The partnership is significant as it sees Hiscox become the first UK insurer to rollout full-scale claims mitigation insurance technology across all new and existing buildings insurance customers.
With the average cost of damage caused by escape of water estimated to be £8,500, it is the biggest driver of home insurance claims globally. In the UK and US alone, the annual cost to insurers is estimated to be $16bn.
LeakBot is an end-to-end claims mitigation system, specifically designed to tackle water damage claims in the home. The device uses patented Thermi-Q technology to detect water leaks, without the need for professional installation.
It connects to the home wireless network and, if it detects a leak, notifies the customer via a mobile app, providing access to a team of expert LeakBot engineers to ‘find and fix’ the problem. Says Phil Thorn, Head of Propositions at Hiscox UK:
“Much like our customers, our goal is to protect their homes and smart solutions like LeakBot will become an increasingly fundamental part of this. It’s often the smallest, hidden leaks that go undetected and ultimately cause the most damage, so spotting these early is essential. Whether it’s a burst pipe or just a leaking tap, Hiscox is covering the cost of one specialist engineer visit per year to ensure expert support is on hand if a leak is detected.
“We have successfully trialled LeakBot with select customers over the last year and have been impressed with the results. It’s easy to set up, discreet, provides real-time alerts and is backed by a UK-wide team of engineers.”
Adds Craig Foster, CEO, LeakBot:
“We are excited to announce Hiscox as our first UK insurance partner to offer LeakBot to all of their new and existing customers. This partnership will see the major rollout of LeakBot across homes in the UK, which will significantly reduce problems caused by escape of water damage. LeakBot is a pioneer in addressing the problem of unnecessary escape of water claims and we look forward to providing great value to Hiscox and their customers.”