The Hartford Expands Internet Of Things Capabilities
November 25 2019 - 9:00AM
Business Wire
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 https://www.thehartford.com. Follow us on Twitter at
@TheHartford_PR.
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 read The Hartford’s legal notice.
HIG-C
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.
From time to time, The Hartford may use its website and/or
social media outlets, such as Twitter and Facebook, to disseminate
material company information. Financial and other important
information regarding The Hartford is routinely accessible through
and posted on our website at https://ir.thehartford.com, Twitter
account at www.twitter.com/TheHartford_PR and Facebook at
https://facebook.com/thehartford. In addition, you may
automatically receive email alerts and other information about The
Hartford when you enroll your email address by visiting the “Email
Alerts” section at https://ir.thehartford.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20191125005184/en/
Matthew Sturdevant 860-547-8664
matthew.sturdevant@thehartford.com
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