HARTFORD, Conn.--(BUSINESS WIRE)--HSB, part of Munich Re, and Whisker Labs today announced they have expanded a partnership to provide Ting sensing technology to help home insurance customers detect electrical hazards and will develop other Internet of Things technologies for consumers.
HSB, a leading reinsurer and provider of risk management and IoT services, is the exclusive supplier of Whisker Labs’ Ting sensor and monitoring solution to home insurance policyholders through HSB’s relationships with other personal lines property-casualty insurers.
“We are always working to give our customers easy access to new technologies that will help them avoid expensive and inconvenient losses,” said Greg Barats, HSB president and chief executive officer. “HSB has been working with Whisker Labs for more than three years and we are excited about the results. Our relationship is an important part of HSB’s efforts to apply leading edge technologies that are changing the way we manage risk.”
Under the new agreement, HSB will help fund Whisker Labs’ innovation of new sensor technologies and HSB Applied Technology Solutions will deploy scalable loss control monitoring services for other types of home systems and equipment.
“We are thrilled to expand our partnership with HSB to bring scalable and powerful IoT solutions to the insurance sector to reduce fire, water and equipment losses and engage customers with meaningful and actionable information,” said Bob Marshall, Whisker Labs chief executive officer.
Early Warning System with 24/7 Monitoring and Alerts
The Ting Sensor Service is an early warning system for electrical hazards in the home. Unlike some home insurance technologies, Ting has a 90 percent do-it-yourself installation rate due to its two-minute, easy installation and clear consumer benefit.
Using a single plug-in sensor, the program’s proprietary algorithms monitor the home’s electrical system 24/7 and detect hazards such as arcing from faulty wiring behind walls and ceilings. Ting also provides high resolution monitoring of utility power quality and detects electrical faults on the grid that are often the ignition source for wildfires.
Ting is a concierge service for homeowners. When Ting detects an electrical fire hazard, the service covers the cost of a licensed electrician to find and repair the source of the hazard.
HSB Applied Technology Solutions explores and develops Internet of Things, artificial intelligence (AI), and other emerging technology applications through internal research and development, investments, and a deep network of innovative partners.
Since 2016, HSB’s IoT programs for business, industry, institutions and homes have collected more than 13.1 billion sensor readings from client locations.
Hartford Steam Boiler (HSB)
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 through to the 2019 Pacific typhoon 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.