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ICICI Lombard risk management receives a patent for IoT-enabled System to avert fire-hazards

Chandigarh, (Gurpreet) : In recent years, the evolution and development of IoT (Internet of Things) devices have provided exciting capabilities and services to the end user. IoT devices have also 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, India’s leading private non-life 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 ICICI Lombard General Insurance Company, and this patented electrical IoT solution is a B2B device geared towards SMEs and corporates. 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. However, there is an essential need for advanced technology to plan, manage, monitor, and control electricity delivery to enable a safe and reliable system. Technology has always been a major driving force for us at ICICI Lombard to provide cutting-edge risk solutions to millions of customers.