Schneider Electric forms strategic alliance with global reinsurer Munich Re and HSB to transform electrical and equipment risk
Boston, MA, USA
- A global alliance bringing together Schneider Electric’s flagship solutions with Munich Re and HSB’s expertise in risk management
- The collaboration will allow the curation and co-development of innovative solutions to address the electrical and equipment risk markets
BOSTON, MA, October 11th, 2022 - Schneider Electric, the leader in the digital transformation of energy management and automation, has today announced a strategic alliance with global reinsurer Munich Re and its subsidiary, HSB. The agreement comes at a pivotal time when risk mitigation is quickly becoming a top priority for businesses enduring a period of economic uncertainty.
The global alliance between industry leaders Schneider Electric, Munich Re, and HSB will blend best-in-class risk solutions, such as uptime guarantees and unwarned failure warranties, with IoT technology services to better serve existing and future clients. HSB, a leading global provider of reinsurance and specialty risk solutions, provides proprietary IoT sensor solutions which complement data-driven solutions via Schneider Electric’s flagship power distribution system, EcoStruxure™ Power.
At a crucial time for businesses relying on insurance, the alliance will help businesses to remain resilient by predicting faults and hindrances within their operations in real-time. Schneider Electric’s comprehensive IoT-enabled architecture and platform is designed to digitize and simplify electrical distribution infrastructure, delivering reliable “always-on” power. Munich Re and HSB's financially-backed risk products enable emerging technology solution providers to offer additional peace of mind for the most established product and service providers. The collaboration will enable both Schneider Electric, Munich Re, and HSB to capitalize on their strengths by developing world-class products and risk solutions that drive greater adoption, enable digital transformations, and further technology solutions that support combating climate change and promote sustainability.
“HSB’s expertise and solutions in risk management has provided a unique value for our EcoStruxure clients to become more technically and financially resilient” said Rohan Kelkar, EVP Power Products at Schneider Electric. “As a global business we understand the challenges our customers are facing around the world because of the economic landscape. MunichRe’s world-class risk management products when utilized with EcoStruxure based solutions powering innovations like ArcBlock will drastically reduce asset exposure and facility downtime risk caused by catastrophic events whilst also remaining economically viable.”
Commenting on the strategic alliance, Greg Barats, President & CEO of HSB and Head of Munich Re Global IoT said: "Schneider Electric’s impressive EcoStruxureTM solutions are opening opportunities to bring electrical and equipment risk management to the next level. As the global leader in equipment breakdown insurance, we are proud to be working with a business that complements our focus on the intersection of technology, engineering, and insurance.”
As an initial outcome of the alliance, Schneider Electric’s ArcBlok 2500 innovation will include an HSB-backed performance guarantee, bringing extra peace of mind to customers.
For more information on Schneider Electric’s EcoStruxure solution and this unique collaboration, visit: https://www.se.com/ww/en/work/campaign/innovation/overview.jsp
About Schneider Electric
Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.
Our mission is to be your digital partner for Sustainability and Efficiency.
We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.
We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.