The Hartford is expanding its Internet of Things (IoT) Innovation Lab and capabilities, bringing together the latest network-connected technology with the company’s expertise, data and risk management to improve workplace safety and help prevent or reduce property damage for its customers.
“Connected devices represent an opportunity for insurers to help their customers proactively prevent claims and also develop unique, real-time insights into risk,” said John Wilcox, head of Strategy and Ventures at The Hartford.
“The pace of change has never been faster and the need to innovate never more critical to sustained growth and profitability. Companies that harness the collective power of digital data, cloud computing, predictive analytics, and digital technology to transform the way they do business, and deliver value to customers, will have a competitive advantage. We are, and intend to continue to be, one of them.”
Businesses and homes are increasingly equipped with network-connected devices that provide real-time data, which The Hartford can analyze to reduce and mitigate hazards such as unsafe working conditions or water damage from a broken pipe. For example, the Internet of Things Innovation Lab works with businesses to monitor the pressure in water pipes using sensors, which can detect a leak before it causes extensive flooding.
The lab also collaborates with a variety of vendors to equip workers with wearable technology that generates data about workers lifting, bending, getting fatigued and their proximity to hazards as well as other factors that can be analyzed to implement safer workplace practices and potentially improve operational efficiency.
In the past three months, the lab has installed multiple different types of devices for customers, or more than 1,000 devices in total, and The Hartford plans to grow the program significantly.
“The Hartford sees significant opportunity to apply insights from IoT data to enhance our entire value chain from product and distribution, to underwriting, to risk management, to claims.
“These insights will change the way we think about mitigating and assessing risk, enabling new business models, products, and services,” said Dan Campany, head of The Hartford’s Internet of Things Innovation Lab.
The Hartford has been in the business of protecting and enabling human achievement for more than 200 years, adapting its products, services and capabilities to meet the changing needs and expectations of customers and the evolving nature of risk.
In addition to the Internet of Things Innovation Lab, the company does this through its Insurtech Ventures team, Small Business Innovation Lab, an interdisciplinary team focused on Workforce Health and Productivity services, and Y-Risk, a managing general underwriter specializing in the sharing and on-demand economy.