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Swiss Re Corporate Solutions, part of Swiss Re Ltd., said Tuesday it has partnered with technology company Hitachi Europe Ltd. to offer manufacturing and transport companies coverage for industrial IoT risks.
The initial product will offer Hitachi’s predictive maintenance software to companies with a basic warranty backed by Swiss Re.
The warranty is a parametric coverage that indemnifies companies for property damage of a machine in the event of a wrong prediction prognosis, a Swiss Re Corporate Solutions spokesman said.
“From an insurance perspective we are helping corporate customers to protect against the failure of the predictive maintenance software and to cover repair costs and interruptions should the software fail and provide a wrongful prognosis resulting in a downtime,” the spokesman said in an email.
The joint initiative will help customers embrace artificial intelligence and other technologies to maximize productivity, increase automation, implement contactless operations and reduce downtime, while also insuring them against any unexpected business disruption, the companies said in a joint statement.
"Through this partnership we are activating machine-sensor data and continuous diagnostics across the industrial sector. Ultimately this will enable us to price risk more precisely, ensure effective pay-out mechanisms, and provide a seamless risk management experience that addresses industry inefficiencies and is tailored to our customers' needs,” Andreas Berger, CEO of Swiss Re Corporate Solutions, said in the statement.