LeakBot Enters U.S. Market to Prevent Major Damage from Household Water Leaks
Staff Writer | September 28, 2017
HomeServe Labs, the innovation division of one of the UK’s leading home assistance providers, announces its connected water leak detector, LeakBot, will be available to select U.S. insurance partners this fall. LeakBot is a single, cost-effective and easy-to-install device that discovers small water leaks – no matter where they occur in a home – before they become serious, expensive issues for homeowners and insurance companies to contend with.
“HomeServe Labs is developing products to help insurance providers be more proactive in preventing claims. Water leaks are the costliest predictable problem home insurers face, so it was a natural starting point,” says Craig Foster, Managing Director at HomeServe Labs. “The success we’ve seen with LeakBot in Europe – through our partnerships with top insurance companies – verifies that we’ve created a value-add product for customers, and an asset insurers can use to reduce one of their most significant cost categories.”
Addressing the massive, often hidden problem of water leaks
Based on LeakBot findings, around 20 percent of homes in the U.S. are likely to have an undetected water leak (escape of water) and it is the largest predictable driver of home insurance claims – costing the industry over $25 billion annually. LeakBot’s early detection capability helps protect homes from water damage mitigating escape of water claims for insurers. Several top insurers in Europe, including RSA, Aviva and Legal & General, have deployed LeakBot to customers through a process that is scalable and reliable.
“Along with providing protection to customers when things go wrong, RSA is committed to finding ways to help eliminate bad things from happening in the first place. Connected products have tremendous potential to help us do that, and in turn reduce claims expense,” says Paul Middle, Global Partnering Director, Connected Insurance, RSA. “Escape of water is one of our biggest claims costs and it’s rising in part due to changing consumer tastes for home interior design such as wooden flooring and enclosed pipework. Leakbot was chosen as RSA’s first connected home device partner because it has the potential to help mitigate against claims expense in a way that is simple for customers to install and use, and economical to roll out at scale.”
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