IoT-enabled water leak detector, LeakBot has announced that it has established a new deal with leading insurance underwriter, Covéa Insurance to begin rolling out LeakBot devices to Covéa’s High Net Worth customers across the UK through its broker and affinity networks.
As early adopters of the device, Covéa Insurance assists partner brokers to differentiate themselves from competitors by enabling them to quickly become IoT innovators and form ongoing relationships with customers. The new deal between LeakBot and Covéa comes following a successful initial partnership that started in 2017 and will see all High Net Worth customers being offered a device.
LeakBot is an end-to-end claims mitigation system, specifically designed to monitor for escape of water in the home and provide a ‘find and fix’ service once a device has alerted to the presence of a leak. Alongside prevention of costly damage, Covéa customers will benefit from a complete repair solution from LeakBot, with dedicated engineers deployed to identify the problem and fix it before it becomes a much larger and costlier issue. Covéa are also offering their customers extra benefits such as a nil excess for escape of water claims and no penalty at renewal if an escape of water occurs whilst a LeakBot device is activated.
LeakBot data reveals that just under half of UK homeowners (43%) have experienced a hidden leak, which if left unsolved could lead to detrimental damage and result in high-cost claims. Through its new partnership with Covéa, more homes across the UK will benefit from real-time monitoring of escape of water to prevent acute damage.
Sara Simmons, Head of HNW at Covéa Insurance said: “At Covéa Insurance we’re dedicated to helping protect homeowners from disaster while also committing to putting things right if an issue arises. LeakBot really strengthens our abilities to do this for our customers. As pioneers in trialling the device and being early adopters of the technology, we’ve been impressed by the results, which has seen customers grateful not only for the device but the service provided by the dedicated team of LeakBot plumbers too. The value that LeakBot adds to our business is clear and we’re looking forward to giving more customers the peace of mind that their homes are protected.”
Craig Foster, CEO LeakBot said: “Through our work with Covéa we have been able to demonstrate the value of providing customers with an end-to-end ‘detect and fix’ service – which has seen many disasters prevented, high-cost claims avoided and customers grateful to have that peace of mind. Hidden leaks can be both disastrous and costly both to insurance businesses and homeowners, which is why we’re delighted to see Covéa extend the LeakBot offering further and make strides towards ensuring water leaks in the home are a thing of the past.”