Senseye Partners with SCOR to Deliver ROI LockTM

Summary

Feb. 9, 2021 - With ROI Lock, Senseye, the Machine Health Management company, became the first business to offer a guarantee refunding the subscription fee if its award-winning Predictive Maintenance (PdM) solution, Senseye PdM Complete, does not achieve full return on investment. The company has partnered with global reinsurer SCOR to co-develop ROI Lock.

SCOR is one of the world’s largest and most dynamic reinsurers. By partnering with Senseye to deliver ROI Lock, SCOR is helping to accelerate the benefits of Industry 4.0 for manufacturers by developing new products managing potential financial risk arising from adopting new predictive maintenance technology.

Simon Kampa, CEO of Senseye, commented, “We estimate that more than two-thirds of large industrial organizations are currently evaluating PdM. Although our track record proves that we can save our customers tens of millions of dollars, we know that the initial investment has to be justified. With ROI Lock our customers can take advantage of our award-winning PdM solution without incurring financial risk thanks to the partnership with SCOR.”

Laurent Rousseau, deputy CEO of SCOR Global P&C, said, “This partnership is an exciting example of SCOR’s support for digital transformation and the expansion of insurability, in line with our 'Quantum Leap' strategic plan. Our relationship with Senseye, which is accelerating the use of new technologies within the industrial sector, will deepen our experience with industrial IoT and help us to develop new products that meet the evolving risk needs of our clients.” 

Senseye’s ROI Lock is a pioneering initiative to provide customers with a full refund if the savings achieved by avoiding unplanned downtime do not exceed the cost of their PdM subscription within a year. It applies to eligible customers monitoring 50 or more assets for a minimum of 12 months.

Customer feedback following the launch of the initiative last year, demonstrates that customers appreciate the ease in which ROI Lock is set up, with no additional contract or cost.

Senseye PdM is used by a growing number of industrial organizations, including top Fortune 500 companies, to monitor and predict asset condition automatically, at scale and in real-time. Organizations across a range of sectors have halved levels of unplanned downtime, streamlined spare-parts inventory, and cut maintenance costs by up to 40% by using the software.