First-of-a-kind industrial insurance

industrial

Companies making substantial investments in the Internet of Things (IoT) will be able to protect their return on those investments through a new breed of “IoT-enabled” insurance products, according to IoT company Relayr.

The company has announced its partnership with HSB, part of Munich Re, to craft customised insurance products to provide financial confidence for customers making IoT investments.

Relayr co-founder Josef Brunner said the collaboration with HSB will transform the entire IoT landscape.

“People have long talked about the potential savings and increased efficiencies that are going to be possible with the Internet of Things,” said Brunner.

“But now, we are doing much more than talking about it. We are literally going to do it.”

According to Greg Barats, presidents and chief executive officer of HSB, “HSB can help Relayr’s clients have confidence in their IoT investments by creating financial assurance that they will benefit, whether it involves increasing output, decreasing downtime, developing new revenue streams or reducing maintenance costs.”

Brunner said the partnership with HSB will not only benefit the companies that work with relayr directly, but also has the potential to, help the customers of those companies. For example, one of Relayr’s first industrial customers in IoT is Schindler, a global elevator and escalator provider.