BIBA Adopts InsurTech in Its Latest Member Scheme From Magenta Insurance
EOW costs the industry
Magenta takes a two-pronged approach. Firstly, it uses leak detection technology (Waterlock) to protect policyholders and help prevent claims. Secondly, it offers flexible underwriting of household insurance with discounts for customers using the technology.
Brokers can take full advantage of the latest technology to offer their customers the opportunity to install the Waterlock device in their home which can both detect water leaks and also shut off the water valve to prevent further damage.
The technology comes with an 'App' that notifies users about the first signs of a leak and allows them to simply and remotely manage their home's water supply.
The insurance side of the scheme gives members access to capacity, for risks with previous EOW claims history and high associated excesses and/or premiums, as well as distressed risk across the majority of residential property types and uses.
Hallam concluded: "BIBA's 2019 Manifesto includes commitments to help members make use of fast moving developments in InsurTech and innovation and this new scheme is one way to fulfill these."
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