Munich Re and HSB team up with Schneider Electric on risk innovation
Specialty insurance and technology provider HSB, a US subsidiary of Munich Re, will expand its suite of risk management technologies and financial protections through a strategic agreement with Schneider Electric.
The firm said in a statement that it and Schneider Electric will distribute their respective solutions and technologies to each other’s clients.
Through their collaboration, the companies will bring their customers a combination of technology products and services for electrical and equipment risks.
HSB also will create new financial products, including warranties and performance guarantees, for customers of Schneider Electric EcoStruxure Power solutions. In addition, the companies will explore new data products that benefit insurers and their policyholders.
Greg Barats, president and chief executive officer of HSB and head of Munich Re’s global IoT business, said: “Schneider Electric’s class-leading solutions and expertise have the potential to change the traditional insurance paradigm. Together, we will deliver innovative IoT technologies, financial products, and data-driven solutions to help transform electrical and equipment risks across a variety of industries and geographies.”
In their first joint effort, HSB will provide performance guarantees for Schneider Electric’s ArcBlok 2500 electrical risk management technology, which helps prevent and limit dangerous electrical arc flashes occurring within industrial motor control centres and electrical switchboards.
ArcBlok’s arc flash isolation technology includes innovative safety and loss prevention features, provides a low carbon footprint, and is designed to deliver a long lifecycle of protection.
Rohan Kelkar, executive vice president, power products, at Schneider Electric, said: “HSB’s expertise and solutions in risk management has provided a unique value for our EcoStruxure clients to become more technically and financially resilient. As a global business we understand the challenges our customers are facing around the world because of the economic landscape. Munich Re’s world-class risk management products, when utilised with EcoStruxure based solutions powering innovations like ArcBlock, will drastically reduce asset exposure and facility downtime risk caused by catastrophic events, whilst also remaining economically viable.”
The strategic alliance with Schneider Electric will serve as an anchor for expanding Munich Re and HSB’s IoT solution ecosystem, which spans risk management technologies for non-weather water, fire, and equipment failure.
John Riggs, HSB chief technology officer and senior vice president of Applied Technology Solutions, said: “We see Schneider Electric as a cornerstone partner in the ongoing extension of our global ecosystem of IoT solution providers. This ecosystem holds the potential for providing a full suite of IoT solutions that address the key perils of our valued insurance partners and end-customers, while providing a solid foundation to drive efficient IoT solution provider evaluation and integration, while also collaboratively developing innovative data monetisation methods.”
Source: Munich Re, https://www.munichre.com/hsb/en/press-and-publications/press-releases/2022/2022-12-08-schneider-electric-risk-innovation-team-up.html; Reinsurance News, https://www.reinsurancene.ws/munich-re-and-hsb-team-up-with-schneider-electric-on-risk-innovation/