Direct Line Group has announced a strategic partnership with LeakBot, in a bid to offer leak detection technology to high net worth home insurance customers over the next 12 months.
The partnership will enable Direct Line customers to proactively monitor the escape of water and prevent water damage in their homes.
It comes as escape of water is one of the biggest drivers of home insurance claims costs annually, with high-value properties often witnessing “significantly increased” costs as a result of water damage from undetected water leaks.
Direct Line will now offer LeakBot’s smart leak detection technology to Select Premier customers at the point of acquisition and renewal during the course of the next 12 months.
Customers will also be offered a free LeakBot device and free visits from specialist LeakBot engineers if their device alerts to the presence of a leak in the home.
LeakBot launched a similar partnership with specialist insurer Hiscox earlier this year.
Craig Foster, CEO, LeakBot, said: “We are really pleased to see LeakBot being rolled out across another high net worth home insurance book. LeakBot is the only water damage claims prevention system anywhere in the world that has a proven product and sustainable return on investment for insurers.
“With so many people spending more time at home in recent months, it’s easy to see why householders are becoming increasingly protective of their properties. Homes have become our offices, our gyms, our entertaining and leisure space.”
He added: “LeakBot’s smart leak detection technology is a crucial tool for home insurers looking to give their customers added peace of mind at this uncertain time. We look forward to announcing more partnerships in the near future.”
Nick Brabham, head of Select Premier insurance at Direct Line Group, said: “Over the years, we’ve seen how costly water damage claims that arise from leaks in the properties of our high and mid net worth customers can be.
“Larger and more expensive homes often have high-value contents that are at risk of damage from water leaks.”
He added: “They will also tend to have a greater number of plumbed-in features – sinks, bathrooms and additional elements – which is where the majority of invisible destructive leaks occur.
“The opportunity that LeakBot offers not only to limit the disruption that escape of water causes to our customers, but also to mitigate our own underwriting costs, will provide significant and lasting value to the business going forward.”