Swiss Re Corporate Solutions, the commercial insurance division of reinsurance giant Swiss Re, has announced a new partnership with Hitachi Europe Ltd. to launch an insurance-based offering to help corporations manage digital risks.

Hitachi Europe is a subsidiary of the Japanese multinational conglomerate company Hitachi Group, which is well-known for building and manufacturing IT and operational technology around the world.

The partnership aims to help customers embrace artificial intelligence (AI) and new technologies while minimising risk and insuring against unexpected business interruption.

By offering businesses this protection, Swiss Re and Hitachi believe customers will be more confident in adopting new technologies, with potential benefits including increased productivity and automation, more contactless operations, and reduced downtime.

The first solutions are set to go live in October 2020 and will initially focus on the manufacturing machinery and transport industries.

“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,” said Andreas Berger, CEO, Swiss Re Corporate Solutions.

“Through this partnership we are activating machine-sensor data and continuous diagnostics across the industrial sector,” Berger explained.

“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, also commented: “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 digitize, optimize and automate their operations.”

Abdessamad 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.”