LeakBot, the smart water leak alarm, is today announcing that it has completed its first successful deployment in the USA in partnership with technology-driven managing general underwriter SageSure. The agreement reflects growing momentum of LeakBot’s expansion, with the announcement building on the recent success that LeakBot has seen in the UK and Europe following partnerships with major home insurers including Direct Line Group, Hiscox, Covea, Eaton Gate and Topdanmark.
In partnership with LeakBot, SageSure has already completed the first deployment of their LeakBot water loss mitigation program. They have distributed LeakBot sensors to home insurance policyholders throughout the state of New Jersey. A single, easy-to-install sensor monitors a home’s water usage and alerts participating SageSure policyholders when it detects a potential leak or water irregularities. The LeakBot sensor utilises a specialised mobile application to provide water monitoring data and alerts in real time.
Paul VanderMarck, chief technology and innovation officer at SageSure comments: “We believe strongly that the role of home insurance should be not just to help homeowners recover quickly from losses but also to proactively help them avoid damage and the associated disruption to their lives. The turnkey solution we provide under this program is yet another example of our investments in leveraging technology to modernize the property insurance business and to expand the value we provide to our policyholders.”
The launch has proven that LeakBot can deliver similar results for US insurers as has been possible in the UK and Europe with the tried and tested go-to-market model where the technology and the repair services are offered free-of-charge to policy holders. SageSure have launched the same proposition that has been proven to work in the UK with brands like Hiscox, Direct Line and Covea.
Where a homeowner is unable to locate or resolve a leak detected by their LeakBot device a LeakBot trained, licensed plumber with patented leak detection technology is dispatched at no cost to pinpoint and fix the leak. More than 100 SageSure policyholders have already taken advantage of this unique aspect of the program, resulting in the early resolution of a variety of plumbing and appliance failures that may otherwise have resulted in significant damage.
Craig Foster, LeakBot CEO commented: “We are thrilled to have completed our first successful deployment of LeakBot in the USA with SageSure. The opportunity for LeakBot to drive claims savings for carriers in the USA is huge with £11.5bn spent every year on water damage claims, and LeakBot being the only solution with a proven model for addressing this problem at scale. Our US patent was granted in July 2020 and we have no like-for-like competitors in the USA, just like Europe. The opportunity is huge and our first state launch has been a perfect start. SageSure is recognized as one of the most innovative and successful home insurance specialists in the U.S. We couldn’t be more pleased to have them as our launch partner in the U.S., and we look forward to expanding the program to more states together.”