(Image source: Swiss Re.)
Swiss Re Corporate Solutions (Zurich) and Hitachi Europe Ltd. (Maidenhead, Berkshire, U.K.) have announced a partnership to launch integrated insurance-based offering to help organizations accelerate their digital transformation while minimizing the risk. Initially focused on the manufacturing machinery and transport industries, the joint solution will help customers embrace AI and cutting-edge technologies to maximize productivity, increase automation, implement contactless operations and reduce downtime, while also insuring them against any unexpected business disruption related to the risks of these technologies, according to a joint company statement.
As organizations increasingly depend on Artificial Intelligence (AI) powered automation for critical business processes and operations, they need to manage new “digital risks,” according to the statement. To address this need, Swiss Re and Hitachi are launching a new industry solution that helps organizations accelerate their digital transformation while minimizing the risk.
“We are excited to work with a global technology leader like Hitachi to advance corporate insurance through digital market platforms and accelerate the adoption of innovative, smart manufacturing,” comments Andreas Berger, CEO, Swiss Re Corporate Solutions. “Through this partnership we are activating machine-sensor data and continuous diagnostics across the industrial sector. Ultimately this will enable us to price risk more precisely, ensure effective pay-out mechanisms, and provide a seamless risk management experience that addresses industry inefficiencies and is tailored to our customers’ needs.”
“The strategic partnership with Swiss Re brings together two companies at the top of their industries, creating a new and compelling offering in today’s market,” says Hicham Abdessamad, Chief Executive, Hitachi Global Social Innovation Business. “With Hitachi’s experience in IT and operational technology and Swiss Re’s leadership in risk management, we will provide a unique offering to equip businesses with the opportunity and confidence to further digitize, optimize and automate their operations.”
Providing Confidence that Digital Risk is Mitigated
“In today’s world, it is becoming a necessity for businesses to digitally transform and use advanced technologies such as AI to become more agile and automate as much as possible,” Abdessamad adds. “Also, it is imperative that they can do so with the confidence that their digital risk is mitigated.”
The firms describe their solutions as being built on more than 200 years of combined risk knowledge and IT and operational technology (OT) experience, making the two companies are well positioned to bring this unique offering to the market, with the first organizations launching in October 2020, according to the joint statement.