Revolutionizing Water Leak Prevention: AI’s Role in Reducing Insurance Claims (Insurance Business)

Revolutionizing Water Leak Prevention: AI’s Role in Reducing Insurance Claims

  Friday, November 10th, 2023 Source: Insurance Business

WINT - Water Intelligence, a startup founded in 2018, is making strides in the property and casualty (P&C) insurance market by utilizing artificial intelligence (AI) to detect and prevent water leaks in buildings. Their technology, which is employed in iconic structures like the Empire State Building and modern facilities such as Microsoft’s and HP’s R&D facilities, offers real-time monitoring and automatic water shutoff capabilities. This proactive approach is not only mitigating water damage but also reshaping the dynamics in the builders’ risk and P&C markets by decreasing the number and severity of water-related claims.

WINT’s systems delve into the minutiae of water usage, detecting anomalies in consumption patterns that could indicate leaks. This advanced monitoring enables building managers to act swiftly, preventing extensive damage and associated costs. The technology’s effectiveness is evident in its impact on insurance policies. For builders’ risk policies, where water damage accounts for approximately 30% of loss ratios, WINT’s solution has been instrumental in controlling the rising deductibles and costs, which have escalated from tens of thousands to up to a million dollars in recent years.

The company’s partnerships with insurance carriers, brokers, and construction companies highlight its growing influence in the industry. WINT’s technology not only offers financial benefits through reduced deductibles and premiums but also serves as a prerequisite for certain coverage plans. A recent performance warranty program, backed by HSB, further mitigates the financial burden of rising deductibles in the builders’ risk market, covering up to a quarter of a million dollars in water damage for WINT-protected construction sites. The program and WINT’s water management solutions will be showcased at the upcoming International Risk Management Institute’s 2023 Construction Risk Management Conference in Orlando, Florida.

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