Augury and HSB Introduce Innovative Production Loss Guarantee for Critical Rotating Assets
Building on the precision and dependability of Augury's cutting-edge, AI-driven Machine Health for Critical Assets (Machine Health CR) solution, Augury and HSB partnered to introduce a highly innovative Production Loss Guarantee for Critical Rotating Assets.
Augury, a leading provider of industrial AI solutions that improve machine health and process health, in partnership with HSB, today announced a groundbreaking development in the field of industrial asset management. Building on the precision and dependability of Augury's cutting-edge, AI-driven Machine Health for Critical Assets (Machine Health CR) solution, Augury and HSB partnered to introduce a highly innovative Production Loss Guarantee for Critical Rotating Assets.
Saar Yoskovitz, CEO of Augury, expressed his enthusiasm for this offering. "Our mission at Augury has always been to empower businesses with the tools they need to ensure the health and reliability of their critical assets. With the introduction of the Production Loss Guarantee, we are taking a giant leap forward in achieving that mission. We are proud to partner with HSB to bring this expanded solution to market and provide businesses with unmatched peace of mind.”
The Production Loss Guarantee, an extension of Augury's pioneering Guaranteed Diagnostics™ offering, represents a significant breakthrough for industrial asset management. This guarantee now covers a broader range of production-related assets and includes protection against production loss due to mechanical failures, making it one of the most comprehensive solutions available in the industry. Taking its commitment to customer success a step further, Augury is currently including Guaranteed Diagnostics™ coverage for all new customers at no additional cost for one year.
Key features of Augury's Production Loss Guarantee include:
Expanded Coverage: Augury's Guaranteed Diagnostics™ now covers a wider spectrum of production-related critical rotating assets, including pumps, motors, fans, compressors, and more, giving businesses the assurance of uninterrupted production across their entire operational landscape.
Production Loss Protection: In addition to safeguarding against unexpected downtime, Augury's guarantee now includes coverage for production loss due to mechanical failures, ensuring that businesses are compensated for lost revenue and productivity during any insured event.
Insurance-Backed Assurance: Augury has partnered with HSB, a global leader in engineering and specialty insurance, to provide a robust insurance-backed guarantee that instills confidence in the reliability of this groundbreaking solution.
AI-Driven Diagnostics: Augury's industry-leading AI-driven Machine Health CR diagnostics continue to provide unmatched accuracy and reliability, ensuring that businesses have access to real-time insights that enable proactive maintenance and minimize operational disruptions.
Enhanced Operational Efficiency: By minimizing the risk of unplanned downtime and production loss, Augury's Guaranteed Diagnostics™ empowers businesses to optimize their operational efficiencies, reduce maintenance costs, and improve overall profitability.
“Augury is a great example of how technology can fit seamlessly with a financial guarantee to help businesses avoid costly downtime and disruption,” said John Riggs, Chief Technology Officer and Senior Vice President for HSB, part of Munich Re. “We share a common goal of reducing risk to help businesses achieve greater productivity.”
For industrial organizations looking to take control of their production uptime and minimize the impact of asset-related disruptions, Augury's Guaranteed Diagnostics™ with its new Production Loss Guarantee represents a game-changing opportunity.
“With this new offering,” Yoskovitz explained, “Augury deepens its commitment to excellence by addressing one of the most critical challenges facing industrial organizations – production loss during unplanned downtime. We look forward to helping even more organizations reduce their risk while optimizing operational efficiency.”
For more information about Augury's Machine Health CR Guaranteed Diagnostics™ offering click here.
About Augury
A leader in Machine Health and Process Health solutions, Augury uses purpose-built AI technology, trained by industry experts and the world’s largest data library, to help manufacturing and industrial companies eliminate production downtime, improve process efficiency, maximize yield, and reduce waste and emissions. Our global customers achieve 3-10x ROI, often in a matter of months. Together with our customers, we are pioneering Production Health to build a world where the combined work of people and machines makes life better in every way. Augury was awarded Frost and Sullivan’s 2023 Global Industrial Analytics Solutions Company of the Year Award.
About HSB
HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy, and build deeper relationships that benefit business, public institutions, and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). Connect with HSB on LinkedIn, Twitter and Facebook.
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