HSB Installs Sensors to Alert Customers to Risks
“The rapid advances of new technologies are increasing the demand for value-added services that are included with insurance coverage,” said
In a pilot program with
“At Church Mutual, we embrace innovation,” said
HSB continues to develop its IoT service offerings targeted at insurers, installing sensors at commercial locations insured by its client insurance companies to monitor conditions that pose potential risks. The program is customized for each insurer to reflect the types of businesses it covers and can focus on the challenging classes of business in its portfolio.
The wave of new IoT applications has many insurers exploring the use of sensors and other new technologies to identify exposures and interpret the data for policyholders. Yet, although 60 percent of insurance companies have piloted or considered IoT programs, only 15 percent have launched IoT-based solutions which require specialized technology skills and knowledge.1
Peter Röder, member of the
HSB works with insurers to install sensors that continuously monitor equipment and conditions at customer locations. HSB analyzes the data and sends alerts to policyholders via email, cell phone, or text when an issue needs attention or could result in a breakdown or property damage.
1. Usage-Based Insurance Global Study 2016,
Hartford Steam Boiler (HSB), a member of Munich Re’s Risk Solutions family since 2009, is a leading specialty insurer providing equipment breakdown, other specialty coverages, inspection services and engineering-based risk management that set the standard for excellence worldwide. We focus on clients and partner with them to craft inventive insurance and service solutions to cover existing and emerging risks posed by technological change. Today, as throughout our 150 year history, our mission is to use our engineering knowledge and insights to help clients prevent loss, advance sustainable use of energy resources and build deeper relationships that benefit business, industry, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on Twitter, Facebook and LinkedIn.
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2014, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of over €48bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the