"The insurance sector pays out £2.5 million every day to UK policyholders alone for escape of water claims"

 Source ABI

The total costs to those suffering water damage are higher making any solution a potential winner. But it involves far more than mitigating risk and and alerting emergency response when escape of water is detected:-

  • The whole customer experience from incident to settlement needs transformation 
  • Hardware and software costs need slashing
  • Water escape included as part of the connected & insured home 
  • Knowing when "escape of water" is urgently needed e.g. in case of fire

Recently, RS Components and Legal & General launched the "LeakKiller" challenge, the open source IoT hardware competition to detect water leakage fast and stop it. 

See "Digital Platforms, IoT and Connected Homes"for more on that.

It shows that transformation is far more than just digital important that data, analytics and digital platforms are. It is combining these with services, IoT and everyday hardware. Expect to see new products during 2018