LeakBot has struck a strategic partnership with UK insurer Direct Line Group to offer leak detection technology to its high-net-worth home insurance customers over the next 12 months.
The partnership, which is the latest in a string of recent agreements announced by insurtech company LeakBot both in the UK and internationally, enables Direct Line Group customers to proactively monitor escape of water and prevent water damage in their homes.
LeakBot is an end-to-end claims mitigation system specifically designed to tackle escape of water in the home and reduce the impact of water damage claims for insurers.
Direct Line Group will offer LeakBot’s smart leak detection technology to Select Premier customers at the point of acquisition and renewal during the course of the next 12 months.
Customers will be offered a free LeakBot device and free visits from specialist engineers if their device alerts to the presence of a leak in the home.
The partnership with Direct Line Group signifies LeakBot’s ongoing expansion across the UK and global home insurance markets, and follows a similar agreement reached with specialist insurer Hiscox earlier this year.
Craig Foster, chief executive officer of LeakBot, said: “We are really pleased to see LeakBot being rolled out across another high-net-worth home insurance book. LeakBot is the only water damage claims prevention system anywhere in the world that has a proven product and sustainable return on investment for insurers.”
Nick Brabham, head of Select Premier insurance at Direct Line Group, said: “Over the years, we’ve seen how costly water damage claims that arise from leaks in the properties of our high- and mid-net-worth customers can be. Larger and more expensive homes often have high-value contents that are at risk of damage from water leaks. They will also tend to have a greater number of plumbed-in features—sinks, bathrooms and additional elements—which is where the majority of invisible destructive leaks occur.”
“The opportunity that LeakBot offers not only to limit the disruption that escape of water causes to our customers, but also to mitigate our own underwriting costs, will provide significant and lasting value to the business going forward.”