The force of alternative partnerships continues. Munich Re and HSB, one of its subsidiaries, have joined forces with Schneider Electric to take on electrical and equipment risk. Schneider Electric, who have previously partnered with HDI and NFU Mutual, are experts in digital automation and energy management.
The solutions which will include uptime guarantees and unwarned failure warranties will blend risk solutions with IoT technology. Their aim is to help businesses predict faults in their operating systems.
“HSB’s expertise and solutions in risk management has provided a unique value for our EcoStruxure clients to become more technically and financially resilient,” said Rohan Kelkar, EVP Power Products at Schneider Electric.
Greg Barats, President & CEO of HSB and Head of Munich Re Global IoT, also commented: “Schneider Electric’s impressive EcoStruxure™ solutions are opening opportunities to bring electrical and equipment risk management to the next level. As the global leader in equipment breakdown insurance, we are proud to be working with a business that complements our focus on the intersection of technology, engineering, and insurance.”
“As a global business we understand the challenges our customers are facing around the world because of the economic landscape,” Kelkar added. “MunichRe’s world-class risk management products when utilized 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.”