The technology is available on the escape of water and residential distressed risk schemes.
Magenta Insurance, which is part of inet3 Group, has announced its Waterlock system is now available to brokers through schemes provided by the British Insurance Brokers’ Association (Biba).
The technology, developed with Cambridge-based Green Energy Options (GEO), can be offered to clients by brokers via the recently launched Escape of Water (EOW) and Residential Distressed Risk schemes.
According to Biba, customers will benefit from a premium discount given especially for homes that have already suffered from escape of water.
Magenta will be at the Biba conference in Manchester this week (15 and 16 May) to demonstrate the system with GEO.
Adrian Colosso, group chairman of the inet3 Group said: “It is a very exciting development for brokers to be the pioneers in offering clients an effective way to control and manage their homes with the latest water management technology.”
He added: “This reduces the likelihood of an EOW event happening in the first place. The Biba EOW and Distressed Risk Scheme has been possible because of a strategic partnership of two specialist companies offering their respective expertise.”
He explained that the system detects a leak and shuts off the mains water allowing the water damage to be mitigated.
Colosso added: “This type of approach will help not only homeowners, and customers but insurers and brokers who are trying to come up with a meaningful way to help solve this problem.”
The trade body claimed that Biba’s scheme offers the UK broker market access to this new solution, and the Biba Conference will offer the first units ever to be commercially available in the UK to the Biba community.
Biba’s head of technical services Mike Hallam said: “Biba is determined to help our members take full advantage of the technology that will help them show their value to customers.
“Waterlock helps resolve the very real issue of helping customers with previous EOW claims find suitable insurance. This solution from Magenta is a perfect marriage of technology and customer need.”
Tom Moger, MD of Magenta Insurance, added: “Brokers are at the heart of the community helping clients and society find solutions to problems that can affect us all.
“EOW is one of the most costly perils suffered in the home and the ensuing issues suffered can take months or even years to resolve and client’s lives are turned upside down in the process. We are delighted to offer our new solution and to bring it to the broker community in partnership with Biba and GEO.”
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