WINT Water Intelligence has announced a new partnership with HSB (Harford Steam Boiler). HSB is a specialty multiline insurer part of Munich Re. The announcement follows one made a year ago. When the two firms announced a joint program to reduce the financial impact of water damage on construction job sites.
Under the latest iteration of the partnership HSB will resell WINT’s water management solutions and warrant their performance. In doing so, they are creating an intriguing combination of insurance and technology. This will help mitigate the risk of water damage to properties.
The WINT Water Intelligence solution detects and stops leaks at the source using a combination of IOT technology and AI. The solution is able to automatically detect whether water is leaking from a system and automatically turn it off. No matter what time of day or day of weak. Ultimately, this minimises the damage that water leakage.
WINT estimates that 30% of Builders Risk Claims come from water damage. If not detected, the problem can get worse over time. Insurer HSB UK & Ireland stated, “As well as direct costs of clean up, repair, replacement and dealing with items such as mould, there can be long delays in restarting construction.”
Alon Geva, WINT’s CEO, commented, “Water leaks are a major point of pain across the real estate and construction industry. Water management technology and insurance are complementary two sides of the same coin – solutions that mitigate damage while reducing the real estate industry’s environmental footprint. We’re excited to partner with HSB-Munich Re to solve these challenges.”
Black Box for Construction
A black box is a familiar concept for the automotive insurance industry. The WINT intelligence solution performs a similar and more proactive role for all types of buildings. HSB has deep expertise in the calculating of warranties around water damage, IoT technology and OEM uptime warranty solutions. It believes that it can provide businesses with an ultimate solution to protect from water leak damage.
A study by Munich Re found that sites protected by WINT dramatically reduced the number and impact of water damage. Where the WINT solution was installed, Munich Re saw 73% fewer insurance claims and resulted in 90% fewer payouts. In comparison to sites without the technology.
The story is not just about the damage that leaking water can do. At the Empire State Building, WINT technology reduced annual consumption by 7.5 million gallons, saving $100,000 annually. Importantly, in an age where all organisations are looking to achieve carbon neutrality, it also reduced carbon emissions by 300 tonnes!
The expanded partnership shows the commitment and confidence that WINT’s solution gives its customers. Everybody wins when the customer is able to achieve cost savings. With the insurance company avoiding the massive payouts that can emerge in worst-case scenarios.
The new partnership will see HSB distribute WINT’s AI-based water management solutions to its customers. It will complement HSB’s current leak-sensor solutions.
WINT also provides a performance warranty for its technology. The HSB warranty will pay up to £200,000 if there is a leak in a WINT-monitored pipe (subject to T&Cs). The performance warranty for builders’ risk program was introduced in 2023 to mitigate the risk of rising water damage costs.
HSB combines technology with the traditional
The WINT technology combies with the IOT Meshify Defender sensors. Combined with the WINT system, HSB customers can proactively monitor water flow and automatically shut off leaks during and after construction projects. The solution can also help with water loss due to running taps, frozen pipes or other changes in water flow, across industries such as retail, healthcare, education, and other facilities.
John B. Riggs, Chief Technology Officer and Senior Vice President of Applied Technology Solutions for HSB, commented, “Effective water management is increasingly important as the risks and costs of water damage rise. We’re glad to offer our customers WINT’s reliable, scalable solution to help them meet the ongoing challenges of protecting their investments and addressing water sustainability.”
Enterprise Times: What does this mean
Damage caused by water leaks can reach a significant amount of money across many industries. An example in residential is St Francis Tower, in Ipswich. The tower was evacuated in July 2023 and had not been resolved six months later. Residents were unable to return and were staying in hotels and temporary flats awaiting a resolution. The costs are undoubtedly escalating. There are many other examples around the world of similar issues.
The partnership benefits contractors, construction firms, and investors, with longer-term cost savings and mitigation of the risk of water damage. As technology solutions continue to reduce in cost and IOT sensors become commonplace, expect more and more combinations like this across different industries.
Great post on HSB’s partnership with WINT Water Intelligence! Combining insurance and advanced water management technology is a game-changer for the construction industry. The use of IoT and AI to detect and stop leaks minimizes water damage and associated costs. This innovative approach not only protects properties but also supports environmental sustainability. Alon Geva’s insights highlight the significant impact of this collaboration. Thanks for sharing this exciting development!