The firms said as organisations “increasingly depend” on Artificial Intelligence (AI) powered automation for critical business processes and operations, corporations need to manage new ‘digital risks’.
Initially focused on the manufacturing machinery and transport industries, the joint solution aims to help customers embrace AI and cutting-edge technologies to maximise productivity, increase automation, implement contactless operations and reduce downtime, while also insuring them against any unexpected business disruption.
Andreas Berger, CEO Swiss Re Corporate Solutions, said: “We are excited to work with a global technology leader like Hitachi to advance corporate insurance through digital market platforms and accelerate the adoption of innovative, smart manufacturing.
“Through this partnership we are activating machine-sensor data and continuous diagnostics across the industrial sector. Ultimately this will enable us to price risk more precisely, ensure effective pay-out mechanisms, and provide a seamless risk management experience that addresses industry inefficiencies and is tailored to our customers’ needs.”
Hicham Abdessamad, chief executive Hitachi Global Social Innovation Business, said: “The strategic partnership with Swiss Re brings together two companies at the top of their industries, creating a new and compelling offering in today’s market.
“With Hitachi’s experience in IT and operational technology and Swiss Re’s leadership in risk management, we will provide a unique offering to equip businesses with the opportunity and confidence to further digitise, optimise and automate their operations.”
He added: “In today’s world, it is becoming a necessity for businesses to digitally transform and use advanced technologies such as AI to become more agile and automate as much as possible. Also, it is imperative that they can do so with the confidence that their digital risk is mitigated.”