Zurich, 23 October 2020
Based on the data analysed by the Eurapco Lab Core Innovation Team on water damage in houses, it was found that 90 per cent of the damage comes from small drippings and only 10 per cent from exploding or suddenly breaking pipes. The team found a solution for this problem and published a detailed report in August covering the outcomes of a pilot they jointly executed with Länsförsäkringar Södermanland to assess the performance of a sensor for proactive detection of water leakages in single-family homes from the 70s and 80s in Sweden. It also covered the acceptance of the product by the test users.
The pilot has proven that such a solution can drastically reduce the number of claims and claim costs if leakages can be detected in their early stages. As seen in the infographic below, the test identified 4 real heavy water claims (4 out of 28 water claims) that would have cost thousands of euros. The team also found that customers are far more likely to become a loyal customer after using the service and seeing its benefits. This smart technology acts as an early warning system that allows homeowners to take action and repair leaks they otherwise would not have been aware of. With one device, the entire water plumbing system in single-family homes can be monitored.
To keep up with the growing demand for new solutions beyond traditional home insurance and to better service insurance consumers, the Eurapco Lab Core Innovation Team, Länsförsäkringar Södermanland and Partners participating in the Eurapco Lab will continue to explore other use cases. They are planning to set up a proof of concept for apartment and commercial buildings in 2021.
Dirlene Lopez
Marketing and Communication Specialist
