Smart energy company geo and property underwriting agency Magenta Insurance have been shortlisted for the Broker Innovation Awards.
The partners secured their position as a finalist in the Best Use of Technology category for leak detection system Waterlock.
The Broker Innovation Awards, taking place in London on 4 September, celebrate those who have embraced technology to meet client needs. They pay close attention to brokers who have taken an innovative approach to insurance protection.
Waterlock was developed by geo to address the growing problem of escape of water claims for insurers.
The leak detection system was 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 brokers.
Waterlock is a connected leak detection and water shut-off solution. It incorporates a remote controllable stopcock as well as wireless sensors that 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, the British Insurance Brokers’ Association 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 escape of water in a property, while simultaneously offering discounted property insurance policies when Waterlock has been installed.
Patrick Caiger-Smith, chief executive officer at geo, said of the Best Use of Technology nomination at the Broker Innovation Awards: “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 escape of water 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.”