The Gold Award for the ‘Excellence in Technology – Claims’ category went to WINT Water Intelligence’s artificial intelligence (AI) powered solution that lets insurers, facilities managers, construction and building services contractors reduce water damage risk and claims. WINT Water Intelligence, a leader in water management, analysis and leak prevention, picked up the award alongside their specialist UK partner 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 to 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 UK 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 (ABI), the total cost of escape of water claims has increased year on year to 28%, and insurers are paying out nearly £4m per day on claims in the UK alone.
The ‘Excellence in Technology – Claims’ category recognises solutions that improve internal and external operational and administrative claims processes in the insurance market. The Judges, made up of some of the most respected 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 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 optimised 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 sources such as malfunctioning devices and unnoticed non-damaging leaks. Organisations that use WINT report savings of 20%‑25% of their ongoing water consumption, helping them reduce their environmental footprint and improve their sustainability stance.
Alon Geva, CEO of WINT said,”The insurance sector has been suffering a massive financial impact from the rise in water damage claims. 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 successfully deployed at thousands of locations worldwide. Reducing the risk of major property damage from burst pipes and undetected leaks has enabled organisations to avoid costly water damage, lost productivity, and increased insurance premiums while reducing their ongoing water consumption and environmental footprint.