IOT is Smart Risk Management
The “Internet of Things” (IoT) is becoming an increasingly active area of interest within insurance. Multiple technologies, real-time analytics, sensors, wireless networks, and more are converging to create devices that operate with a degree of intelligence. IoT has particular value to the insurance industry because of the impact it can have on risk management.
Not only can controlling losses lower claims costs, and thereby, insurance premiums, it can also save lives.
At Berkshire Hathaway GUARD, we are excited to be working with loss control engineers from around the country to provide our policyholders with convenient access to Smart Risk-Management devices — often at a discounted price!
Our initiatives include:
ADVANCED DRIVER ASSISTANCE
Developed to automate, adapt, and enhance vehicle systems for safety and better driving, advanced driver assistance systems (ADAS) can help our Commercial Auto policyholders – particularly those with large fleets – by reducing road accidents. Real-time alerts that serve to minimize human error include forward collision, pedestrian/cyclist collision, headway monitoring, lane departure warnings, and more.
COOKTOP FIRE PREVENTION
Designed for residential use, cooktop fire suppressors are easy to install and can minimize property damage by releasing a fire-suppressing powder that smothers flames. The devices are great for homeowners and renters as well as owners/operators of apartment buildings, townhomes, and condominium units.
WATER LEAK PREVENTION & SHUT-OFF
Water leak prevention and shut-off systems can be key in preventing catastrophic damage in both homes and businesses. When a leak is detected, freezing temperatures occur, or an earthquake hits, the shut-off system instantly closes the water main. Wireless options are generally available, enabling monitoring from anywhere, any time.