Hiscox Introduces Smart Water Leak Technology

LONDON, England, Feb. 11 -- Hiscox, an insurance provider, issued the following news release:

Specialist insurer Hiscox announces a partnership with LeakBot, the smart water leak alarm, to provide its leading leak detection system to customers/1. Helping to protect homes from water damage in the event of a leak, the partnership will make Hiscox the first UK insurer to offer a free Leakbot to all new and existing buildings insurance customers.

With the average cost of damage caused by escape of water estimated to be pound sterling8,500/2, this is the biggest driver of home insurance claims globally/3. In the UK and US alone, the annual cost to insurers is estimated to be $16bn/4.

LeakBot is an end-to-end claims mitigation system, specifically designed to tackle water damage claims in the home. The device uses patented Thermi-Q technology to detect water leaks, without the need for professional installation. It connects to the home wireless network and, if it detects a leak, notifies the customer via a mobile app, providing access to a team of expert LeakBot engineers to 'find and fix' the problem.

Phil Thorn, Head of Propositions at Hiscox UK said: "Much like our customers, our goal is to protect their homes and smart solutions like LeakBot will become an increasingly fundamental part of this. It's often the smallest, hidden leaks that go undetected and ultimately cause the most damage, so spotting these early is essential. Whether it's a burst pipe or just a leaking tap, Hiscox is covering the cost of one specialist engineer visit per year to ensure expert support is on hand if a leak is detected.

"We have successfully trialled LeakBot with select customers over the last year and have been impressed with the results. It's easy to set up, discreet, provides real-time alerts and is backed by a UK-wide team of engineers."

Craig Foster, CEO, LeakBot, said: "We are excited to announce Hiscox as our first UK insurance partner to offer LeakBot to all of their new and existing customers. This partnership will see the major rollout of LeakBot across homes in the UK, which will significantly reduce problems caused by escape of water damage. LeakBot is a pioneer in addressing the problem of unnecessary escape of water claims and we look forward to providing great value to Hiscox and their customers."

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About The Hiscox Group

Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It's a long-standing strategy which in 2018 saw the business deliver a profit before tax of $137.4 million in a challenging year for insurers.

The Hiscox Group employs over 3,300 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.

Our values define our business, with a focus on people, ownership, courage and integrity. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.

About LeakBot

LeakBot is a smart water leak alarm, which spots hidden leaks before they become bigger problems. The device aims to help protect homes from the impact of water damage - the second biggest driver of home insurance claims. LeakBot uses its patented Thermi-Q technology to detect water leaks in the home, without the need for professional installation. It connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app and provides access to a team of expert LeakBot engineers to 'find and fix' the problem.

LeakBot was designed and created by HomeServe Labs, in Walsall in the West Midlands, UK. Since launch, LeakBot has partnered with a number of the UK's major home insurers to supply LeakBot to some of their customers to help reduce the risk of claims caused by water damage at home, including Hiscox, Aviva, Neos, RSA, Legal & General and Covea Insurance. Hiscox is the first to offer this to all qualifying customers.

Footnotes:

1/ The LeakBot smart water device and one engineer visit per year at no extra cost is available to new and existing Hiscox buildings insurance customers. For more information visit www.hiscox.co.uk/home-insurance/leakbot-info

2/ 2018 average cost of all Hiscox Home Insurance closed escape of water claims

3/ ABI UK Insurance Key Facts

4/ ABI UK iii.org and FCA