Multi-line specialty insurer HSB, part of Munich Re, has partnered with property and casualty insurer CNA to deliver IoT sensor solutions tailored to small and mid-sized commercial clients.
As per the agreement, CNA will deliver HSB’s IoT technology solutions to its small and mid-size commercial policyholders.
HSB said that its IoT solutions will help CNA manage and control its commercial insurance loss costs while enabling policyholders to avoid property damage and business downtime.
CNA Commercial president and COO Kevin Leidwinger said: “CNA is deeply committed to offering technology solutions that complement our portfolio of industry recognised Risk Control services designed to help policyholders reduce loss while increasing profitability and productivity.
“This remote sensor monitoring programme 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.”
Using sensors and customised algorithms, HSB IoT Technology analyses and provides alerts in real-time to identify water leaks, temperature extremes, and power outages and suggest remedial action for remediation.
Munich Re global IoT head and HSB president and CEO Greg Barats said: “IoT is the focal point of our broader alliance with CNA to help them both drive down losses and innovate new solutions.”
Until now, HSB’s IoT sensor solutions technologies programme has collected and analysed more than 430 million sensor readings from client locations for thousands of small to mid-sized enterprises across the US.