geo, a leading provider of smart IoT products and Magenta Insurance, the well-known property underwriting agency are finalists in the Best Use of Technology category in the prestigious Broker Innovation Awards, for the leak detection system, Waterlock™.
The awards, which take place in London on September 4th, celebrate those who have fully embraced technology in order to meet the needs of the client. They pay close attention to brokers who have taken an innovative approach to insurance protection.
Waterlock has been developed by geo to address the growing problem of escape of water (EOW) 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.
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.
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.
“Waterlock is a sophisticated but user-friendly product. Wrapped into an end-to-end offering that delivers professional installation and ongoing support, together with a discounted premium for clients, it is the perfect EOW solution for brokers. We are very excited to have reached the finalist stage in these awards, which celebrate innovation and forward-thinking and we look forward to the ceremony in September.” said Patrick Caiger-Smith, CEO at geo.