Church Mutual Insurance Company has been recognized by Celent for Innovation and Emerging Technologies for its Sensor Technology Program. Celent is a global research and advisory firm for the financial services industry.
Celent’s awards annually recognize the best practices of technology usage in different areas critical to success in insurance. Nominations are submitted by insurance companies and technology vendors, and undergo a rigorous evaluation process by Celent analysts. Celent judges submissions on three core criteria: initiatives must be live and delivering demonstrable business benefits; the degree of innovation relative to the industry; and the quality of the technology or implementation excellence.
“Being recognized by Celent as a leader in innovation and emerging technologies highlights our commitment to help our customers,” said Cheryl Kryshak, Church Mutual’s vice president of risk control. “This is truly a market disruptor.”
Church Mutual understands the unique operations of houses of worship, many not staffed 24/7.
The Sensor Technology Program uses temperature and water sensors set up in vulnerable areas of a building or in areas where priceless and often irreplaceable items are stored. The sensors are monitored remotely, so no one has to be on the premises. Alerts are sent via text message, email or phone to one or several contacts if a temperature or water sensor relays a low temperature or presence of water reading.
“We are pleased and proud to be recognized as a company that is using Internet of Things (IoT) technology and we will continue to explore innovative ways to use technology to create new and better solutions for our customers’ operations.” said Laura Hughes, Church Mutual’s vice president and chief marketing officer.
Church Mutual’s estimated direct loss savings to date are close to $1 million, disregarding the cost customers have avoided in clean-up.
Church Mutual Insurance Company partnered with The Hartford Steam Boiler Inspection and Insurance Company, part of Munich Re, to provide eligible customers temperature and water sensors connected to a 24/7 monitoring system. Church Mutual customers are participating in a pilot program testing the temperature and water sensors and gathering data. Church Mutual expanded the pilot to a broader group of eligible customers in the most vulnerable areas of the country in October 2016 and currently has approximately 1,500 houses of worship enrolled in the program and continues to add more daily.