The Hartford Steam Boiler Inspection and Insurance Company (HSB), which is part of reinsurance giant Munich Re, has collaborated with U.S. commercial property and casualty (P&C) insurer CNA on IoT Technology solutions.
Under the new partnership, HSB’s IoT Technology solutions will be offered to CNA’s small and mid-size commercial policyholders in an effort to help them mitigate property damage and business interruption loss.
Kevin Leidwinger, President and Chief Operating Officer (COO), CNA Commercial, commented: “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. 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.”
HSB’s IoT Technology leverages proprietary sensors and customised algorithm to provide real-time alerts to help identify water leaks, temperature extremes and also power outages – which are the main driver of loss for commercial businesses – and then suggests corrective actions.
So far, the firm’s IoT sensor solutions technologies program has collected and analysed over 430 million sensor readings from client locations for thousands of SMEs across the U.S.
“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. IoT is the focal point of our broader alliance with CNA to help them both drive down losses and innovate new solutions,” said Greg Barats, President and Chief Executive Officer (CEO) of HSB and Head of Munich Re Global IoT.