The corporate venturing division of Hartford Financial Services Group, a US-based insurance and wealth management company, has formed a strategic alliance with US-based data tracking company Intelleflex Corporation. Intelleflex also has a strategic alliance with US-based technology company Motorola.
Hartford Ventures formed the alliance, which is designed to explore insurance-related options to reduce waste. The two companies said $35bn, or one third, of shipped produce was wasted annually.
The alliance will use Intelleflex’s so-called XC3 Technology RFID readers and tags to monitor the temperature and condition of fresh goods from harvest and during its distribution, calculating its shelf life.
Jacqueline LeSage Krause, vice president of innovation and corporate venture capital at Hartford, said: "The Hartford is strongly committed to open innovation in helping us get to the future faster. 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."