Munich Re and HSB team up with Schneider Electric

HSB , a provider of specialty insurance and technology services and a U.S. subsidiary of global reinsurer Munich Re, announced they will expand their suite of risk management technologies and financial protections through a strategic agreement with energy management and automation company Schneider Electric .

HSB 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.

“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.” – Greg Barats, president and chief executive officer of HSB and head of Munich Re’s global IoT business.

Bottom Line: Like Sompo Holdings, HSB is creating a setting in which it offers new insurance products via affinity channels (page 74).