The partnership will blend risk solutions including uptime guarantees and unwarned failure warranties, with IoT technology to serve clients.
Together, the companies will help businesses to remain resilient by predicting faults and hindrances within their operations, using HSB’s IoT sensor solutions to complement Schneider Electric’s flagship power distribution system, EcoStruxure Power.
“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, EVP 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,” Kelkar added. “MunichRe’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.”
Greg Barats, President & CEO of HSB and Head of Munich Re Global IoT, also commented: “Schneider Electric’s impressive EcoStruxure™ solutions are opening opportunities to bring electrical and equipment risk management to the next level. As the global leader in equipment breakdown insurance, we are proud to be working with a business that complements our focus on the intersection of technology, engineering, and insurance.”
Read the full article: Reinsurance News
