and wealth management customers. We are pleased to be working with Intelleflex."
Intelleflex® provides on-demand, data visibility solutions for cold chain and asset management. Its industry-leading XC3 Technology™ RFID products enable a range of solutions for perishable food and pharmaceutical temperature monitoring, asset tracking, personnel monitoring, retail, healthcare and other applications. These real-time monitoring solutions can help organizations reduce shrink or loss, more closely track and manage assets, reduce cost of operations, and increase profitability. For more information, visit .
The Hartford Financial Services Group Inc. (NYSE: HIG) is a leading provider of insurance and wealth management services for millions of consumers and businesses worldwide. The Hartford is consistently recognized for its superior service and as one of the world's most ethical companies. More information on the company and its financial performance is available at .
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Datum: 09.08.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 1028824
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