Specialist insurer Hiscox has released a new water leak detection service for customers after forming a partnership with LeakBot.
This partnership makes Hiscox the first insurer in the UK to provide customers with a free LeakBot system. Bot new and existing buildings insurance policyholders will receive the tool.
Hiscox hopes to prevent water damage claims, which it claims has an average cost of $8,500.
LeakBot is an end-to-end claims mitigation system designed to combat water damage claims in homes by implementing its Thermi-Q technology to detect water leaks. The product can be used without the need of professional installation.
It connects with the local Wi-Fi and if it senses a leak it will alert the property owner via their mobile with details of LeakBot engineers that can help find and fix the issue.
Hiscox UK head of propositions Phil Thorn 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.
The insurer has tested the LeakBot service with select customers.
Hiscox has formed a couple of other partnerships this year already. It recently inked a deal with CyberCube to improve its insights into potential systemic cyber risk.
The insurer also signed a deal with insurance software developer Concirrus to bolster its marine insurance underwriting.
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