HSB IoT Solution Wins
Innovation in Insurance Award
HSB turnkey IoT offering for insurers of small and medium-sized
businesses recognized for business model transformation
HSB, part of Munich Re, announced today that it has won a Silver Award in the 2019 Efma-Accenture Innovation in Insurance Awards in North America for HSB's IoT solution which helps small and medium-sized businesses and their insurers reduce claims and prevent losses from property perils and equipment breakdown.
HSB Connected Technologies’ 24/7 monitoring and risk management solution combines industrial grade Internet of Things (IoT) hardware with HSB’s risk management, operations and data science capabilities into one complete ready to use solution.
“Our unique approach allows our clients to create an IoT solution that is tailored to their commercial book of business and eliminates all the hassles of launching and managing an IoT program,” says Jack Volinski, HSB senior vice president. “Winning this award in Efma-Accenture’s “Business and Operating Model Transformation” category is an acknowledgement of our IoT innovation and the impact we are making with our insurance and risk pool partners.”
Award winners were selected by a panel of judges comprising senior executives from insurers in North America. Each entry was assessed using three criteria: originality; strategic capacity to generate long-term competitive edge and return on investment; and adaptability for use in other markets and countries.
HSB Connected Technologies is responsible for the development and exploration of innovative technologies and their disruptive impact on risk at Hartford Steam Boiler. Through internal R&D, corporate VC investments, and partnerships with diverse companies, HSB Connected Technologies is enabling clients and partners to harness the innovation potential of the latest technologies and capabilities to transform risk, enable new business models, and deliver improved customer experiences. Learn more at hsbconnectedtechnologies.com.
Note for the editorial staff
Hartford Steam Boiler (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). Connect with HSB 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 capital investment 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 to the 2017 Atlantic hurricane season. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. 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.
Hartford, Connecticut, November 12, 2019
The Hartford Steam Boiler Inspection and Insurance Company
One State Street
P.O. Box 5024
Hartford, Connecticut 06102-5024