HSB and Munich Re team up with Schneider Electric for risk innovation


HSB, a provider of specialty insurance and technology services, and Munich Re, have teamed up with Schneider Electric to enable risk innovation.

HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages.

Munich Re is a provider of reinsurance, primary insurance and insurance-related risk solutions.

HSB and Munich Re will expand their suite of risk management technologies and financial protections through a strategic agreement with Schneider Electric.

Schneider Electric, a global leader in digital transformation of energy management and automation, and HSB, will distribute their respective solutions and technologies to each other’s clients.

Through the collaboration, the companies said they will bring their customers a combination of technology products and services for electrical and equipment risks.

HSB also will create new financial products, including warranties and performance guarantees, for customers of Schneider Electric EcoStruxure™ Power solutions.

The companies will also explore new data products that benefit insurers and their policyholders.

Greg Barats, president and chief executive officer of HSB and head of Munich Re’s global IoT business, said, “Schneider Electric’s class-leading solutions and expertise have the potential to change the traditional insurance paradigm. Together, we will deliver innovative IoT technologies, financial products, and data-driven solutions to help transform electrical and equipment risks across a variety of industries and geographies.”

Rohan Kelkar, executive vice president, power products, at Schneider Electric, added, “HSB’s expertise and solutions in risk management has provided a unique value for our EcoStruxure clients to become more technically and financially resilient.

“As a global business we understand the challenges our customers are facing around the world because of the economic landscape. Munich Re’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.”

Munich Re Group, a provider of reinsurance, primary insurance and insurance-related risk solutions, recently revealed it was to increase its cyber cover prices in Germany and Europe.

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