IoT Infrastructure Investments to be Covered By First-of-a-Kind Industrial Insurance
Companies making substantial investments in the "Internet of Things" (IoT) will be able to protect their return on those investments through an innovative new breed of "IoT-enabled" insurance products, relayr, the industry leader in IoT platforms, said today.
Relayr announced it is partnering with HSB, part of Munich Re, to craft customized insurance products to provide financial confidence for relayr's customers making IoT investments. HSB has 150 years of experience insuring the equipment and technology used by businesses; its work with relayr represents the insurance industry's first industrial IoT-specific set of offerings.
Relayr co-founder Josef Brunner said the collaboration with HSB will transform the entire IoT landscape.
"People have long talked about the potential savings and increased efficiencies that are going to be possible with the Internet of Things," Brunner said. "But now, we are doing much more than talking about it. We are literally going to do it."
Brunner said HSB decided to partner with relayr after becoming a customer and seeing for itself the advantages of the company's IoT hardware, software and consulting services.
In addition to joining forces on the innovative new line of insurance products, Munich Re/HSB Ventures is also leading a $23 million financing round for relayr, in which it is being joined by legendary Silicon Valley venture firm Kleiner Perkins Caufield & Byers, as well as Munich Venture Partners.
Greg Barats, president and chief executive officer of HSB, said the relayr partnership is only possible because of the IoT itself, notably the way it provides non-stop, real-time information that HSB can use to inform its underwriting decisions.
“We’re excited about collaborating with relayr to combine insurance solutions with their IoT applications,” Barats said. "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 said the partnership with HSB will not only benefit the companies that work with relayr directly, but also has the potential to, in turn, help the customers of those companies. For example, one of relayr's first industrial customers in IoT is Schindler, a leading global elevator and escalator provider.
“As a customer of relayr from the early days, I am very pleased with their strategic eco-system development,” said Michael Nilles, Schindler Chief Digital Officer. “The new partnerships will allow relayr to further expand their business scope from technology towards comprehensive IoT based business model offerings for the benefit of existing and new customers.”
Relayr and HSB will be discussing IoT-enabled insurance products and industrial business outcomes at the Gartner® SYMPOSIUM ITEXPO® in Barcelona, Spain, on November 9 at 3:00 p.m. Central European Time.
Founded in 2013 and headquartered in Boston, with offices in Silicon Valley, Germany and the UK, relayr offers a cloud platform, consulting services and award-winning hardware that have quickly made the 100-person firm a global IoT leader. Relayr addresses the central challenge of the IoT with an end-to-end development solution consisting of a cloud platform that communicates from Any-to-Any (any service, any software, any platform, any sensor), open source software development kits and industrial-grade sensor kits for rapid customer prototyping. It principally addresses markets in manufacturing, infrastructure management and retailing.
Hartford Steam Boiler (HSB), a member of Munich Re’s Risk Solutions family since 2009, is a leading specialty insurer providing equipment breakdown, other specialty coverages, inspection services and engineering-based risk management that set the standard for excellence worldwide. We focus on clients and partner with them to craft inventive insurance and service solutions to cover existing and emerging risks posed by technological change. Today, as throughout our 150 year history, our mission is to use our engineering knowledge and insights to help clients prevent loss, advance sustainable use of energy resources and build deeper relationships that benefit business, industry, 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.
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