Munich Re member firm The Hartford Steam Boiler (HSB) has backed a new warranty offering by AI-based machine health solution provider Augury, which aims to minimise financial risk from industrial machine failures.
The offering, called Guaranteed Diagnostics, combines with Augury’s Machine Health platform with a repair/replacement warranty that compensates customers in the unlikely event of a missed diagnosis that leads to equipment failure.
It enables customers to predict and prevent unplanned equipment failures, while also providing financial compensation to offset the cost of failures if they are not identified in advance.
“Augury’s AI-based Machine Health solutions have a track record of improving data accuracy and real-time diagnostics to increase equipment reliability,” said HSB’s John Riggs, SVP Technology & Americas IoT.
“HSB has a long history of reducing and insuring risk, and a focus on new technologies to prevent loss. Together, HSB and Augury can help provide customers with the information, insights and confidence to improve their performance.”
The new offering will first be applied to a subset of equipment types and environments, with the goal of expanding availability based on customer demand and increased experience.
The aim is for the offering to be available for new Augury deployments starting in July 2020.
“This is an innovation in our industry — an insurance company backing the results of an AI solution. It is a testament to the maturity of Augury’s platform and our position as a leader for industrial Machine Health,” said Artem Kroupenev, Vice President of Strategy for Augury.
“We’ve been witnessing Machine Health gradually move from the maintenance realm to the boardroom. This is another major step forward in that process, making Machine Health a more strategic tool for risk management.”