HSB, a multi-line specialty insurer and part of reinsurance giant Munich Re, and WINT Water Intelligence, a provider of water management and leak-prevention solutions, have entered into a partnership to deliver holistic water protection.
The partnership between the two firms combines WINT’s AI-based water management solutions with HSB’s expertise in internet of things (IoT) technology and OEM uptime warranty solutions to provide businesses with a solution to protect from water leak damage.
A key factor to highlight, a recent study conducted by Munich Re found that locations protected by WINT heavily reduce the number and impact of water damage incidents. According to the study, sites where WINT was installed were found to submit 73% fewer insurance claims and resulted in 90% less payouts when compared with sites not protected by WINT.
From what we understand, HSB will distribute WINT’s AI-based water management solutions to its customers, complementing HSB’s current leak-sensor solutions.
Additionally, WINT also provides a performance warranty for WINT technology, backed by HSB, paying up to $250,000 in the unlikely event where damage occurs from a leak in a pipe monitored by WINT.
It should be noted, that the performance warranty for builders’ risk program which was introduced in 2023, is designed to mitigate the rising costs of water damage claims in commercial properties and on construction sites for new buildings, renovations, and large retrofit projects.
Further, designed by Meshify, the IoT subsidiary of HSB, its Defender™ Sensors monitor retail, healthcare, education, and other facilities 24/7 for water leaks and temperature extremes.
By having access to WINT systems, this will allow for HSB’s customers to monitor water flow and automatically shut-off leaks during and after construction projects, during ongoing operations, and automatically shut off the water when the system detects a leak.
Alon Geva, WINT’s CEO, commented on the partnership: “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.”
John B. Riggs, chief technology officer and senior vice president of Applied Technology Solutions for HSB, said: “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.”
