FM Global is a mutually-owned, commercial, property-risk insurer based out of Johnston, Rhode Island, United States. We are a non-traditional insurer, focused on engineering analysis to determine premium and risk. FM Global believes that majority of losses are preventable. Historically, FM Global has focused on sprinklers and other conventional loss prevention technologies.
IoT has the potential to add a new category of loss prevention tools, resulting in reduced losses for our policy holders. Combining IoT data, historical loss data, advanced analytics and AI to provide the best loss prevention advice / tools for our clients. For example, insurers of large buildings or production plants will have the opportunity to collect real-time sensor data from HVAC units, boilers, sprinklers, and nearly any other type of equipment to better understand client sites and generate recommendations around how clients can mitigate risk. Clients could receive real time alerts as well as real-time risk management advice from FM Global by monitoring IoT data. While IoT will improve the quality of the firm’s risk products, clients with their own IoT sensors and analysis capabilities may use their data to generate predictive analytics and preventative maintenance suggestions.
FM Global’s vision is to be the leading subject matter expert in commercial IoT-based loss prevention solutions. This can be accomplished by combining and leveraging FM Global’s unique engineering and scientific expertise, with its rich loss history data, IoT Technologies, data analytics and AI to help prevent losses for our clients. FM Global would offer accelerated ‘time-to-market’ IoT solutions that allows FM Global clients to be more resilient—resulting in net cost saving for our clients as well as FM Global.
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