“With this patent approval of an IoT-based – system, we aim to provide not just insurance covers to our customers but also ensure their safety and prevent hazards. This device will serve as a new-risk solution for customers and having introduced several innovative, tech- enabled insurance solutions in the past years gives,” said Sanjay Datta, Chief of Underwriting, Claims and Reinsurance, ICICI Lombard
Mumbai:
ICICI Lombard General Insurance has been awarded a patent on its innovation involving an IoT(Internet of Things)-based device that protects properties from various electrical hazards.
IoT devices have been introduced in different areas to prevent unexpected mishaps caused by human error or malfunctioning of devices. One such mishap that can happen due to malfunctioning of devices is a fire disaster.
ICICI Lombard General Insurance, insurance company, has identified this area to innovate an IoT-based device that protects properties from various electrical hazards. The company has been awarded a patent to offer this product to its customers.
This is an industry-first initiative undertaken by the company and this patented electrical IoT solution is a B2B device geared towards SMEs and corporates, said ICICI Lombard General Insurance.
The solution monitors electrical hazards to notify and control if necessary on real time basis. Using this patent, the company aims to strengthen its resources to provide technologically robust and quality customer solutions.
Speaking about the recently approved patent, Sanjay Datta, Chief of Underwriting, Claims and Reinsurance, ICICI Lombard, said “We have been able to see a high rise in the number of fire incidents in commercial as well as residential buildings, which only goes to show that a lot of infrastructure across our nation, especially in densely populated metros, are vulnerable to fire.”
“With this patent approval of an IoT-based – system, we aim to provide not just insurance covers to our customers but also ensure their safety and prevent hazards. This device will serve as a new-risk solution for customers and having introduced several innovative, tech- enabled insurance solutions in the past years gives,” said Datta.
Majority of fires in India are caused due to electrical installations. Maximum number of disasters in industries are due to electrical problems such as voltage fluctuations, overheating, and ageing of the material and electrical gadgets.
“Accordingly, we have reinvented our offerings to include hard data on the electrical, fire and process safety. It is interesting to see how safety and efficiency go together especially with respect to electrical safety,” said Datta.