The Hartford Steam Boiler Insurance and Inspection Company was founded in 1866 in response to the dangers raised by the transformative power of steam. Today the company is acting on the opportunities and risks of the Internet of Things.
Commentators on Google’s acquisition of Nest Labs agree that it’s just a matter of time before these developments effect a qualitative difference on our way of life. That will probably also include our ways of using insurance.
Developed on Samsung’s cloud-based SAMIIO development platform, the Habit@t offering uses sensors to detect hazards and trigger alarms to alert customers and notify a call center to dispatch an appropriate response immediately.
As smart home technology evolves, insurers may have the opportunity to utilize real-time machine-to-machine (M2M) communications for the assessment of risk and prevention of loss.
As a ThingWorx system integrator partner, Dell Services will offer digital capabilities across cloud, mobility, social media, big data and digital transformation consulting to deliver comprehensive professional services dedicated to IoT.
IIR connected with Jacqueline LeSage Krause, managing director of HSB’s strategic corporate ventures group in San Francisco, to talk about why Munich Re and HSB chose to sponsor the IoT accelerator.
As they strive for customer ownership, insurers will invest in consumer-facing technology; data and analytics investments will drive new, more precise product underwriting; and new efficiencies will be found in cloud sourcing for commoditized core systems.
A new ad campaign by the insurer suggests an adaptation to world wherein technology has reduced risk, in turn reducing claims and depressing premium.
The insurer will combine network-connected technology with internal expertise, data and risk management to improve workplace safety and help prevent or reduce property damage.
Senior insurance executives may be inclined to treat SMA’s latest research brief as another example of an industry analyst crying wolf, but author Denise Garth makes arguments that are not easily dismissed.