geo and Magenta Insurance are finalists in the Internet of Things Breakthrough category for the leak detection and water shut-of system, Waterlock™.
The awards, which take place in London on September 26th, celebrate the very finest in UK insurance technology. Waterlock™ has been recognised for the Internet of Things Breakthrough Award.
Waterlock™ is a connected leak detection and water shut-off solution. It incorporates a remote controllable stopcock as well as wireless sensors which shut off the mains water supply when they detect a leak. It will then alert the homeowner via email or on the Waterlock™ app for use on a smartphone. In addition, Waterlock™ will alert homeowners if there is a risk of escape of water, such as if freezing weather conditions are likely to cause pipes to burst.
Waterlock™ has been developed by geo to address the growing problem of escape of water claims for insurers. This is a challenge which the ABI has already said is the number one priority for the domestic property insurance market, which pays out over £2.5 million in EOW claims every day. Waterlock™ has been brought to the UK broker market through a strategic partnership between geo and Magenta Insurance, part of the inet3 group. Together they have combined their respective expertise to create an insurance solution focused on the residential property market for delivery by the broking community.
In April 2019 BIBA announced that Magenta Insurance was its official scheme provider for ‘Residential Escape of Water and Distressed Risk’. The scheme provides brokers with a physical solution for their customers to help combat EOW in the property, whilst simultaneously offering discounted property insurance policies when Waterlock™ has been installed.
“We are very excited to have been recognised as finalists in these highly regarded awards, which celebrate innovation and the essential role of technology in the insurance sector. We look forward to the ceremony in September”, said Patrick Caiger-Smith, CEO at geo.