Geo to launch Waterlock, a connected water damage prevention system, at Biba 2018
Geo, the developer of smarter home products, is working with property underwriting agency, inet3 to launch a new system that prevents water damage in the home.
Waterlock is a smart water detection system which Geo says will reduce the risk of water damage in the home following a leak or a burst pipe.
Escape of water claims have plagued the insurance industry over the past few years. And over that period, the problem has got steadily worse.
Now, it is estimated UK insurers pay out around £2.5m every day in escape of water claims.
It is seen as one of the biggest problems facing insurers.
Geo says that Waterlock is “clever enough to detect standing water, excess humidity and freezing conditions,” then it will automatically close the mains water supply to minimise damage.
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”.
Andy Thornley, head of corporate affairs at Biba said: ”Technology-led innovation is becoming increasingly important as new solutions to long-held problems that brokers have faced.
“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.”
Geo outlined Waterlock’s two key features:
- “Remote control of the home’s mains water stopcock – from the Waterlock app wherever you are, or from the wireless Waterlock switch.”
- “Automatic detection and shutoff of the home’s mains water in the event that standing water, excess humidity or low temperature is detected by a Waterlock sensor, indicating a risk or occurrence of a leak or burst pipe.”
“There are some obvious cost and hassle saving benefits to consumers using Waterlock,” said Patrick Caiger-Smith, chief executive at Geo.
He added: “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.”
The new product will be launched at Biba 2018.