Smart water leak alarm firm LeakBot has announced a strategic partnership with UK insurer Direct Line Group.
The device offers leak detection technology, which Direct Line Group will offer to high net worth home insurance customers over the next 12 months.
Escape of water is one of the biggest drivers of home insurance claims costs annually, with high-value properties often seeing significantly increased costs as a result of water damage from undetected water leaks.
Customers will be offered a free LeakBot device and free visits from specialist LeakBot engineers if their device alerts to the presence of a leak in the home.
The technology is specifically designed to tackle escape of water in the home and reduce the impact of water damage claims for insurers.
Craig Foster, CEO, LeakBot, said: “We are really pleased to see LeakBot being rolled out across another high net worth home insurance book. LeakBot is the only water damage claims prevention system anywhere in the world that has a proven product and sustainable return on investment for insurers.
“With so many people spending more time at home in recent months, it’s easy to see why householders are becoming increasingly protective of their properties. Homes have become our offices, our gyms, our entertaining and leisure space. LeakBot’s smart leak detection technology is a crucial tool for home insurers looking to give their customers added peace of mind at this uncertain time. We look forward to announcing more partnerships in the near future.”
Nick Brabham, head of Select Premier insurance at Direct Line Group, added: “Over the years, we’ve seen how costly water damage claims that arise from leaks in the properties of our high and mid net worth customers can be. Larger and more expensive homes often have high-value contents that are at risk of damage from water leaks.
“They will also tend to have a greater number of plumbed-in features – sinks, bathrooms and additional elements – which is where the majority of invisible destructive leaks occur. The opportunity that LeakBot offers not only to limit the disruption that escape of water causes to our customers, but also to mitigate our own underwriting costs, will provide significant and lasting value to the business going forward.”