Augury and HSB – a Partnership Based in Innovation
HSB has partnered with Augury, an innovative company that utilizes sensor technology and artificial intelligence to manage machine health.
Through Augury’s technology, operators are able to remotely gather continuous data, and can predict and prevent machine failures before they cause disruptions in operations. In doing so, Augury’s technology can reduce unexpected costs, limit downtime, and extend the life of valuable equipment.
In the words of Artem Kroupenev, Vice President of Strategy for Augury, “In the demanding, complex, and variable environments in which our customers operate, this offering provides a layer of assurance to help mitigate the impacts of machine failure. We can help mitigate the risk so customers can focus on their business.”
© GettyThis represents the perfect coupling of technology and financial services products that is not common in the insurance industry today, but which we believe will be more prevalent in the future.
Augury’s Guaranteed Diagnostics
From this partnership, Augury's Guaranteed Diagnostics has emerged. Guaranteed Diagnostics has two main components:
- Augury’s Machine Health Platform
- HSB-backed warranty offered by Augury
Augury's Marchine Health Platform is an artificial intelligence-based hardware, software, and algorithm solution sold as a subscription model per machine. Augury's Halo sensor attaches to a machine and continuously monitors vibration to determine its health over time, enabling predictive maintenance and reducing unplanned downtime.
Through an online portal, machine operators can obtain information on the condition of their equipment, and receive alerts if the platform senses a drastic change in health. HSB provides the backstop to Augury’s Guaranteed Diagnostics offering by providing 90% of Augury’s warranty. In this way, HSB’s Contractual Liability Insurance Policy (CLIP) protects Augury from liability, and the warranty protects the customer. Together, these parts form the single offering, Guaranteed Diagnostics, providing advanced AI technology and a guarantee to the customer.
New Benefits for Augury's Customers
Augury’s Role in the Partnership
Augury has been a powerhouse in innovation since it was founded in 2012. Their dedication to machine health and preventing downtime has been demonstrated in its commitment to constantly providing innovative solutions to its customers.
As Yogis Nijhon, VP of Portfolio Development for Munich Re Ventures, put it, “Incumbents solve problems too but start-ups play a key role for a number of reasons.” Augury’s Guaranteed Diagnostics and its application of AI clearly illustrate this innovative spirit.
HSB's Mission in AI
For over a century and a half, HSB has combined insurance and engineering to provide services that help our customers, and make the world a safer and better place.
According to Managing Director of Munich Re Ventures, Jacqueline LeSage Krause, “The investment in Augury further strengthens HSB’s leadership position in IIoT and insurance.” Furthermore, it strengthens HSB’s position as a leading innovator and solution creator.