Schneider Electric and Munich Re form strategic alliance

Schneider Electric has announced a new strategic alliance with Munich Re and subsidiary HSB to develop new solutions for the global electrical and equipment risk markets.

The new alliance will blend uptime guarantees and unwarned failure warranties with IoT technology services.

“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 used 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 announcement, Greg Barats, president and CEO of HSB and head of Munich Re Global IoT said: "Schneider Electric’s impressive EcoStruxure 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.”

Under the agreement, HSB will provide proprietary IoT sensor solutions to complement Schneider Electric’s flagship power distribution system, EcoStruxure Power.

As a further, initial outcome of the alliance, Schneider Electric’s ArcBlok 2500 innovation will include an HSB-backed performance guarantee.

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