Hartford, CT (Nov. 25, 2019) – 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.
About The Hartford
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at www.thehartford.com.
The Hartford Financial Services Group, Inc. (NYSE: HIG), operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please refer to The Hartford’s legal notice.
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our 2018 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
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Source: The HartfordTags: Internet of Things (IoT), The Hartford