HSB, a leading specialty insurance carrier, and WINT, a leading provider of AI-based water-management solutions, announce a joint program to reduce the financial impact of water damage on construction jobsites
New York, NY (Apr. 20, 2023) – WINT Water Intelligence, a leader in cutting-edge water management and leak-prevention solutions for construction, commercial, residential and industrial applications, and HSB, a multi-line specialty insurer that is part of the Munich Re family, announce the launch of a groundbreaking initiative to protect general contractors and developers from the steeply rising costs of water damage in the construction industry.
Water damage continues to be a source of significant risk in buildings and on jobsites. As insurers face rising payouts for water damage claims, deductibles have climbed sharply, resulting in a severe impact on profitability for contractors and developers. The new partnership provides financial relief of up to $250,000 through an industry-first warranty program leveraging HSB’s extensive data-based insurance solutions and WINT’s advanced AI-based leak-mitigation technology.
The innovative HSB warranty program is available for contractors and developers who use WINT to protect job sites from water damage. In the event the WINT system fails to prevent water leak damage, HSB will reimburse the cost of resulting water damage up to $250,000, therefore significantly reducing exposure to high deductibles that are very common in the market.
“Our customers — both GCs and developers — have been expressing concerns about the cost of water damage deductibles and the impact it may have on their business,” said Yaron Dycian, chief product and strategy officer for WINT. “We’re proud that Munich Re and HSB have recognized the effectiveness of our water-management technology, and we were greatly impressed by their expertise in building IoT-based insurance solutions. It’s exciting to partner with such a market leader to solve a major challenge for our customers.”
HSB, a member of Munich Re’s Risk Solutions family, is a leading global engineering and technical risk insurer providing reinsurance and specialty insurance, inspection services and engineering consulting.
WINT equips contractors, developers, owners and facility management teams with a cutting-edge solution for managing water throughout the lifecycle of a building, from construction to operation. WINT’s AI-based solutions help companies fight water loss and damage and reduce the environmental impact of an increasingly scarce resource. The next-generation WINT platform includes automated leak mitigation with real-time detection and auto shutoff; unparalleled anomaly detection and analytics powered by advanced AI algorithms; enterprise-grade management for operation in large and mid-sized facilities; backup power to ensure uninterrupted water management and valve activation even during power outages; autonomous operation in case of communication failures; flexible communication options, including Wi-Fi, Ethernet, 4G and 5G cellular; and capacity to protect all water systems in a building.
About WINT
WINT is dedicated to helping businesses reduce their environmental footprint by preventing the hazards, costs, waste and environmental impact associated with water leaks and waste. Utilizing the power of artificial intelligence and IoT technology, WINT provides a solution for commercial facilities, construction sites and industrial manufacturers looking to cut water waste, reduce carbon emissions and eliminate the impact of water-leak disasters. WINT has been recognized by Fast Company and CB Insights as one of the world’s most innovative AI companies and has won multiple awards including “Next Big things in Tech” and Insurance Times’ claims prevention technology award. For more information, visit wint.ai.
About Hartford Steam Boiler (HSB)
HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy, and build deeper relationships that benefit business, public institutions, and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.ca.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through Hurricane Ian in 2022. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyberattacks. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
SOURCE: WINT
Tags: Artificial Intelligence (AI), Hartford Steam Boiler (HSB), launch, partnership, water damage
