Munich Re and HSB Partner with Schneider Electric on Risk Innovation
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HSB (Hartford), a provider of specialty insurance and technology services and a U.S. subsidiary of global reinsurer Munich Re, has announced that it will expand its suite of risk management technologies and financial protections through a strategic agreement with Schneider Electric.
HSB and Schneider Electric, a global player in digital transformation of energy management and automation, will distribute their respective solutions and technologies to each other’s clients, according to an HSB statement. The agreement between the companies seeks to bring their customers a combination of technology products and services for electrical and equipment risks.
HSB says it also will create new financial products, including warranties and performance guarantees, for customers of Schneider Electric EcoStruxure Power solutions. In addition, the companies say they will explore new data products that benefit insurers and their policyholders.
“Schneider Electric’s class-leading solutions and expertise have the potential to change the traditional insurance paradigm,” comments Greg Barats, president and CEO of HSB 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.”
ArcBlok Protection Backed by HSB
In their first joint effort, HSB will provide performance guarantees for Schneider Electric’s ArcBlok 2500 electrical risk management technology, which helps prevent and limit dangerous electrical arc flashes occurring within industrial motor control centers and electrical switchboards. ArcBlok’s arc flash isolation technology includes innovative safety and loss prevention features, provides a low carbon footprint, and is designed to deliver a long lifecycle of protection.
“HSB’s expertise and solutions in risk management has provided a unique value for our EcoStruxure clients to become more technically and financially resilient,” comments Rohan Kelkar, EVP, power products, Schneider Electric. “As a global business we understand the challenges our customers are facing around the world because of the economic landscape. Munich Re’s world-class risk management products, when utilized 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.”
Global Ecosystem of IoT Providers
The strategic alliance with Schneider Electric will serve as an anchor for expanding Munich Re and HSB’s IoT solution ecosystem, which spans risk management technologies for non-weather water, fire, and equipment failure, according to the HSP statement.
“We see Schneider Electric as a cornerstone partner in the ongoing extension of our global ecosystem of IoT solution providers,” says John Riggs, CTO, HSB and SVP, Applied Technology Solutions. “This ecosystem holds the potential for providing a full suite of IoT solutions that address the key perils of our valued insurance partners and end-customers, while providing a solid foundation to drive efficient IoT solution provider evaluation and integration, while also collaboratively developing innovative data monetization methods.”
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