In January Biba made a commitment to help its members make use of developments in insurtech
Biba has appointed Magenta Insurance to provide its members with a scheme that helps customers protect themselves against the escape of water at home.
Magenta Insurance is a property underwriting agency and it is part of the inet3 Group, it also works with Axa, Ageas, Canopius and Premium Credit.
Escape of water costs the industry £2.5m per day in claims.
Mike Hallam, Biba’s head of technical services explained that Biba’s 2019 Manifesto included commitments to help its members make use of fast-moving developments in insurtech and innovation.
He said that this new scheme is one way to fulfil these.
Magenta uses leak detection technology called Waterlock to protect policyholders and help prevent claims.
Secondly, it offers flexible underwriting of household insurance along with discounts for customers using its technology.
Waterlock is an “intelligent system” that prevents water damage in the home such as flooding caused by burst pipes.
Brokers have the option of offering the installation of the Waterlock device to customers in their home – it is capable of detecting water leaks and shutting off the water valve to prevent further damage.
The technology is accompanied by an app which notifies users about leaks and allows them to remotely manage their water supply at home.
The insurance side of the scheme gives members access to capacity, for risks with a previous history of escape of water claims, high associated excesses, premiums, and distressed risk across the majority of residential property types and uses.
Catherine Bell chairman at Magenta Insurance, said: “Escape of water is much more disruptive and distressing than policy holders realise, until it happens to them.
“It can turn lives upside down and whilst insurers can replace possessions and repair homes, they can’t protect against many other consequences, like replacing memorabilia, photos and treasured items, or remove the inconvenience to living your daily life during the repair, which further compounds the stress experienced when your home is flooded.”
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