LeakBot Connected Device Enters US Market to Prevent Major Damage from Household Water Leaks, the Largest Predictable Home Insurance Claim Category
HomeServe Labs, the innovation division of one of the UK’s leading home assistance providers, today announced that its connected water leak detector, LeakBot, will be available to select US insurance partners this fall . LeakBot is a single, cost-effective and easy-to-install device that discovers small water leaks – no matter where they occur in a home – before they become serious, expensive issues for homeowners and insurance companies to contend with.
“HomeServe Labs is developing products to help insurance providers be more proactive in preventing claims. Water leaks are the costliest predictable problem home insurers face, so it was a natural starting point,” said Craig Foster, Managing Director at HomeServe Labs. “The success we’ve seen with LeakBot in Europe – through our partnerships with top insurance companies – verifies that we’ve created a value-add product for customers, and an asset insurers can use to reduce one of their most significant cost categories.”
Addressing the massive, often hidden problem of water leaks
Based on LeakBot findings, around 20 percent of homes in the US are likely to have an undetected water leak (escape of water) and it is the largest predictable driver of home insurance claims – costing the industry over $25 billion annually. LeakBot’s early detection capability helps protect homes from water damage mitigating escape of water claims for insurers. Several top insurers in Europe, including RSA, Aviva and Legal & General, have deployed LeakBot to customers through a process that is scalable and reliable.
“Along with providing protection to customers when things go wrong, RSA is committed to finding ways to help eliminate bad things from happening in the first place. Connected products have tremendous potential to help us do that, and in turn reduce claims expense,” said Paul Middle, Global Partnering Director, Connected Insurance, RSA. “Escape of water is one of our biggest claims costs and it’s rising in part due to changing consumer tastes for home interior design such as wooden flooring and enclosed pipework. Leakbot was chosen as RSA’s first connected home device partner because it has the potential to help mitigate against claims expense in a way that is simple for customers to install and use, and economical to roll out at scale.”
Simplicity meets precision to catch even tiny leaks early
There’s no need for multiple sensors or a complex, plumber-installed product; LeakBot provides a simple, cost-effective way for homeowners to detect small water leaks within a home. LeakBot’s ultra-sensitive technology can even detect water leaks as small as 3 ml per minute – or about 1 drop of every 5 seconds – anywhere on a home’s water supply.
Clip, tap and relax
Simply clip the wireless LeakBot device on the main water pipe and touch a button to begin monitoring the entire home. Its ultra-sensitive Thermi-Q technology detects a slight dip in expected pipe temperature generated when a leak is present. The intelligent algorithm is always on, helping protect homes from escalating damage by sending an alert if it detects unusual water flow. Whether at home, at work or even away on vacation, the LeakBot app keeps homeowners updated so they can take action fast.
Industry credibility, proven results
Backed by an industry leader with decades of experience, LeakBot is a proven way for insurers to reduce escape of water claims while providing a better experience for their members. With the agility of a startup and the resources of a public company, HomeServe Labs can develop and deploy innovative technology quickly and with unmatched performance assurances.
About HomeServe Labs
Founded in 2013, HomeServe Labs is a smart home technology developer that designs products and services which make consumers’ lives easier. HomeServe Labs was born out of HomeServe, the UK’s leading home assistance provider, which has been delivering maintenance and repair services to over two million Customers across the UK for over 20 years.
HomeServe Labs combines HomeServe’s experience with its entrepreneurial and highly creative team to build original solutions for the connected home. The first product to come to market created by HomeServe Labs is LeakBot which uses intelligent technology to detect water leaks in the home from just one smart device, without the need for professional installation. LeakBot alerts consumers of small leaks before they become big problems, with the aim of helping to protect homes from the impact of water damage.
We are one of the UK’s leading home assistance providers. For more than 20 years we have made our Customers’ lives easier by delivering a range of services, including plumbing, drainage, electrics, heating and much more, though our own nationwide network of HomeServe approved engineers. Over two million people in the UK have already placed their trust in us and turn to us when it comes to fixing, maintaining and looking after their home.