Chubb Partners With Hartford Steam Boiler to Deploy Innovative Internet of Things Sensors in Homes and Businesses
PartnerHartford Steam Boiler
In View Summary
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.
GROHE display at the InsureTech Connect 2018 conference in Las Vega
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.”
Benefits to Customers:
Quick and informed decision making
Reduced time and costs
Easy to use and convenient
Benefits to the Insurer:
Improved Customer Engagement and penetration
Greater customer reach
Reduced costs and time
The Digital Insurer's View
Although the advent of the connected home has been slower to emerge than anticipated, consumers are slowly but surely embracing more internet enabled devices within the home. Chubb and HSB partnership comes at the right time and is an evolution from usual Repair & Replace to Predict & Prevent. Being proactive is the need of the hour and such partnerships will pave way to similar new age innovations in P&C.