Smart energy device maker Geo has launched a new solution to detect and deal with risks of water damage.
The connected water damage prevention system, Waterlock, promises to significantly reduce the risk and cost of water damage in the home following a leak or burst pipe, by detecting standing water, excess humidity and freezing conditions.
The device provides a remote control for the home’s mains water stopcock, via the Waterlock app or a wireless switch, and can automatically detect and shut-off the home’s mains water in the event of a risk.
Geo and property underwriting agency Inet3 launched Waterlock at the British Insurance Brokers’ Association (BIBA) Conference earlier this week.
Catherine Bell, chairman of Inet3, commented: “Water damage is the largest single risk and cause of damage claims in the insurance industry. Waterlock promises to offer a revolutionary solution to this issue, and the opportunity to reduce the premiums for homes that have the system installed.”
Commenting on the launch, Andy Thornley, head of corporate affairs at BIBA, said: “Waterlock is a great example of how innovation can reduce the significant impact of escape of water claims and help protect vulnerable customers by having the ability to turn off the domestic water supply remotely or when a leak is detected—reducing the damage that can be caused.
“Escape of water forms the largest component of household insurance claims and it’s clear to see how innovations like Waterlock can help the insurance industry and its customers. That’s why we were delighted to feature it as a case study in the 2018 BIBA Manifesto.”
“There are some obvious cost and hassle saving benefits to consumers using Waterlock,” added Patrick Caiger-Smith, CEO at Geo. “However, we have also designed the solution very much with the insurance industry in mind. The continuous connected risk assessment and data gathering that goes hand in hand with Waterlock means that the incidence of damage from water loss is vastly reduced. This, in turn should reduce risk for the insurer and lower premiums for the customer.”