In order to help businesses and property companies mitigate water damage from leaks, floods and faulty appliances, MICology have developed innovative software that utilises sensor driven IoT devices to monitor properties for water consumption and provide alerts for any issues that arise.
This technology not only enables businesses to monitor and reduce their water usage, thus reducing their environmental impact, but also provide evidential proof of water consumption to insurance companies in order to reduce insurance premiums.
Using a single user interface that consolidates and communicates with all internet enabled devices within a property, users can instantly monitor their properties for leaks and floods, humidity fluctuations, high water usage areas or find any faulty pipes or appliances. In the event of any issues being identified, alerts are instantly triggered and communicated to the user – all from one single source of information within the interface, making it easy for the user to take action.
Via the MIC Global Group, MICology have partnered with InsureTek to use this IoT technology to develop a microinsurance solution for businesses, property companies and REITs throughout Europe and the US.
Using MICology’s innovative software, InsureTek developed a sensor enabled Loss Control as a Service (LCaS) and ESG monitoring solution – billed as a monthly subscription – which includes IoT water sensors, financing, installation, warranty, monitoring, and mitigation. Water loss/ damage reimbursement is then triggered when water is detected by the installed sensors.
To support this, MIC Global designed an embedded insurance warranty product that is embedded into the monthly subscription cost of the IoT smart device product. Customers subsequently receive the added value of a service warranty to protect their properties in the case of a water damage claim.
As of August 2022, around 1000 devices have been installed across multiple properties. Within a short period of time, these devices have detected water leaks – continuous running water due to faulty, worn out or incorrect plumbing – which has led to thousands saved per year on the cost water, lowered energy bills and reduced the properties’ overall environmental impact and footprint. Installations of the water monitoring sensors have not only greatly reduced the risk of water loss, they have also made the losses more predictable and therefore easier to finance.
Michael P. Murphy KM, President and Chief Strategy Officer at InsureTek says:
“When we were seeking a company to strategically partner with us on our innovative Loss Control as a Service (LCaS) platform, we searched the market for a company that understood that the risk management and insurance markets needed to evolve to stay relevant. MIC Global brought an entrepreneur’s spirit matched with a technical expertise that quite simply has become a cornerstone of our business. Their innovators and professionals are second to none in matching outside the box thinking with regulatory compliance and coming up with a solution where 1+1= 5!”
Peter L. Piecuch, Chief Risk Management Officer at InsureTek adds:
“For the first time in history, underwriters now have access to real-time data emanating from the risks they cover. Starting with water loss monitoring, MIC facilitates InsureTek’s LCaS, delivering accurate, seamless data which lowers risk in a cost-effective platform. This advance in loss control underwriting technology also checks the ESG box for energy and water conservation, giving underwriters new tools for the policyholders we serve. Simply stated, LCaS has enormous potential for a new age of underwriting critical loss events.”