HSB, part of Munich Re, introduced this week an easy to use and affordable cellular IoT sensor solution to help smaller businesses and organizations prevent property damage.
Leveraging the latest IoT-specific cellular networks, the device connects to the internet by just pulling a tab, eliminating the need to connect to Wi-Fi or a gateway, and utilizes proprietary algorithms to monitor for water leaks, freeze conditions and extreme temperatures.
Non-weather water damage is a leading cause of loss for the property-casualty insurance industry. To address this problem, HSB Meshify, a wholly-owned IoT subsidiary of HSB, developed its leak and freeze sensor solution for commercial locations, such as small businesses, churches, habitational and professional offices. HSB’s sensors monitor property conditions and issue 24/7 alerts when potential problems are identified.
The HSB Meshify leak and freeze sensor and software is the only sensor solution in the marketplace that has been specifically designed for the commercial insurance industry. The sensor is also one of the first narrow band or LTE-M cellular devices commercialized specifically for smaller businesses and institutions.
To optimize cost, the sensor eliminates the need for a gateway and proactively conserves battery life and data usage.
The small, battery-powered sensors communicate through cellular technology specifically developed for Internet of Things devices and provide a simple and secure link to transmit water leak and temperature data. Since Wi-Fi is not required, HSB’s sensors avoid any additional cyber-risk and can be placed anywhere in a building, including areas where local network connectivity is weak.
The sensors will be added to HSB Connected Technologies’ product line of commercial IoT sensor solutions. HSB has collected more than 500 million sensor readings from client locations and helped to save millions of dollars in property damage.
HSB Connected Technologies is responsible for the development and exploration of innovative technologies and their disruptive impact on risk at Hartford Steam Boiler. Through internal R&D, corporate VC investments, and partnerships with diverse companies, HSB Connected Technologies is enabling clients and partners to harness the innovation potential of the latest technologies and capabilities to transform risk, enable new business models, and deliver improved customer experiences.
Hartford Steam Boiler (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.
HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers.
“Being on the forefront of the next generation of IoT cellular networks means we can provide effective, easy-to-install IoT solutions to more small businesses than ever before,” said Lewis Wight, chief technology officer for HSB Meshify. “Our cellular solution eliminates the need to worry about Wi-Fi passwords or Wi-Fi signal strength issues and can be installed in under 30 seconds.”