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R+V and Siemens cooperate for IoT machine breakdown insurance
R+V and Siemens cooperate for data-based insurance in industry. Find out how innovative technologies can revolutionize the insurance world and prevent damage. Read more now!
R+V and Siemens cooperate for IoT machine breakdown insurance
April 18, 2024 – 11:10 a.m
Wiesbaden (ots)
R+V Versicherung and Siemens have agreed to work together to develop data-based insurance products for industry. The initial focus is on machine breakdown insurance, where the potential of industrial data is used. A pilot project to test these new technologies is already being implemented.
Mathias Spitz, Head of the Broker Industry Customer and Branch Directorate at R+V Versicherung, emphasizes the rapid change in the insurance industry due to modern technologies such as machine data, IoT and artificial intelligence. The partnership with Siemens is intended to support the targeted use of these technologies and demonstrate their benefits in specific products and processes. Timo Mühlhausen, Head of Data Driven
A first product as part of the cooperation is the IoT machine breakdown insurance, which enables premiums to be structured based on the length of use. Operators only pay for the period in which the machine is actually in operation. By connecting to the Siemens Data Driven X (DDX) platform, relevant data such as operating hours, interruptions in the production cycle and temperature fluctuations can be recorded in order to identify risks at an early stage. Interested parties can already obtain offers for R+V's IoT machine breakdown insurance via the Siemens DDX platform and submit damage reports digitally to the insurance company.
The functionalities of the pilot product are continually being expanded to ensure efficient claims settlement. The partnership between R+V and Siemens opens up new opportunities for data-based insurance solutions in industry.
Contact person:
Joscha Denzer
R+V Insurance
Group communication
Raiffeisenplatz 1
65189 Wiesbaden
Tel.: 0611 533-68398
Email: joscha.denzer@ruv.de
Hannah Arnal
Siemens AG
Gleiwitzer Str. 555
90475 Nuremberg
Tel.: +49 152 22572736
Email: hannah.arnal@siemens.com
Original content from: R+V Versicherung AG, transmitted by news aktuell