Insurance firms are taking an interest in new connected technologies that can help prevent property damage in homes and businesses and reduce the risk of future claims.
Global insurance company Chubb has announced that it will provide policyholders with sensors and devices to monitor for water leaks and changes in temperature, humidity, vibration and water pressure that, if left undetected, can lead to severe property damage.
It comes as part of a partnership with Hartford Steam Boiler (HSB) Inspection and Insurance Company, a multi-line insurer and provider of inspection, risk management and Internet of Things (IoT) technology services.
Chubb Personal Risk Services clients will be offered IoT sensors for early water leak detection in their main and second homes. 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.
Meanwhile, 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. They will also be installed in businesses and other buildings with environments sensitive to these factors.
Commenting on the new technology, Sean Ringsted, chief digital officer and chief risk officer at Chubb, said that it advances the company’s transition from a model of ‘repair and replace‘ to ‘predict and prevent‘, which will fundamentally change the relationship between insurers and their customers.
Osborne Clark’s Next-generation connectivity report explores how IoT is a huge driver in a connected world. The report found that when asked about the opportunities that various connectivity-dependent technology trends present over the next five years, IoT stands out, and is described as an opportunity by more than four out of five respondents. Furthermore, examples such as Chubb Personal Risk Services show how businesses are operating new business models, which is made possible due to real-time remote connectivity. To read more about how IoT-fuelled connectivity will transform business, download the Next-generation connectivity report.