Chubb has decided to partner with Munich Re subsidiary Hartford Steam Boiler (HSB) Inspection and Insurance Company to commence installing Internet of Things (IoT) technology in the homes and businesses of its policyholders. The sensors and devices, according to Chubb, will monitor for water leaks and changes in temperature, humidity, vibration and water pressure and alert to clients to take action and avoid property damage. Chubb stated that this initiative is part of its vision to evolve from “repair and replace” to “predict and prevent” insurance model. According to the plan, the IoT sensors for early water leak detection will be installed in the primary and secondary homes of Chubb Private Risk Services clients. The programme is being provided through HSB’s partnership with GROHE while the sensors are powered by the GROHE Sense Guard system. Chubb chief digital officer and chief risk officer Sean Ringsted said: “We’re excited to work with HSB, which offers best-in-class IoT sensors and device solutions. With active monitoring of homes and businesses through smart devices, we will be better able to help our clients prevent a total loss from a water leak or damage to a cherished collection of fine art.” Loading ... Hartford Steam Boiler president and CEO Greg Barats said: “We look forward to offering Chubb’s clients our proactive approach and proven solutions that use IoT sensors and monitoring to help prevent damage and property loss.” Chubb offers property and casualty insurance services, personal accident and supplemental health insurance, reinsurance and life insurance in 54 countries and territories.
Swiss insurance firm Chubb is partnering with Hartford Steam Boiler (HSB), a subsidiary of Munich Re, to deploy internet of things (IoT) technology in the homes of Chubb Private Risk Services clients. HSB will collaborate with European company GROHE to install IoT sensors that monitor and send alerts for water leaks, as well as changes in temperature, humidity, vibration and water pressure. The new system could be used by homeowners who want to know if their home has been compromised or if there are any problems at all.