Shayp: Easy and insightful water control for buildings and homes
Shayp helps insurers mitigate water damage claims and provide new cost saving services to policyholders with easily scalable end-to-end water leak assessment technology. The Belgium startup ranks, in real time, the buildings and homes with the most urgent leaks by combining an easy to install sensor and machine learning software. Their technology provides useful insights to policyholders about their water usage, mitigates the risk of water damage with early leak detection and provides an easy claim management process.
Most buildings and homes are very likely to experience water leaks which turn out to be a reliable indicator on the quality of pipes and the likelihood to experience water damage. Shayp is saving large real estate owners, both public and private, hundreds of thousands of euros annually by addressing leaks that have not yet been detected before. Thanks to Shayp insurance companies can deploy a highly scalable solution against water leaks while providing their customers with an engaging and useful experience, tailored towards both their retail and commercial portfolios.
Shayp was recognised as one of the top 8 global insurtech startups at the Zurich innovation world championship after winning both the National and EMEA entry level in 2019. They also won the 2018 Belfius Smart Belgian Awards, one of top bank-insurers in Belgium. Shayp has been selling directly to commercial property owners and institutions, saving them on average 21% on their water bills and preventing water damage claims. New features for households are to be expected.
A huge success in property management
With Shayp technology, insurers can expect an 80% ROI over 6 years by mitigating claim costs by 14% and can even propose additional services for just a few euros extra per year. Shayp has demonstrated a huge success in the sector of property management, with over 95% of their commercial property clients recommending their services to others. Homeowners report a surprisingly easy setup.
By both creating a lucrative business case for insurers and presenting meaningful services to policyholders, mass adoption of water control technology in buildings and homes can become reality. Among other advantages, insurance companies can expect to streamline claim management, create new touchpoints with customers and optimize actuarial models.
How it works
A non-invasive, standalone sensor is retrofitted on the existing water meter of a home or building which collects and sends the water consumption data. Based on this data, Shayp’s algorithms are capable of detecting abnormally continuous water flows outside of normal periods of occupation. Shayp reliably assessing the total water loss from a single water meter even in a high-rise residential buildings or sites with high activity rate such as hospitals. In single family households, Shayp can also identify activities and appliances that use the most water by recognizing typical patterns in the water consumption. This is then translated into tangible and engaging notifications that helps them reduce unnecessary water usage on a regular basis.
Shayp uses artificial intelligence and patented IoT technology to instantly assess the costs and risks of leaks from a single measuring point in a building. Shayp proposes an intuitive tool that ranks the buildings with most leaks and greatest risk. Their application ranges from fountains and small homes, all the way to high rise buildings and large public infrastructures.
Why we selected Shayp for DIA Munich
Shayp provides statistics based on never before acquired data in order to create new property assistance services and insurance products. In the same fashion as car telematics, the startup provides new insights to insurers about the maintenance quality of buildings, either pushing policyholders to reduce risk towards leaks or to better assist them in case of a detected problem that may not be a claim.
At DIA Munich, Alex McCormack CEO & Cofounder of Shayp announced a commercial launch with Helvetia Insurance in Germany.
Who is Shayp?
Founded in October 2017 by Alex McCormack, architectural engineer, Greg de Hemptinne software engineer and Zineddine Wakrim, embedded systems engineer.
Shayp’s vision is to democratize access to water efficient technology and build favorable services for organizations and citizens. Shayp seeks to set the standard for the future of smart meters where end users of water are at the center of the value proposition, while benefiting insurances, water companies and facility services along the way.
Investors & partner: IMEC
Geographical presence: Belgium, UK, France, Germany,
Funding: raised 900k €, looking to raise 3M €
Development phase: fully commercialisable.
”I believe the insurance industry is on the brink of including smart home technology in their policies, but up until now, there has been 2 major barriers towards seeing a mass market adoption. On the one hand, the business case for the insurer needs to be clear and low risk, and on the other, it must be a solution that policyholders would actually love to have. At Shayp, we managed to address both these challenges.” Alex McCormack, co-founder Shayp