CNA plans to bring more Internet-of-Things-related technology products and services some of its business customers, by way of a new product alliance. Aon plans to deliver cyber insurance and reinsurance-related products and services to its insurance carrier clients and prospects, thanks to an arrangement with CyberCube.
CNA plans to bring more Internet-of-Things-related technology products and services some of its business customers, by way of an alliance with Munich Re-owned Hartford Steam Boiler Inspection and Insurance Company.
Plans call for CNA insurance companies in the United States, to offer HSB’s IoT technology products and services to CNA’s small and mid-size commercial policyholders, with an eye on helping to prevent or reduce property damage and business interruption loss.
HSB IoT Technology uses proprietary sensors and customized algorithms, providing customers a commercial-strength, turnkey package of hardware and software, data analytics, back-end operations, targeted alerts, and 24/7 monitoring support. Real-time alerts help identify water leaks, temperature extremes, and power outages — the leading causes of loss for commercial businesses — and suggest corrective action for remediation.
Aon plans to use CyberCube’s cyber insurance analytics platform to deliver cyber insurance and reinsurance-related products and services to its insurance carrier clients and prospects.
Aon and CyberCube said their partnership is based on the idea that carriers are increasingly looking for guidance on risk transfer for growing perils created by internet-connected technologies. They claim that CyberCube’s cyber risk-modeling platform will let Aon guide its clients on accumulation risk management and exposure measurement.
CyberCube is now integrated on Aon’s CyberMetrica platform for aggregation management, which offers insurers a broad roster of internal and external tools and expertise as part of its multi-model approach. Aon added that this approach reflects its push to deliver new products that meet clients’ needs today and tomorrow, in a transparent and efficient way, through innovative collaborations.
Sources: CNA/Hartford Steam Boiler, Aon/CyberCube