‘First of kind’ industrial insurance launched for IoT infrastructure investments
Relayr, an IoT end-to-end development solutions developer, has partnered with specialty insurer Hartford Steam Boiler (HSB), a part of Munich Re, to develop new insurance products for IoT investments.
This new breed of 'IoT-enabled' insurance products aims to help protect the financial investments of companies in the Internet of Things.
Relayr co-founder Josef Brunner believes that the HSB collaboration will change the IoT landscape. “People have long talked about the potential savings and increased efficiencies that are going to be possible with the Internet of Things. But now, we are doing much more than talking about it. We are literally going to do it,” he said.
Brunner noted that HSB decided on the partnership after becoming a customer of Relayr. Munich Re/HSB Ventures is joining to create a new line of insurance products and leading a $23 million financing round for Relayr.
Greg Barats, president and CEO of HSB, noted that the partnership with Relayr is possible due to the way that IoT provides real-time, constant information that HSB can use to make its underwriting decisions.
He said: "We're excited about collaborating with Relayr to combine insurance solutions with their IoT applications. HSB can help Relayr's clients have confidence in their IoT investments by creating financial assurance that they will benefit, whether it involves increasing output, decreasing downtime, developing new revenue streams or reducing maintenance costs."
Brunner believes that the partnership could benefit companies directly working with Relayr as well as customers of those companies.
Interested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.
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