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,

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Netflix's 'Resident Evil' adaptation may be here soon after leaked synopsis - Business InsiderA leaked Netflix synopsis of 'Resident Evil' has sparked a frenzy of speculation that the TV adaptation is coming soon
Source: BusinessInsider - 🏆 729. / 51 Read more »

Business InsiderA car dealer is selling Al Capone's bulletproof 1928 Cadillac sedan for $1 million — see inside I'll take 10. Tupac’s BMW is for sale for $1.75mm with bullet holes included
Source: BusinessInsider - 🏆 729. / 51 Read more »

Business experts think Uber's profitability pledge is misleading - Business InsiderUber made headlines by promising to be 'profitable' by the end of the year. But its definition of profits isn't the same as everyone else's. Uber was one of the first companies I be would be worth $109billion.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Samsung and tech companies are breaking into the advertising business - Business InsiderTech companies like Samsung are moving into the advertising business, relying on customer data to create targeted content — but it takes a lot more than that to succeed (by digitalshields) digitalshields
Source: BusinessInsider - 🏆 729. / 51 Read more »

The 4 best business credit cards for maximum cash back - Business InsiderChoose between cards that offer you bonus cash back on select expenses, or options that offer a flat rate of up to 2% back no matter what you buy.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Brandless is shutting down and refusing new orders - Business Insider'I'm proud of what we created at Brandless and the hard work and dedication of everyone on the team,' Brandless CEO Evan Price told Business Insider. I'm not at all surprised. I was a regular customer, buying a sizable amount of mostly grocery items every month. All of a sudden they began phasing out most of the products I was interested in. I completely stopped shopping there in October.
Source: BusinessInsider - 🏆 729. / 51 Read more »