Qorus Innovation in Insurance Awards 2024- Nominated

WINT Water Intelligence Builders’ Risk Performance Warranty (Backed by HSB)

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18/04/2024 Insurance Innovation

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A unique warranty program mitigates steeply rising water damage claims in construction and commercial properties. The $250,000 builders’ risk performance warranty leverages WINT’s AI technology and HSB’s extensive data-based insurance solutions.

Innovation presentation

Water leaks are a major point of pain across the real estate and construction industries. As insurers face rising payouts for water damage claims, deductibles have climbed sharply, with a significant impact on profitability for contractors and developers. The builders’ risk performance warranty program combines best in class technology and extensive insurance expertise and provides financial relief of up to $250,000 in the unlikely event of water damage on a WINT-protected site. The innovative warranty program backed by HSB (a leading global specialty insurer) is available for contractors, owners and developers to protect sites and projects from water damage, significantly reducing exposure to the risk of water damage and the high deductibles associated with it.

Uniqueness of the project

Effective, sustainable water management and leak mitigation are increasingly important as the risk and cost of water damage rise. WINT’s industry-leading artificial intelligence-based water management solution delivers a best-in-class holistic solution for water leak damage. A recent study found that locations protected by WINT dramatically reduce the number and impact of water damage incidents. Sites where WINT was installed submit 73% fewer insurance claims, resulting in a 90% reduction in payouts, than sites not protected by WINT.

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