Water claims cost insurers £3.9m everyday
AIG and Hyperion backed managing digital agent (MDA), Azur has partnered with Grohe, a German manufacturer of a smart water leak detection device.The partnership will help clients avoid the expense and stress of water damage in the home and lower insurance premiums.
It will work exclusively with broker partners and their existing high net worth clients. And it hopes to extend the scheme to its broader customer base by working with brokers to educate clients about water damage. It also claims that clients will benefit from a reduction in their home insurance premiums. According to recent statistics from the ABI, water damage claims cost insurers around £3.9m every day.
Grohe’s Sense Guard system works in a preventative manner that monitors water pressure including microleaks in the home, it can be accessed via a smartphone.
It can warn clients if there is a leak and alert clients where this is.
It works in conjunction with the Ondus app to track water consumption, but can also shut off the mains supply preventing further leakage.
Azur will provide these clients with complimentary supply and installation of the Grohe water leak detection system to guard against water damage in the home.
Azur’s managing director, Kate Wells, said: “Significant water damage within the home can be absolutely devastating for homeowners. On average we are seeing that our clients are spending up to six months out of their home during the drying out period.
“We are therefore taking a proactive approach by working with Grohe to help prevent our clients from experiencing such disruption.
“We hope to roll out the system to all eligible customers if the pilot is a success, as this technology has the potential to provide homeowners with incredible peace of mind.”
Sophie Bishop, UK head of DIY at Grohe, said: “Potential water damage in the home is too often one of those issues that isn’t given much thought, until it’s too late of course.”
In September this year, brokers Home and Legacy announced a call to action to insurers to reward customers who switch off their water mains prior to a holiday after it found escaping water claims were the highest in August.
Adrian Ewington, underwriting and markets director at Home & Legacy said: ”Escape of water is causing more damage and disruption to customers’ homes and lives than ever before, so using smart home technology to help with early detection and prevention is a fantastic initiative.
“For customers that are yet to have leak detection devices fitted in their property, we recommend that the water supply is switched off at the stop cock whenever a property is left for an extended period, since occupancy is such a key factor when it comes to exacerbating the effects of a water escape”.
Azur recently raised £13.3m in funding.