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.
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!