Smart water leak alarm LeakBot announces a new partnership with MAPFRE, the global insurance company, to offer LeakBot’s preventative smart leak detection system to their customers in Ireland.
This partnership has been developed as a result of LeakBot’s membership of insur_space, MAPFRE’s open innovation platform. The announcement marks the continued international expansion of LeakBot, following successful full-scale rollouts with major insurers in both the UK and Denmark.
Under the new partnership, MAPFRE ASSISTANCE will be trialling the product with a number of Liberty Insurance’s home insurance customers in Ireland, who already benefit from the MAPFRE ASSISTANCE home emergency assistance product. Customers who sign up will be able to take advantage of LeakBot’s patented leak detection technology as a new feature of their existing home emergency cover. By installing LeakBot’s smart, non-invasive solution for monitoring and detecting hidden leaks in the homes of home insurance customers in Ireland will be able to protect their homes from damage caused by water leaks and protect their home insurance premiums as a result.
In addition, LeakBot’s sophisticated leak detection technology will be used by MAPFRE ASSISTANCE plumbers who will be trained to find and fix all leaks detected by LeakBot, helping them to tackle the effects of escape of water (EOW) in customer properties – the second biggest driver of home insurance claims globally. With LeakBot installed, customers can prove that their property is leak-free, which could positively impact the cost of their home insurance premiums.
LeakBot is an end-to-end claims mitigation system, specifically designed to tackle escape of water damage claims in the home. Its technology will empower MAPFRE ASSISTANCE to offer a preventative home assistance service to their customers.
Craig Foster, CEO, LeakBot said, “Escape of water in domestic properties has always been a huge issue for the insurance industry globally. Hidden water leaks are common, and they’ve been a historically difficult and costly problem to tackle effectively, with the annual cost to insurers in the US and UK alone estimated to be around $16bn.
“In the UK, we discovered that 43% of homes had suffered from water leaks, and we know from our ongoing conversations with insurers and their customers that leaks are a widespread issue in homes across Ireland too. The good news is that we’ve witnessed first-hand the success that a low-cost, non-invasive solution like LeakBot has when it comes to detecting and ultimately resolving escape of water issues in people’s homes. We’re confident of being able to deliver exceptional value to MAPFRE and their home insurance partners, helping them to save on the cost and chaos of water damage in the home.”
Craig Senior, General Manager, MAPFRE ASSISTANCE Agency Ireland said, “Smart leak detection technology is a real game changer for home assistance providers, it will enable us to move from reactive claims mitigation to a proactive claims prevention for our customers.
“With hidden leaks being so prevalent, and with the design of new homes often making identification even more difficult, the risk of significant and costly damage to people’s homes is huge. LeakBot is a pioneer when it comes to tackling the problem of escape of water in domestic properties, and their sophisticated technology is going to deliver real value to our home emergency product and ultimately the customers we serve.”