Chubb in partnership with Hartford Steam Boiler (HSB) Inspection and Insurance Company (a unit of Munich Re) are installing IOT based technology in the homes and businesses of Chubb policyholders. The sensors and devices will monitor for water leaks and changes in temperature, humidity, vibration and water pressure which can lead to severe property damage.
The water leaks detection system will be installed in partnership with GROHE Sense Guard system and IoT sensors to monitor temperature, humidity is powered by HSB’s Sensor Systems.
Sean Ringsted, Chief Digital Officer and Chief Risk Officer at Chubb has said of this partnership: ” 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 or wine. This partnership will advance our evolution from a model of ‘repair and replace’ to ‘predict and prevent,’ which will fundamentally change the relationship between insurers and their customers.”