Hiscox introduces smart water leak technology
Specialist insurer Hiscox has partnered with LeakBot, the smart water leak alarm, to provide its leak detection system to customers. Helping to protect homes from water damage in the event of a leak, the partnership will offer a free Leakbot to all new and existing buildings insurance customers.
With the average cost of damage caused by escape of water estimated to be £8,500, this is the biggest driver of home insurance claims globally. In the UK and US alone, the annual cost to insurers is estimated to be $16 billion.
LeakBot is an end-to-end claims mitigation system, specifically designed to tackle water damage claims in the home. The device uses patented Thermi-Q technology to detect water leaks, without the need for professional installation. It connects to the home wireless network and, if it detects a leak, notifies the customer via a mobile app, providing access to a team of expert LeakBot engineers to find and fix the problem.
Phil Thorn, head of propositions at Hiscox UK said: “Much like our customers, our goal is to protect their homes and smart solutions like LeakBot will become an increasingly fundamental part of this. It’s often the smallest, hidden leaks that go undetected and ultimately cause the most damage, so spotting these early is essential. Whether it’s a burst pipe or just a leaking tap, Hiscox is covering the cost of one specialist engineer visit per year to ensure expert support is on hand if a leak is detected.
“We have successfully trialled LeakBot with select customers over the last year and have been impressed with the results. It’s easy to set up, discreet, provides real-time alerts and is backed by a UK-wide team of engineers.”
Craig Foster, CEO, LeakBot, said: “We are excited to announce Hiscox as our first UK insurance partner to offer LeakBot to all of their new and existing customers. This partnership will see the major rollout of LeakBot across homes in the UK, which will significantly reduce problems caused by escape of water damage. LeakBot is a pioneer in addressing the problem of unnecessary escape of water claims and we look forward to providing great value to Hiscox and their customers.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
AXA to sell its operations in Central and Eastern Europe for €1bn
Munich Re recruits client executive, South America
Coverys Syndicate 1975 appoints active underwriter
2019 Townsville Floods property loss estimated at A$1.2bn ($800m)
Argo Group appoints Carol McFate to Its board of directors
Aon welcomes new recruit to its Life Reinsurance Solutions team in Australia
HWI hires international political violence, terror and cyber specialist
Insurtech startup Slope Software announced $1m seed round investment
AXA UK narrows its gender pay gap
Pacific Life Re Australia appoints new head of client solutions
Starr Insurance Companies opens office in Madrid
