Everyone agrees that IoT and prevention services will play a pivotal role in the future of living and consequentially in the future of home insurance. But the challenge many insurers face is how to create adoption at scale and making the transition from claims to prevention. One of the key areas of opportunity in property insurance is water damage, which is by far the biggest cost driver. Many insurers still struggle to tackle this problem, even though solutions are available - not just product solutions, but entire end-to-end solutions, tailored specifically to the needs of insurers and their customers – the home owners.
GROHE helps insurance companies to tackle the largest cost driver in property insurance: water damage. They offer a full-service solution, based on their breakthrough product GROHE Sense Guard, which enables automatic water damage recognition, detecting pipe breaks and shutting off water supply automatically, significantly reducing consequential damages. Their solution helps insurers to limit the number and impact of water damage occurrences to a minimum. In the future, GROHE’s technology will enable predictions of water damages, providing even more guidance for preventative action.
How it works
Water damage is a major challenge and cost driver for property insurance. Every 5 seconds on average, a pipe or water barrier breaks – amounting to almost 10 million cases of water damage in Europe. The subsequential payouts for water damage are substantial and continually growing as well, reaching billions of euros in payouts for European property insurers due to water damage.
This is where GROHE can help: they’ve developed an end-to-end solution, based on their product GROHE Sense Guard, to detect pipe breaks and stop water supply automatically. In addition, their system can detect drop leakages and frost risks, as well as detecting unusual water flows, alerting home owners about a small problem and encouraging them to take action, before any visible issues or damages occur.
GROHE doesn’t just offer a highly effective product to help prevent water damage, but provides an end-to-end solution for insurance companies, working in partnership towards joint objectives and KPIs. As part of the selection service, GROHE data experts analyse and select customers and properties most suitable for the program. Acquisition service provides a high-performing and tested direct marketing campaign, customized to the insurer brand identity. The deliveries of pre-installation and installation services are an installation appointment that suits the end user, and a high-quality installation exec">
Want to continue reading?
Sign up for our newsletter to read the full article and receive the latest news about innovation in insurance and Insurtech straight to your mailbox every week. Already signed up before?
- Join over 20,000 other insurance executives to receive the latest innovations in insurance
- Be the first to read our Insurtech editorials
- Stay tuned for the latest community news
- Get access to exclusive offers!