Sensing Risk: Internet of Things (IoT) Solutions to Prevent Losses

Chubb can help its clients implement an IoT monitoring program designed to protect healthcare and other facilities with high value equipment by detecting the slightest indication of potential hazards from water damage, temperature changes or vibration. Facility administrators can get real-time smartphone app alerts, ensuring efficient building management and occupant safety. Small sensors installed in critical locations help detect conditions to prevent damage before it occurs or escalates – keeping facilities operating.

Hospitals have exposures that make them particularly susceptible to large claims arising from water losses including damage to high-value medical equipment, sterile surgical instruments, medicines and research animals, all requiring controlled humidity and temperature environments intertwined with a complex physical plant. For hospital facility managers, monitoring operating rooms can be a challenge, but Chubb’s IoT program is there to help.

Most college campuses include a matrix of buildings, such as teaching laboratories, dormitories and libraries – some steeped in history and others with new state-of-the-art technology. For campus facility managers, monitoring can also be a challenge. Chubb’s IoT program adds extra “eyes” in buildings vulnerable to water damage or temperature changes.

A water leak in one apartment can wreak havoc on the entire building, flood multiple floors and units, and disrupt the lives of every resident. Chubb’s IoT program can detect the potential for a catastrophic loss early. Real-time alerts about potential issues can be sent to residential homeowners’ or superintendents’ phones to address problems before they result in major losses.

Chubb’s IoT monitoring program includes a turnkey package of small, easy-to-install devices, software, customizable alerts and 24x7 monitoring support. Our IoT team comprises experienced risk engineers, who can help guide clients through the installation process. The mobile app includes an intuitive dashboard that delivers actionable alerts and real-time insights to identify problems before significant damage occurs. 

Detecting and preventing water leaks is a primary focus of Chubb’s IoT solutions.  Burst pipes, roof leaks, overflowing toilets, and leaking appliances can cause significant damage, with losses ranging from thousands into millions of dollars. Water damage can also result in business interruption, relocation costs, lost rents, and can negatively impact business reputation. According to insurance industry statistics, the frequency and cost of water damage losses is increasing. While no business class is truly immune, water claims are highest for commercial buildings, hotels, universities, office buildings and healthcare facilities. For more information on water damage trends and solutions, see Chubb’s Preventing Water Damage whitepaper.

Connoisseurs who enjoy fine wine know how to care for their stored collection. Now, wine aficionados can do more to protect their valuable collections. Chubb’s IoT monitoring program, a complement to our wine preservation expertise, can alert private collectors via a smartphone app to fluctuations in temperature, humidity and other conditions in their wine storage that can significantly alter the quality of the wine.