Insurers have a large financial interest in preventing equipment breakdowns. Enter the IoT.
Specialty insurer Hartford Steam Boiler (HSB) announced on Oct.11 that it has acquired IoT startup Meshify.
HSB, which is part of global reinsurance giant Munich Re, provides equipment breakdown coverage. Meshify, meanwhile, provides a cloud-based industrial IoT platform designed to allow the connection of previously unconnectable devices.
Meshify says it can make any device a “smart” one, providing real-time alerts and monitoring and predictive analytics that provide insights on potential risks and improvements to business operations. The company says businesses can remotely monitor their operations and react immediately when issues arise.
HSB said they will configure the platform to provide IoT services to small- and medium-sized businesses. Meshify will join HSB’s IoT services business. On Oct. 4, HSB launched an IoT turnkey service. In a pilot program with Church Mutual Insurance Company, HSB said its IoT service saved customers more than $500,000 by avoiding property losses from frozen pipe leaks.
“We are excited to join HSB, they clearly share our vision of an efficient and connected world,” said Dane Witbeck, chief executive officer of Meshify. “In addition to being committed to our core industrial business, HSB’s insurance platform and client base is a significant opportunity for Meshify to extend our footprint and power IoT solutions for a broad range of businesses and industries.”