Why use SAMAR
Property identification is essential for both financiers, and insurers.
The total value of non-motor related movable assets financed and insured, is substantial. The identification of these assets in instances where the purchaser owing, and/or in instances of loss due to theft, is problematic for both financier and insurer. Due to lack of the marking of movable assets other than roadworthy and registered vehicles, Millions of Rand per year is lost due to:
- Dual/multiple financing on the same asset;
- Inability to claim ownership after an insurance claims pay-out; and
- Inability to recover items in the second-hand market/criminal sales points.
There are not too many options in terms of permanently marking assets in order to identify and confirm ownership. It is however imperative for both financier and insurer to be able to have access to a data-base where the owner could be linked to the specific asset in question, similar to what e-NATIS does in the registered motor environment.
The monitoring and tracking of property is only possible when each item is individually identifiable and recorded in a traceable data-base. Self-adhesive labels which will not wear out or fall off, can be the solution Insurers in specific have longed for.
If underwritten by the financial industry, engagement with underwriters may result in a discount on risk premium, similar to the effect of micro-dotting in the registered vehicle space.