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Augury Guaranteed Diagnostics Tackles Industrial Machine Failures

June 29, 2020

Augury Guaranteed Diagnostics is a new offering which combines Augury’s Machine Health platform with a repair/replacement warranty that compensates customers in the unlikely event of a missed diagnosis that leads to equipment failure.

This gives Augury customers a powerful set of capabilities to mitigate risk from machine malfunctions in industrial settings:

● The industry’s leading AI-based solution to predict and help prevent unplanned equipment failures

● Financial compensation to the customer to offset the cost of failures if they are not identified in advance by the Augury platform, backed by HSB, part of Munich Re, a leading reinsurer and provider of risk management and IoT services

Guaranteed Diagnostics combines one of business’ oldest and most widely used forms of risk management — insurance — with one of its newest, namely the use of IoT and Artificial Intelligence, to analyze and model real-world behaviors. It highlights the growing capacity of Artificial Intelligence offerings to predict outcomes such as future machine failures, and the growing trust in the accuracy and consistency of those predictions.

“This is an innovation in our industry — an insurance company backing the results of an AI solution. It is a testament to the maturity of Augury’s platform and our position as a leader for industrial Machine Health,” said Artem Kroupenev, Vice President of Strategy for Augury. “We’ve been witnessing Machine Health gradually move from the maintenance realm to the boardroom. This is another major step forward in that process, making Machine Health a more strategic tool for risk management.”

The new offering will first be applied to a subset of equipment types and environments, with the goal of expanding availability based on customer demand and increased experience. It will be available for new Augury deployments starting in July 2020, and some restrictions will apply.

“Augury’s AI-based Machine Health solutions have a track record of improving data accuracy and real-time diagnostics to increase equipment reliability,” said HSB’s John Riggs, SVP Technology & Americas IoT. “HSB has a long history of reducing and insuring risk, and a focus on new technologies to prevent loss. Together, HSB and Augury can help provide customers with the information, insights and confidence to improve their performance.”

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