HSB Canada launches sensor systems to reduce claims
HSB Canada , part of Munich Re, has introduced Sensor Systems by HSB to help insureds reduce common property claims. The program monitors, predicts and alerts customers to risk events associated with water leaks, pipe freezing and critical temperature changes.
“Water is the ‘new fire’, with billions of dollars paid out in commercial water damage claims each year. HSB Canada is on a mission to drastically reverse this trend, using its extensive equipment data and experience with IoT-based systems to offer an early warning system for insurers and insureds.” – John Mulvihill, president and chief executive officer of HSB Canada.
HSB Canada offers its IoT services through insurers and risk pools, installing sensors at commercial locations to monitor for conditions that pose risks. The program was first launched in the USA and is customized for each insurer to reflect the types of businesses it covers and can focus on the challenging classes of business in its portfolio.
HSB Canada works with insurers to install sensors that continuously monitor equipment and conditions at customer locations. HSB analyzes the data and sends alerts to policyholders via email, cell phone, or text when an issue needs attention or could result in a breakdown or property damage.