Munich Re and tech firm Relayr to develop IoT insurance
Relayr, a Boston-based tech firm has partnered with Hartford Steam Boiler Inspection and Insurance, a subsidiary of Munich Re, to create insurance products for internet of things (IoT) investments. Relayr offers a cloud platform and consulting services that allow IoT devices from various manufacturers to connect to one another. As well as the new partnership, Munich Re is leading a $23m financing round for Relayr.

Relayr, a Boston-based technology firm, said Tuesday that it has partnered with Hartford Steam Boiler Inspection & Insurance Co., a unit of Munich Reinsurance Co., to create insurance products for internet of things investments.

Relayr offers a cloud platform and consulting services that allow internet of things devices from various manufacturers to connect with each other.

In addition to the new partnership, Munich Re/HSB Ventures is also leading a $23-million financing round for Relayr, according to the statement.

"HSB can help Relayr’s clients have confidence in their (internet of things) investments by creating financial assurance that they will benefit, whether it involves increasing output, decreasing downtime, developing new revenue streams or reducing maintenance costs,” Greg Barats, president and chief executive officer of Hartford Steam Boiler, said in the statement.