Property and casualty insurer Chubb has acquired StreamLabs to improve its waterflow monitoring and claims capabilities.
The deal sees Chubb purchase StreamLabs from Reliance Worldwide Corporation, an Australian developer of waterflow and control products.
StreamLabs has built an internet of things device that can monitor water levels, detect leaks and shut-off water. Its technology can alert property owners of potential water damage.
By integrating with Chubb, the insurer can better help clients implement devices that can prevent and reduce damage from water.
Chubb executive vice president Sean Ringsted said, “The evolution of insurance from a model of ‘repair and replace’ to ‘predict and prevent’ is changing the relationship between insurers and their customers.
“The addition of StreamLabs – its technology, people, patents, products and potential – will meaningfully expand the breadth of IoT devices and capabilities that Chubb can deliver to our consumer and commercial clients.”
Over the past year, Chubb has expanded its commercial IoT programme, with devices now being installed in hospitals, laboratories, schools and college campuses, public libraries, residential high-rises and more.
The company also launched an IoT sensor in 2020, which was aimed at homes with wine collections. The accompanying app can alert the user of changes in temperature, humidity and other damaging conditions to wine.
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