Leading Canadian insurance carrier teams up with Toronto-based technology company that tracks water issues in real-time to help early detection of leaks, preventing damage – and the insurance claims that result
Toronto, ON (Apr. 4, 2022) – One of Canada’s leading insurance carriers has teamed up with Eddy Smart Home Solutions Ltd. to bring Eddy’s award-winning technology across several provinces. This opportunity represents more than $1,000,000 of revenue with a margin profile of approximately 40 percent. The partnership was first to install Eddy’s system in approximately 100 homes and is now being rolled out imminently to over 1,000 homes as part of a master service agreement.
The partnership provides Eddy’s leak mitigation technology, which includes equipment, software, 24/7 monitoring, myEddy App, and data. The system identifies and tracks water issues in real-time, paired with a remote and automatic shutoff that stops water at the source. Eddy’s proactive approach to early detection of leaks and issues helps prevent insurance claims and the resulting substantial payouts, making it an attractive technology for insurance carriers and brokers.
“Over and over again, water continues to disrupt families, displace people, and destroy property, causing billions to the North American insurance industry due to claims,” said Travis Allan, CEO and President of Eddy Solutions. “This opportunity involves Eddy and the carrier directly, rather than the homeowner, whereby the insurance provider is purchasing Eddy’s system and our recurring subscription service to further add value to their clients and mitigate their exposure to water-related risk. The progression of our partnership is not only a significant milestone that further validates the value that Eddy delivers but substantiates the use case for further adoption into their significant book of business in both residential and commercial asset classes.”
Eddy Solutions (TSXV: EDY) is a North American provider and developer of residential and commercial smart water metering products and monitoring services, helping property owners protect, control, and conserve water usage by combining water sensing devices with behavioural learning software. For more details on Eddy’s products or company information, please visit eddysolutions.com.
This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, our performance, as well as statements with respect to management’s beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management.
These statements are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our current MD&A under “Risk and Uncertainties” (a copy of which can be obtained at www.sedar.com), which could cause our actual results and performance to differ materially from the forward-looking statements contained in this news release.
All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, Eddy undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE: Eddy SolutionsTags: Eddy, flood, InsurTech, InsurTech Spotlight, Internet of Things (IoT), partnership, platform, smart home, storm surge damage, water damage, water leak exposure