SageSure, a technology-driven managing general underwriter specializing in catastrophe-challenged property markets, today announced that it has completed the first deployment in the U.S. of a new technology designed to help policyholders avoid water-related damages and reduce the likelihood of water-related claims.
In partnership with LeakBot, a U.K. insurance technology company, SageSure has distributed specialized leak detection sensors to home insurance policyholders throughout New Jersey. A single, easy-to-install sensor monitors a home’s water usage and alerts participating SageSure policyholders when it detects a potential leak or water irregularities. The LeakBot sensor utilizes a specialized mobile application to provide water monitoring data and alerts in real-time.
“We believe strongly that the role of home insurance should be not just to help homeowners recover quickly from losses but also to proactively help them avoid damage and the associated disruption to their lives,” said Paul VanderMarck, chief technology and innovation officer at SageSure.“ “The turnkey solution we provide under this program is yet another example of our investments in leveraging technology to modernize the property insurance business and to expand the value we provide to our policyholders.”
As part of the LeakBot program, in situations where a homeowner is not able to locate or resolve a leak detected by their LeakBot sensor, a licensed plumber with specialized tools and training is dispatched at no cost to pinpoint and fix the leak. More than 100 SageSure policyholders have already taken advantage of this unique aspect of the program, resulting in the early resolution of a variety of plumbing and appliance failures that may otherwise have resulted in significant damage.
“Based on our track record with leading insurers in the U.K. and continental Europe, there is a tremendous opportunity for insurers to leverage our proprietary technology in the U.S. market to mitigate water losses,” said Craig Foster, LeakBot founder and managing director. “SageSure is recognized as one of the most innovative and successful home insurance specialists in the U.S. We couldn’t be more pleased to have them as our launch partner in the U.S., and we look forward to expanding the program to more states together.”
About SageSure
SageSure is an innovation-focused insurance and technology company specializing in catastrophe-challenged property markets. SageSure offers more than 40 competitively-priced insurance products in 14 coastal states on behalf of its carrier partners and serves more than 400,000 policyholders. Since its founding in 2005, SageSure has been modernizing property insurance through its market-leading online quoting and binding platform and its sophisticated risk modeling and scoring technology. SageSure distributes its products through a growing network of insurance agents and brokers who provide insurance buyers with expert advice on protecting their most important asset. For more information, visit SageSure.com.
About LeakBot
LeakBot is a smart water leak alarm, which spots hidden leaks before they become bigger problems. The device aims to help protect homes from the impact of water damage – the second biggest driver of home insurance claims. LeakBot uses its patented Thermi-Q technology to detect water leaks in the home, without the need for professional installation. It connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app and provides access to a team of expert LeakBot engineers to ‘find and fix’ the problem. Since launch, LeakBot has partnered with a number of Europe’s major home insurers to supply LeakBot to some of their customers to help reduce the risk of claims caused by water damage at home, including Hiscox, Direct Line Group, Eaton Gate, Covéa Insurance and TopDanmark. In February 2020, Hiscox became the first UK insurer to offer a free LeakBot as standard to all new and existing customers. For more information visit www.leakbot.io.