NEW YORK, Oct. 31, 2018 /PRNewswire/ -- Chubb announced today that it will partner with Hartford Steam Boiler (HSB) Inspection and Insurance Company, a unit of Munich Re, to begin installing innovative Internet of Things (IoT) technology in the homes and businesses of Chubb policyholders. The sensors and devices will monitor for water leaks and changes in temperature, humidity, vibration and water pressure that, if left undetected, can lead to severe property damage.
In a program with a segment of Chubb Private Risk Services clients, IoT sensors for early water leak detection will be installed in their primary and secondary homes. The program is made available through HSB's partnership with GROHE, the world's leading provider of luxury fittings for kitchens and bathrooms, and the sensors are powered by the GROHE Sense Guard system, an intelligent water security system that detects water leaks, alerts the homeowner and shuts off the water supply automatically to prevent severe damage to the home.
In two other programs, advanced IoT sensors that monitor temperature, vibration and humidity changes, powered by HSB's Sensor Systems, will be installed in clients' homes to help prevent damage to valuables such as fine art and wine collections, and, on the commercial side, in businesses and entities with environments sensitive to these factors.
"We're excited to work with HSB, which offers best-in-class IoT sensors and device solutions. With active monitoring of homes and businesses through smart devices, we will be better able to help our clients prevent a total loss from a water leak or damage to a cherished collection of fine art or wine," said Sean Ringsted, Chief Digital Officer and Chief Risk Officer at Chubb. "This partnership will advance our evolution from a model of 'repair and replace' to 'predict and prevent,' which will fundamentally change the relationship between insurers and their customers."
"Hartford Steam Boiler was founded on the principles of inspection technology and loss prevention, and we're focused on building on our heritage through new IoT tools and partnerships, including our new relationship with Chubb," said Greg Barats, President and Chief Executive Officer, Hartford Steam Boiler. "We look forward to offering Chubb's clients our proactive approach and proven solutions that use IoT sensors and monitoring to help prevent damage and property loss."
Chubb is committed to the digitization of its insurance products and services to meet the needs of consumers and businesses in the digital age. The company is investing in product innovation, analytics and technology to provide a truly "anytime-anywhere" customer experience for its clients and distribution partners. Chubb's capabilities range from simple easy-to-apply consumer and business insurance plans offered through digital channels and partnerships to artificial intelligence-enhanced decision support of underwriting and claims.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: chubb.com.
About Hartford Steam Boiler
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. For more information, visit www.hsb.com and connect on LinkedIn, Twitter and Facebook.