Relayr has said it is partnering with Hartford Steam Boiler (HSB), part of Munich Re, to create customized insurance products to relayr’s customers making IoT investments. HSB has 150 years of experience insuring the equipment and technology used by businesses and says its work with relayr represents the insurance industry’s first industrial IoT-specific set of offerings.
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,” Brunner said. “But now, we are doing much more than talking about it. We are literally going to do it.”
Greg Barats, president and chief executive officer of HSB, said the relayr partnership is only possible because of the IoT itself, notably the way it provides non-stop, real-time information that HSB can use to inform its underwriting decisions.
“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,” said Barats in a prepared statement.
Relayr addresses the central challenge of the IoT with an end-to-end development solution consisting of a cloud platform that communicates from Any-to-Any (any service, any software, any platform, any sensor), open source software development kits and industrial-grade sensor kits for rapid customer prototyping. It principally addresses markets in manufacturing, infrastructure management and retailing.