Commercial insurer Hartford Steam Boiler has announced an expanded Internet of Things rollout to prevent property damages for small businesses and organizations.
Borne out of its subsidiary Meshify, which it acquired in 2016, new devices at a lower cost point than previous HSB efforts will make it easier to prevent non-weather-related water damage, one of the industry’s leading loss causes.
EDITORS NOTE: IMAGE WAS CREATED USING A FISH-EYE LENS. Commercial buildings stand in the central business district of Tokyo, Japan, on Monday, June 25, 2018. The Bank of Japan's (BOJ) Tankan quarterly business survey for June, scheduled to be released on July 2, is likely to show concerns about U.S. tariffs putting a dent in business sentiment. Photographer: Tomohiro Ohsumi/Bloomberg
Like all HSB’s IoT sensors, this new solution uses cellular technology to communicate to HSB’s cloud services, however, one major difference is the cost of a separate cellular gateway device. The device connects once a tab is pulled, and uses proprietary algorithms to monitor for water leaks, freeze conditions and extreme temperatures.
“The cost of the HSB new sensors is comparable to residential Wi-Fi sensor devices, however, HSB also provides a full service program” including monitoring, says Jack Volinski, Senior Vice President and Head of HSB’s IoT business. “We give business owners an effective means to identify these risks all the time, including when their facilities are not occupied, such as nights or weekends.”
Shikha Khetrapal, formerly COO of Vantage Insurance Partners, an insurance industry investor, spoke with Digital Insurance about hurdles that large insurance companies, investors and private equity firms encounter when integrating their acquisitions in the industry.
AI adoption continues at a clipped pace across the insurance industry. How is it being used and where are companies seeing ROI? Check out our new research-based report to learn more.
Investment funds based on parametric insurance have the potential to beat cat bond returns, according to Rhodri Morris, a portfolio manager at Twelve Securis.
The chance at a piece of strong returns has encouraged investment banks, hedge funds and debt investors to vie for contracts to fund the litigation, according to people involved in transactions.
By Jef Feeley, Mark Chediak, Katherine Doherty, and Emily Siegel
