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 the lack of the marking of movable assets other than roadworthy and registered vehicles, Millions of Rand per year are 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 database 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 are only possible when each item is individually identifiable and recorded in a traceable database. 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.