Hartford Steam Boiler & Insurance Co. said Wednesday it has teamed up with CNA Financial Corp. to offer its remote sensor monitoring program to the Chicago-based insurer’s small and midsize commercial policyholders to help prevent or reduce property damage and business interruption loss. Using sensors and customized algorithms, HSB’s “internet of things” technology is a package of hardware and software, data analytics, back-end operations, targeted alerts and 24/7 monitoring support, Hartford, Connecticut-based HSB, which is a unit of Munich Reinsurance Co., said in a statement. Real-time alerts help identify water leaks, temperature extremes and power outages and suggest ways to correct and remediate these scenarios which are key causes of loss for commercial businesses, HSB said in the statement.
Hartford Steam Boiler & Insurance Financial has partnered with CNA to introduce the latter's remote sensor monitoring system to Hartford Steam Boiler & Insurance's small- and medium-sized enterprise policyholders. The AI-based system uses sensors, algorithms and IoT technology to monitor properties and issue alerts to prevent and reduce damage to property and losses from business interruption.