A mobile phone app which stores information on personal assets could take the stress out of brokers’ clients making a claim.
Start-up technology company Rocket Innovation Group has launched mobile asset register, My eVault iPhone app.
My eVault users are able to enter data – through smartphone keyboard, camera or Siri (an intelligent personal assistant and knowledge navigator) – and may categorise each of their assets in the mobile register. This includes vital information that would assist with the item’s valuation, recovery or related insurance or tax claim.
They can also automatically calculate their total asset value, to help determine the appropriate level of insurance cover; set reminders for important milestones e.g. periodic revaluation of artwork and home and contents insurance policy renewal; generate instant on-screen or printable reports of assets - particularly useful when making an insurance or warranty claim, or tax return; and store important documents such as a passport, driver’s licence and loyalty program cards.
Ron Voon, director of RIG, and the developer of the My eVault app, said: “I saw an opportunity to combine the advantages and ease of smartphone technology with the practical need for every Australian to have a secure and appropriately-managed personal asset register.
“This has never been more important than today when catastrophic natural events, like floods, fires, tsunami and earthquakes, are occurring worldwide with the resulting loss of home contents, important documents and other personal items.”
The app was primarily designed to help personal lines policyholders but Voon said it could also be used by commercial businesses to log their assets, too.
“There is currently no commercial offering but this would not prevent a small business owner or company from using the application. The first release of the app is intended for personal consumers however future iterations may include a business version.”
RIG is looking for an insurer-partner to help deliver the product to policyholders.
“I am looking to potentially licence the app to other insurance companies if there is interest,” Voon said.
The app costs $6.49 to download from iTunes. Voon said RIG would assess customer interest before developing an Android and Tablet version.