Chubb, the world’s largest property and casualty insurance company, is partnering with Hartford Steam Boiler Inspection and Insurance Company, to install technology in homes and businesses to prevent property damage. Using innovative Internet of Things (IoT) technology, the sensors and devices can monitor water leaks, and changes in temperature, humidity, vibration and water pressure that might otherwise go unnoticed.
The two companies plan to implement three different programs for the homes of Chubb policyholders. One program is designed to sense water leakage through an intelligent water security system, alert the homeowners, and then automatically shut off the water supply. The other two programs will protect valuables in client’s homes or entities within businesses by monitoring temperature, vibration and humidity changes.
Internet of Things encompasses everything connected to the internet, but is often used to define objects or devices that communicate with each other. Once devices are connected, they can gather information, analyze it, and implement responses, like the sensors used by Chubb.
"We're excited to work with HSB, which offers best-in-class IoT sensors and device solutions. With active monitoring of homes and businesses through smart devices, we will be better able to help our clients prevent a total loss from a water leak or damage to a cherished collection of fine art or wine," said Sean Ringsted, Chief Digital Officer and Chief Risk Officer at Chubb. "This partnership will advance our evolution from a model of 'repair and replace' to 'predict and prevent,' which will fundamentally change the relationship between insurers and their customers."