geo will be partnering with Magenta Insurance, the well-known property underwriting agency, at the BIBA Conference and Exhibition in Manchester (15th & 16th May) to show insurance companies how they can benefit from offering householders the very latest in smart water controls.
Demonstrations of geo’s Waterlock™ will be the key feature on stand D82, where both geo and Magenta Insurance, part of the inet3 Group, will be addressing the growing problem of escape of water claims for insurers – a challenge which the ABI has already said is the number one priority for the domestic property insurance market.
BIBA is working with Magenta Insurance to provide its members with a scheme to help customers protect themselves against escape of water incidents, using the Waterlock leak detection solution.
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 or high risk conditions such as freezing temperatures or high humidity. 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.
“Given that escape of water claims cost the insurance industry over £2.5 million in claims every day, it is in its interests to provide policy-holders with more help and guidance when it comes to preventing or minimising leaks. At the BIBA Conference I expect that this will resonate with delegates and visitors,” said Patrick Caiger-Smith, CEO at geo.
The partnership between geo and Magenta Insurance was launched at the BIBA conference last year and since then the two companies have combined their respective expertise and experience to reach out to insurance companies that specialise in policies for renovated and unoccupied homes, holiday or second homes. They have also introduced the benefits of Waterlock to brokers whose customers have already experienced a leak, and who are statistically more likely to experience a second escape of water incident.
