Black box insurance model

Edinburgh-based Inrobin has partnered with the University of Strathclyde’s Advanced Forming Research Centre (AFRC) to develop a new insurance model offering an Industry 4.0 approach aimed at achieving better pricing for manufacturers.

Based on the IIoT, the new model analyses real-time data from industrial machinery. This strategy allows insurance companies to offer competitive rates based on the individual usage of equipment according to factors such as frequency of machine maintenance and operational efficiency.
Manufacturers are set to benefit from a combined offering of risk prevention and tailored insurance, with in-depth data analysis also providing a greater understanding of how to run machinery more efficiently. This new model will also bring additional benefits, helping manufacturers improve maintenance schedules and prevent breakdowns, which can cause expensive downtime.
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