HSB and CNA Collaborate to Offer IoT Technology Solutions for CNA Commercial Customers

5 Jun by Vitaliy Dadalyan

HSB and CNA Collaborate to Offer IoT Technology Solutions for CNA Commercial Customers

Sensors Provide 24/7 Alerts to Help CNA Policyholders Prevent Loss and Business Interruptions

HARTFORD, Conn.–(BUSINESS WIRE)–#HSB–The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, today announced it has created an alliance with CNA, one of the largest commercial property and casualty insurance companies in the United States, to offer HSB’s IoT technology solutions to CNA’s small and mid-size commercial policyholders to help prevent or reduce property damage and business interruption loss.

“CNA is deeply committed to offering technology solutions that complement our portfolio of industry recognized Risk Control services designed to help policyholders reduce loss while increasing profitability and productivity,” said Kevin Leidwinger, president and chief operating officer, CNA Commercial. “This remote sensor monitoring program will be specifically tailored for small and mid-sized commercial clients, providing easy access to real-time data. We are excited to collaborate with HSB to implement this innovative property service offering.”

Utilizing proprietary sensors and customized algorithms, HSB IoT Technology is a commercial-strength, turnkey package of hardware and software, data analytics, back-end operations, targeted alerts, and 24/7 monitoring support. Real-time alerts help identify water leaks, temperature extremes, and power outages — the leading causes of loss for commercial businesses — and suggest corrective action for remediation.

“Our proven IoT solutions will help CNA manage and control its commercial insurance loss costs while enabling CNA policyholders to avoid property damage and business downtime,” said Greg Barats, president and chief executive officer of HSB and head of Munich Re Global IoT. “IoT is the focal point of our broader alliance with CNA to help them both drive down losses and innovate new solutions.”

HSB’s IoT sensor solutions technologies program has collected and analyzed more than 430 million sensor readings from client locations for thousands of small to mid-sized enterprises across the country. Its data model is structured to permit multi-level analysis by business class, region, cause and other insurer specified parameters. With more than 150 years of insurance risk management and engineering expertise, HSB is uniquely qualified to design IoT technology solutions.

Hartford Steam Boiler (HSB), part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150 year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). Connect with HSB on LinkedIn, Twitter and Facebook.

Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to the 2017 Atlantic hurricane season. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.

Contacts

For HSB, Dennis Milewski
Tel.: +1 (860) 722-5567
Mobile: +1 (860) 534-0623
[email protected]

For CNA, Brandon Davis
Tel.: +1 (312) 822-5885
Mobile: +1 (773) 383-7166
[email protected]

This article published with permission from Business Wire