Strategic alliance between global leaders in IoT and risk mitigation
Efforts will focus on distribution of diverse technologies, development of risk solutions, and creation of data-driven products
First joint effort provides HSB-backed performance guarantee for Schneider Electric’s ArcBlok™ solution
Innovative Technology and Financial Products
HARTFORD, Conn., December 08, 2022--(BUSINESS WIRE)--HSB, a provider of specialty insurance and technology services and a U.S. subsidiary of global reinsurer Munich Re, today announced they will expand their suite of risk management technologies and financial protections through a strategic agreement with Schneider Electric.
HSB and Schneider Electric, a global leader in digital transformation of energy management and automation, will distribute their respective solutions and technologies to each other’s clients.
Through their collaboration, the companies will bring their customers a combination of technology products and services for electrical and equipment risks.
HSB also will create new financial products, including warranties and performance guarantees, for customers of Schneider Electric EcoStruxure™ Power solutions. In addition, the companies 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" said Greg Barats, president and chief executive officer 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" said Rohan Kelkar, executive vice president, power products, at 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."
A 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.
"We see Schneider Electric as a cornerstone partner in the ongoing extension of our global ecosystem of IoT solution providers," said John Riggs, HSB chief technology officer and senior vice president of 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."
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 asset management 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 Hurricane Ida in 2021. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyber risks. 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.
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