New warranty offering, backed by HSB, combines Augury’s ability to predict and prevent machine failures using AI to compensate for repair / replacement expenses
NEW YORK — June 9 — Augury, a leading AI-based Machine Health solution provider, today announced the launch of Guaranteed Diagnostics, a new offering which combines Augury’s leading Machine Health platform with a repair/replacement warranty that compensates customers in the unlikely event of a missed diagnosis that leads to equipment failure. This gives Augury customers a powerful set of capabilities to mitigate risk from machine malfunctions in industrial settings:
● The industry’s leading AI-based solution to predict and help prevent unplanned equipment failures
● Financial compensation to the customer to offset the cost of failures if they are not identified in advance by the Augury platform, backed by HSB, part of Munich Re, a leading reinsurer and provider of risk management and IoT services
Guaranteed Diagnostics combines one of business’ oldest and most widely used forms of risk management — insurance — with one of its newest, namely the use of IoT and Artificial Intelligence, to analyze and model real-world behaviors. It highlights the growing capacity of Artificial Intelligence offerings to predict outcomes such as future machine failures, and the growing trust in the accuracy and consistency of those predictions.
“This is an innovation in our industry — an insurance company backing the results of an AI solution. It is a testament to the maturity of Augury’s platform and our position as a leader for industrial Machine Health,” said Artem Kroupenev, Vice President of Strategy for Augury. “We’ve been witnessing Machine Health gradually move from the maintenance realm to the boardroom. This is another major step forward in that process, making Machine Health a more strategic tool for risk management.”
The new offering will first be applied to a subset of equipment types and environments, with the goal of expanding availability based on customer demand and increased experience. It will be available for new Augury deployments starting in July 2020, and some restrictions will apply.
“Augury’s AI-based Machine Health solutions have a track record of improving data accuracy and real-time diagnostics to increase equipment reliability,” said HSB’s John Riggs, SVP Technology & Americas IoT. “HSB has a long history of reducing and insuring risk, and a focus on new technologies to prevent loss. Together, HSB and Augury can help provide customers with the information, insights and confidence to improve their performance.”
Augury is building a world where people can always rely on the machines that matter. Augury supports its customers by enabling Digital Transformation through superior insights into the health and performance of the machines they use to make products, deliver services and improve lives. To learn more about Augury’s Machine Health solutions, visit www.augury.com.
About Hartford Steam Boiler (HSB)
HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on LinkedIn, Twitter and Facebook.
PAN Communications for Augury