Munich Re’s Hartford Steam Boiler launched a new sensor product focused on cellular Internet of Things technology. Slice Labs, an on-demand insurance cloud platform provider, disclosed the fruits of a partnership with Duuo, an on-demand digital insurance brand from Canadian Insurer The Co-operators Group.
Munich Re’s Hartford Steam Boiler introduced a cellular Internet of Things sensor product designed to help smaller businesses and organizations prevent property damage.
The device leverages IoT-specific cellular networks and connects to the Internet to utilize proprietary algorithms to monitor for water leaks, freeze conditions and extreme temperatures.
HSB Meshify, a wholly-owned IoT subsidiary of HSB, developed the leak and freeze sensor product for commercial locations, such as small businesses, churches, habitationa and professional offices. HSB’s sensors monitor property conditions and issue 24/7 alerts when potential problems are identified.
The HSB Meshify sensor is one of the first narrow band or LTE-M cellular devices commercialized specifically for smaller businesses and institutions. To optimize cost, the sensor eliminates the need for a gateway and proactively conserves battery life and data usage.
Slice Labs, an on-demand insurance cloud platform provider, disclosed the fruits of a partnership with Duuo, an on-demand digital insurance brand from Canadian Insurer The Co-operators Group
Specifically, The Co-operators Group launched on-demand Event and Rent-My-Stuff insurance offerings built on the Slice Insurance Cloud Services (ICS) platform.
Introduced less than a year after Duuo launched on-demand homeshare host insurance as its first sharing economy product, Duuo on-demand Event Insurance provides coverage to protect event hosts and can be purchased in minutes, starts as low as $6/event and provides $5M in event liability (bodily injury and property damage) with optional liquor liability coverage for non-sporting events. Additionally, Duuo on-demand Rent-my-Stuff Insurance removes the risk of renting out personal belongings on peer-to-peer (P2P) platforms and makes these transactions easier by eliminating reliance on the renter to secure insurance.
Since launching Duuo, The Co-operators Group has been regularly approached by P2P platforms eager to provide on-demand products to increase the security and credibility of insurance offerings. With Slice ICS, Duuo is able to quickly create new on-demand insurance products that fill the gaps of legacy insurance models positioning partners for more sustainable growth.
Sources: Hartford Steam Boiler, Slice Insurance