Swiss Re Corporate Solutions, part of Swiss Re Ltd., said on Tuesday that it had partnered with technology company Hitachi Europe Ltd. to offer manufacturing and transport companies coverage for industrial IoT risks.
The original product will offer Hitachi's predictable maintenance software to companies with a basic warranty backed by Swiss Re.
The warranty is a parametric coverage that damages companies for property damage to a machine in the event of an incorrect forecast, said a spokesman for Swiss Re Corporate Solutions.
"From an insurance perspective, we help corporate customers protect against the failure of the predictable maintenance software and to cover repair costs and interruptions if the software fails and provide an erroneous forecast that results in downtime," the spokesman said in an email. [1
"Through this partnership, we enable machine sensor data and continuous diagnostics throughout the industrial sector. Ultimately, this will enable us to price risk more accurately, ensure effective payout mechanisms and provide a seamless risk management experience that manages industry inefficiency and is tailored to our customer needs, says Andreas Berger, CEO of Swiss Re Corporate Solutions. in the statement.