BOSTON, MA, 11 October 2022- Schneider Electric, the specialist in the digital transformation of energy management and automation, has announced a strategic alliance with global reinsurer Munich Re and its subsidiary, HSB. The agreement comes at a pivotal time when risk mitigation is quickly becoming a top priority for businesses enduring a period of economic uncertainty.
The global alliance between Schneider Electric, Munich Re, and HSB will blend risk solutions, such as uptime guarantees and unwarned failure warranties, with IoT technology services to better serve existing and future clients. HSB, a global provider of reinsurance and specialty risk solutions, provides proprietary IoT sensor solutions which complement data-driven solutions via Schneider Electric’s flagship power distribution system, EcoStruxure Power.
At a crucial time for businesses relying on insurance, the alliance will help businesses to remain resilient by predicting faults and hindrances within their operations in real-time. Schneider Electric’s comprehensive IoT-enabled architecture and platform is designed to digitise and simplify electrical distribution infrastructure, delivering reliable “always-on” power. Munich Re and HSB’s financially-backed risk products enable emerging technology solution providers to offer additional peace of mind for the most established product and service providers. The collaboration will enable both Schneider Electric, Munich Re, and HSB to capitalise on their strengths by developing products and risk solutions that drive greater adoption, enable digital transformations, and further technology solutions that support combating climate change and promote sustainability.
“HSB’s expertise and solutions in risk management has provided a value for our EcoStruxure clients to become more technically and financially resilient” says Rohan Kelkar, EVP power products at Schneider Electric. “As a global business we understand the challenges our customers are facing around the world because of the economic landscape. MunichRe’s world-class risk management products when utilised 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.”
Commenting on the strategic alliance, Greg Barats, president & CEO of HSB and head of Munich Re Global IoT says, “Schneider Electric’s impressive EcoStruxure solutions are opening opportunities to bring electrical and equipment risk management to the next level. As the global leader in equipment breakdown insurance, we are proud to be working with a business that complements our focus on the intersection of technology, engineering, and insurance.”
As an initial outcome of the alliance, Schneider Electric’s ArcBlok 2500 innovation will include an HSB-backed performance guarantee, bringing extra peace of mind to customers.
For more information on Schneider Electric’s EcoStruxure solution and this unique collaboration, visit here.
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