The Hartford (Hartford, Conn.) has announced that the company is expanding its Internet of Things (IoT) Innovation Lab and capabilities, combining state-of-the-art network-connected technology with its internal expertise, data and risk management to improve workplace safety and help prevent or reduce property damage for its customers.
“Connected devices represent an opportunity for insurers to help their customers proactively prevent claims and also develop unique, real-time insights into risk,” commens John Wilcox, head of Strategy and Ventures, The Hartford. “The pace of change has never been faster and the need to innovate never more critical to sustained growth and profitability. Companies that harness the collective power of digital data, cloud computing, predictive analytics, and digital technology to transform the way they do business, and deliver value to customers, will have a competitive advantage. We are, and intend to continue to be, one of them.”
The Hartford relates its commitment to expand IoT capabilities to the trend of businesses and private individuals to equip their property with network-connected devices that provide real-time data, which The Hartford says it will be able to analyze in order to reduce and mitigate hazards, such as unsafe working conditions or water damage from a broken pipe. The company reports that its Internet of Things Innovation Lab works with businesses to monitor the pressure in water pipes using sensors, which can detect a leak before it causes extensive flooding. The lab also collaborates with a variety of vendors to equip workers with wearable technology that generates data about workers lifting, bending, getting fatigued and their proximity to hazards as well as other factors that can be analyzed to implement safer workplace practices and potentially improve operational efficiency.
Growing the Program Significantly
The Hartford reports that in the past three months, the Lab has installed multiple different types of devices for customers, or more than 1,000 devices in total, and The Hartford plans to grow the program significantly.
“The Hartford sees significant opportunity to apply insights from IoT data to enhance our entire value chain from product and distribution, to underwriting, to risk management, to claims. These insights will change the way we think about mitigating and assessing risk, enabling new business models, products, and services,” comments Dan Campany, head of The Hartford’s Internet of Things Innovation Lab.