Water intelligence technology provider WINT Water Intelligence has won gold at the Insurance Times Awards in London. The gold award for the Excellence in Technology – Claims category went to WINT’s artificial-intelligence-powered solution, which lets insurers, facilities managers, and construction and building services contractors reduce water damage risk and claims. WINT Water Intelligence picked up the award with one of its U.K. partners, Aqualytics, which provides on-the-ground customer service for WINT technology.
WINT’s technology helps construction projects, existing buildings and estates, and newly built facilities avoid water damage-related claims by identifying anomalies, leaks, and waste at the source, alerting facilities managers and shutting off water supplies when necessary.
The U.K. Society of Claims Professionals states in “Escape of Water – Good Practice Guide for Claims Professionals” (January 2019) that “escape of water” has become a common and significant issue. According to the Association of British Insurers, the total cost of escape of water claims has increased year on year by 28%, and insurers are paying out nearly $5.1 million per day on claims in the U.K. alone.
The Excellence in Technology – Claims category recognizes solutions that improve internal and external operational and administrative claims processes in the insurance market. The judges, made up of leaders in the insurance market, were looking for tangible evidence that technology has improved operational efficiencies, claims processes, customer services, and business administration.
The judges described WINT as “a cool product – honest, clear and knows the market. We need something like this in our businesses.”
WINT uses artificial intelligence (AI) and pattern matching to detect water leaks and waste. It continuously learns and adapts to a building’s water network to ensure detection and prevention are optimized for each site. WINT devices are fully autonomous and will continue to operate even regardless of network coverage.
In addition to preventing water leak damage, WINT also detects and alerts staff of ongoing waste, from such sources as malfunctioning devices and unnoticed non-damaging leaks. Organizations that use WINT report savings of 20% to 25% of their ongoing water consumption, helping them reduce their environmental footprint and improve their sustainability stance.
“The insurance sector has been suffering a massive financial impact from the rise in water damage claims,” said Alon Geva, CEO of WINT. “We’re proud to be recognized by Insurance Times as a leader in helping the industry reduce this tremendous source of risk with innovation and smart technology.”
WINT solutions are used at thousands of locations worldwide. Reducing the risk of major property damage from burst pipes and undetected leaks has enabled organizations to avoid costly water damage, lost productivity, and increased insurance premiums while reducing their ongoing water consumption and environmental footprint.