HARTFORD, Conn.--(BUSINESS WIRE)--Hartford Steam Boiler, a leading equipment breakdown and technology insurer, today introduced its next generation sensors and software to connect equipment and facilities through the Internet of Things. The sensors are delivered in a simple kit for commercial customers and use proprietary algorithms to help prevent loss and improve performance.
Sensor Systems by HSB is an early warning system for building owners, schools, religious groups and other organizations. The service includes all the hardware and software necessary to monitor conditions 24/7, analyze the data and issue alerts when changes suggest trouble.
“We offer an easy IoT solution that’s built on HSB’s decades of experience with equipment and technology,” said Jack Volinski, senior vice president for HSB, part of Munich Re. “HSB’s engineers leveraged technology designed by an HSB IoT startup acquisition to provide longer range communication and to deliver more useful information that we can customize for each sensor risk application.”
HSB’s algorithms analyze data on temperature, water accumulation, power outages, motion and humidity to identify and report on potential risks. The enhanced software can account for temporary conditions, such as workers loading a freezer, so alerts can more accurately identify and communicate when action is required.
The new HSB sensors use LoRaWAN™ low-power wide-area networks wireless technology certified by the LoRa Alliance™, with extended range to connect dispersed equipment and facilities and can communicate through building walls and floors. The HSB technology uses cellular rather than Wi-Fi systems, which helps protect data security and is less affected by power outages.
Sensor Systems by HSB was launched in October 2016 and has since collected 250 million sensor readings from client locations. It is available to small and mid-size organizations through many leading U.S. property-casualty insurance companies that partner with HSB and directly from HSB to larger clients. The program allows insurers to help reduce and minimize losses through IoT technology and provides additional value to policyholders.
Hartford Steam Boiler (HSB), part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150 year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on LinkedIn, Twitter and Facebook.
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to the 2017 Atlantic hurricane season. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.