The Hartford Steam Boiler Inspection and Insurance Company (HSB), part
of Munich Re, today announced it has created an alliance with CNA, one
of the largest commercial property and casualty insurance companies in
the United States, to offer HSB’s IoT technology solutions to CNA’s
small and mid-size commercial policyholders to help prevent or reduce
property damage and business interruption loss.
“CNA is deeply committed to offering technology solutions that
complement our portfolio of industry recognized Risk Control services
designed to help policyholders reduce loss while increasing
profitability and productivity,” said Kevin Leidwinger, president and
chief operating officer, CNA Commercial. “This remote sensor monitoring
program will be specifically tailored for small and mid-sized commercial
clients, providing easy access to real-time data. We are excited to
collaborate with HSB to implement this innovative property service
offering.”
Utilizing proprietary sensors and customized algorithms, HSB IoT
Technology is a commercial-strength, turnkey package of hardware and
software, data analytics, back-end operations, targeted alerts, and 24/7
monitoring support. Real-time alerts help identify water leaks,
temperature extremes, and power outages — the leading causes of loss for
commercial businesses — and suggest corrective action for remediation.
“Our proven IoT solutions will help CNA manage and control its
commercial insurance loss costs while enabling CNA policyholders to
avoid property damage and business downtime,” said Greg Barats,
president and chief executive officer of HSB and head of Munich Re
Global IoT. “IoT is the focal point of our broader alliance with CNA to
help them both drive down losses and innovate new solutions.”
HSB’s IoT sensor solutions technologies program has collected and
analyzed more than 430 million sensor readings from client locations for
thousands of small to mid-sized enterprises across the country. Its data
model is structured to permit multi-level analysis by business class,
region, cause and other insurer specified parameters. With more than 150
years of insurance risk management and engineering expertise, HSB is
uniquely qualified to design IoT technology solutions.
Hartford
Steam Boiler (HSB), part of Munich Re, is a multi-line specialty
insurer and provider of inspection, risk management and IoT technology
services. HSB insurance offerings include equipment breakdown, cyber
risk, specialty liability and other coverages. HSB blends its
engineering expertise, technology and data to craft inventive insurance
and service solutions for existing and emerging risks posed by
technological change. Throughout its 150 year history HSB’s mission has
been to help clients prevent loss, advance sustainable use of energy and
build deeper relationships that benefit business, public institutions
and consumers. HSB holds A.M. Best Company’s highest financial rating,
A++ (Superior). Connect with HSB on LinkedIn,
Twitter
and Facebook.
Munich
Re is one of the world’s leading providers of reinsurance,
primary insurance and insurance-related risk solutions. The group
consists of the reinsurance and ERGO business segments, as well as the
capital investment company MEAG. Munich Re is globally active and
operates in all lines of the insurance business. Since it was founded in
1880, Munich Re has been known for its unrivalled risk-related expertise
and its sound financial position. It offers customers financial
protection when faced with exceptional levels of damage – from the 1906
San Francisco earthquake to the 2017 Atlantic hurricane season. Munich
Re possesses outstanding innovative strength, which enables it to also
provide coverage for extraordinary risks such as rocket launches,
renewable energies, cyberattacks, or pandemics. The company is playing a
key role in driving forward the digital transformation of the insurance
industry, and in doing so has further expanded its ability to assess
risks and the range of services that it offers. Its tailor-made
solutions and close proximity to its customers make Munich Re one of the
world’s most sought-after risk partners for businesses, institutions,
and private individuals.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190605005541/en/