Smart water leak alarm system provider LeakBot has partnered with insurance firm MAPFRE to provide smart leak detection solution to home insurance customers in Ireland.
LeakBot’s membership in insur_space, which is an open innovation platform of MAPFRE, has led to this partnership.
LeakBot had earlier made similar rollouts with insurance firms in the UK and Denmark.
As per the new partnership, MAPFRE Assistance will test the solution with several home insurance customers of Liberty Insurance in Ireland under the home emergency assistance cover.
The installation of LeakBot’s solution for monitoring and detecting hidden leaks will help customers to protect their homes from damage caused due to water leaks and subsequently from home insurance premiums.
Furthermore, MAPFRE Assistance plumbers will get trained on LeakBot’s leak detection technology.
This facility will help plumbers to deal with the impact of escape of water (EOW) in customer properties, which is considered to the second biggest reason for home insurance claims across the world.
LeakBotCEO Craig Foster was quoted by Londonlovesbusiness.com as saying, “Escape of water in domestic properties has always been a huge issue for the insurance industry globally. Hidden water leaks are common, and they’ve been a historically difficult and costly problem to tackle effectively, with the annual cost to insurers in the US and UK alone estimated to be around $16bn.
“In the UK, we discovered that 43% of homes had suffered from water leaks, and we know from our ongoing conversations with insurers and their customers that leaks are a widespread issue in homes across Ireland too.
“The good news is that we’ve witnessed first-hand the success that a low-cost, non-invasive solution like LeakBot has when it comes to detecting and ultimately resolving escape of water issues in people’s homes.
“We’re confident of being able to deliver exceptional value to MAPFRE and their home insurance partners, helping them to save on the cost and chaos of water damage in the home.”
MAPFRE Assistance Agency Ireland general manager Craig Senior was quoted by the website as saying, “Smart leak detection technology is a real game changer for home assistance providers, it will enable us to move from reactive claims mitigation to a proactive claims prevention for our customers.
“With hidden leaks being so prevalent, and with the design of new homes often making identification even more difficult, the risk of significant and costly damage to people’s homes is huge. LeakBot is a pioneer when it comes to tackling the problem of escape of water in domestic properties, and their sophisticated technology is going to deliver real value to our home emergency product and ultimately the customers we serve.”