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IoT Cover
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IoT Cover – Gaining trust and building confidence

Innovative coverage for business models that build on smart IoT components

The Internet of Things is advancing into many economic sectors and is disrupting traditional business processes. Industrial IoT, connected services, smart buildings and infrastructure applications rely on smart IoT components that support the detection of malfunctions and the prevention of damages. This groundbreaking technology allows for predictive maintenance, quality analytics and condition monitoring to reduce costs, avoid breakdowns and to improve maintenance efficiency.

However, business models that depend on workflows driven by smart devices like sensors must be able to rely on their performance and accuracy. If the solution is not working as intended this can cause major financial losses and undermine the business case around this new technology. Generally, uncertainty regarding the performance of IoT solutions is an important hurdle towards acceptance by customers when delegating critical business processes to such systems.

In this challenging environment, those companies who can guarantee the performance of their IoT solutions are a big step ahead of their competitors. Establishing trust and confidence by providing a technical assessment and financial compensation is the key to boosting sales. 

Our Solution

Munich Re can cover these new challenges with innovative risk-transfer solutions, such as an insurance-backed availability or performance guarantee:
  • You guarantee your customers the performance of your IoT solution based on certain Key Performance Indicators (KPIs).
  • We insure you against payment obligations arising from the guarantee. In this way, the risk of underperformance is ultimately backed by Munich Re.
  • With our risk transfer solutions, we cover various areas of applications such as Industrial IoT, Connected Buildings, Connected Services as well as hardware and IoT networking. Is your field of application not included? We are always open to new challenges – talk to us!

Your benefits at a glance

Your guarantee secures the investment of your customers. This will ensure that you strengthen the confidence in your solution and ultimately boost your sales.
Cover your payment obligations due to the guarantee and use your capital instead to expand your business.
Use the insurance-backed guarantee as a marketing feature to attract your customers and differentiate from your competitors.
Strengthen the trust in your business model and become more attractive for investors. 

Get to know our made-to-measure solutions!

Three reasons you should talk to us

Our Experience
With the technical experience, ideas and solutions from all industry sectors we can innovate and enable your business to be a big step ahead the competition.
Targeted Product
The insurance and performance guarantee are targeted exactly towards important KPIs, which matter to your clients. We design bespoke solutions and co-create tailored business models that fit to your specific needs.
Trusted Partner
We offer a long-term development plan. We help you to grow – and so do our solutions.

Would you like to know more? Contact our team right away:

Whitepaper: Performance guarantees as driver of new business models

Many medium-sized mechanical and plant engineering companies are evolving into digital solution providers that are increasingly integrated into the value chain of their customers. However, a changing business relationship with the customer also leads to a significant change in the respective risk situation.

Download our free whitepaper and learn how innovative insurance solutions enable successful risk transfer, drive the implementation of new business models, and support sales.

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