Think it’s time to make a big capital investment in IoT Infrastructure, but afraid that your returns won’t match projections? Don’t worry – help has arrived.
Now, thanks to Relayr and HSB, companies making substantial investments in the Internet of Things (IoT) will be able to protect returns on those investments through a new breed of “IoT-enabled” insurance products.
Relayr has announced it is partnering with HSB, part of Munich Re, to craft customized insurance products designed to provide financial confidence for companies making IoT investments. HSB has 150 years of experience insuring the equipment and technology used by businesses; 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.”
In addition to joining forces on the new line of insurance products, Munich Re/HSB Ventures is also leading a $23 million financing round for relayr, in which it is being joined by Silicon Valley venture firm Kleiner Perkins Caufield & Byers, and Munich Venture Partners.
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.
“We’re excited about collaborating with relayr to combine insurance solutions with their IoT applications,” Barats said. “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.”