Specialist insurer Hiscox has started offering LeakBot's leak detection system for free - Business Insider

Here's what LeakBot's solution looks like and how it will help Hiscox:

LeakBot has developed an end-to-end claims mitigation system that aims to tackle water damage claims within a home. It uses an IoT device that leverages Thermi-Q technology to detect water leaks and doesn't require professional installation. The technology measures the air and water temperature in a user's home, which will drop if a leak occurs that draws in colder water from outside the home.

Water claims are a big burden for home insurers, and using IoT can help reduce those costs. Insurers in the US and the UK spend around $16 billion a year on leaks, per . A majority of leaks are small and hidden, causing damage over a period of time, and are therefore largely mitigated if detected early on. Using LeakBot's technology can help Hiscox detect such issues for its customers early and limit losses connected to the incidents.

IoT devices have the power to reduce the number of claims insurers have to pay out, and adopting such solutions can help with customer retention. IoT has emerged within most lines of insurance, including devices that track driving behavior for auto insurance and fitness trackers like Fitbit that incentivize a healthy lifestyle within health insurance.

By 2025, there will be an estimated 50 billion connected devices in circulation, up from just 12.5 billion in 2010,

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