geo, the developer of smarter home energy products, is announcing a new solution, Waterlock, at the BIBA 2018 Conference on 16th & 17th May in conjunction with inet3, a well established Property Underwriting Agency.
Waterlock is a connected water damage prevention system that that will significantly reduce the risk and cost of water damage in the home following a leak or burst pipe. Waterlock is clever enough not only to detect standing water, but excess humidity and freezing conditions too, and will automatically close the mains water supply to minimise damage.
Despite the insurance industry paying out £2.5 million every day to policy holders in the UK alone for escape of water claims, this covers less than half the actual cost to consumers. Waterlock can provide home owners, tenants and landlords with peace of mind, ensuring that even if they are away from home, the system will detect leaks and take action to avoid or minimise damage.
geo is working with inet3, to bring the solution to the insurance industry at BIBA 2018. Catherine Bell, Chairman of inet3, commented, “Water damage is the largest single risk and cause of damage claims in the insurance industry. Waterlock promises to offer a revolutionary solution to this issue, and the opportunity to reduce the premiums for homes that have the system installed”.
Andy Thornley, Head of Corporate Affairs at BIBA, commented, ”Technology-led innovation is becoming increasingly important as new solutions to long-held problems that brokers have faced. One of our own BIBA members, Property MGA inet3, have partnered with geo a leading technology company to bring Waterlock to the insurance industry”
“WaterLock is a great example of how innovation can reduce the significant impact of escape of water claims and help protect vulnerable customers by having the ability to turn off the domestic water supply remotely or when a leak is detected – reducing the damage that can be caused.
Escape of water forms the largest component of household insurance claims and it’s clear to see how innovations like WaterLock can help the insurance industry and its customers. That’s why we were delighted to feature it as a case study in the 2018 BIBA Manifesto.”
Waterlock has 2 key features that combine to reduce the risk of water damage in the home:
The system will be installed by a nationwide network of professional installers, and installations should usually take around 30 minutes once access is gained to the existing mains water stopcock.
“There are some obvious cost and hassle saving benefits to consumers using Waterlock,” commented Patrick Caiger-Smith, CEO at geo. “However, we have also designed the solution very much with the insurance industry in mind. The continuous connected risk assessment and data gathering that goes hand in hand with Waterlock means that the incidence of damage from water loss is vastly reduced. This, in turn should reduce risk for the insurer and lower premiums for the customer.”
Waterlock is based on proven smart technology that has been designed by geo’s team of home energy specialists. It uses battery powered sensors located around the home to test for changes in in humidity and temperature levels or the presence of standing water and if it detects risk, its WRAS approved stopcock and control system will take action.
These sensors communicate wirelessly to the Waterlock Hub, connected via the home’s broadband router to geo’s secure cloud , allowing the Waterlock to be activated from inside and outside the home. Consumers can access a user-friendly app on their Android or Apple smartphone or tablet to simply manage the water supply and remotely open and close the stopcock, check system status reporting and share the information with a group, so that in a rented house, for example, both the landlord and tenants receive notifications.
Trading for over 25 years, inet3 is a well-established underwriting agency primarily catering for both standard and non-standard residential property risks providing insurance solutions to insurance brokers, IFAs and affinity partners nationwide. Product distribution is via the inet3 trading platform.
Underwriting capacity is primarily provided by leading syndicates at Lloyd’s of London, Ageas and AXA.
inet3 Limited is authorised and regulated by the Financial Conduct Authority.
Telephone: 02035 880804
Waterlock, an intelligent system that prevents water damage in the home.
Innovative smart technology reduces risks of escape of water for policy holders and insurers.