Munich Re’s US unit HSB has formed a strategic agreement with Schneider Electric to strengthen financial protections and risk management solutions suite.

The partnership will see the two firms distributing their respective technologies to each other’s customers.

It will enable the duo to provide a combination of technology offerings for electrical and equipment risks to their clients.

The pair will also explore new data offerings for insurers and their policyholders.

HSB chief technology officer and Applied Technology Solutions senior vice president called Schneider Electric a “cornerstone partner” in the expansion of its IoT solution providers’ ecosystem.

Besides, HSB will develop financial products such as warranties and performance guarantees for those using Schneider Electric EcoStruxure Power solutions.

HSB will offer performance guarantees for Schneider Electric’s ArcBlok 2500 electrical risk management solution in their first collaborative effort.

The solution helps evade dangerous electrical arc flashes occurring within industrial motor control centres as well as electrical switchboards, includes safety and loss prevention elements, and has a low carbon footprint.

Greg Barats, HSB president and CEO and head of Munich Re’s global IoT business. “Together, we will deliver innovative IoT technologies, financial products, and data-driven solutions to help transform electrical and equipment risks across a variety of industries and geographies.”

Schneider Electric executive vice president of power products Rohan Kelkar said: “Munich Re’s world-class risk management products, when utilised with EcoStruxure based solutions powering innovations like ArcBlock, will drastically reduce asset exposure and facility downtime risk caused by catastrophic events, whilst also remaining economically viable.”