New program alerts customers to water leaks, pipe freezing
HSB Canada, part of Munich Re, has introduced a turnkey solution to help those with insurance reduce common property claims. The program, called Sensor Systems, monitors, predicts and alerts customers to risk events associated with water leaks, pipe freezing and critical temperature changes.
“Water is the ‘new fire’, with billions of dollars paid out in commercial water damage claims each year,” said John Mulvihill, president and chief executive officer of HSB Canada. “HSB Canada is on a mission to drastically reverse this trend, using its extensive equipment data and experience with IoT-based systems to offer an early warning system for insurers and insureds.”
Installs sensors to monitor risks
HSB Canada offers its latest product through insurers and risk pools, installing sensors at commercial locations to monitor for conditions that pose risks.
First launched in the United States Sensor Systems has saved customers millions of dollars in potential losses by mitigating property damage from water and frozen pipe leaks.
In Canada, HSB’s first installation was recently completed with the deployment of sensors in Munich Re’s flagship office tower in downtown Toronto.
“Water escape losses in commercial buildings can be costly and disruptive,” said Gareth Hill, vice president finance and chief financial officer, non-life, at Munich Re of Canada. “We’re confident that Sensor Systems by HSB will help predict and reduce such losses in our own building and mitigate impact to our tenants.”
HSB Canada works with insurers to install sensors that continuously monitor equipment and conditions at customer locations. HSB analyzes the data and sends alerts to policyholders via email, cell phone, or text when an issue needs attention or could result in a breakdown or property damage.