InsurTech Insights NYC was held on June 6 and 7, where Wint Water Intelligence was excited to attend as a sponsor and speaker. Wint CEO Alon Geva joined a panel discussion titled “Leveraging Real-Time Data: Why IoT is The Game Changer in Commercial Insurance” alongside experts from HSB – Hartford Steam Boiler, Protective Insurance, ReSource Pro, and InsurTech Hartford. While cutting-edge technologies like GenAI may grab attention, it’s crucial to recognize the transformative impact of well-established innovations. The Internet of Things (IoT) is a prime example, reshaping Commercial Property Insurance by leveraging real-time data.
Understanding IoT and Its Benefits
IoT, or the Internet of Things, revolves around interconnected devices sharing real-time data. In water management, IoT involves utilizing sensors and smart devices to identify leaks, monitor usage, and collect data for enhancing efficiency. This is fundamental for preventing water-related damages in real time and promoting sustainable practices. Moreover, the data collected by IoT devices can be analyzed to predict future trends and identify areas for improvement. Additionally, integrating IoT with other technologies such as artificial intelligence and machine learning can further enhance the predictive capabilities and automation of water management systems.
The Wint Advantage
Wint leverages IoT to enhance water management practices. Our integrated solution promptly detect leaks, aiding businesses in avoiding costly damages and minimizing their environmental impact. At InsurTech Insights conference, Wint CEO Alon Geva joined other expert panelists discussed how technology facilitates real-time leak detection, emphasized the key factors for successful implementation, and shared insights on the future of IoT technology.
According to Geva, “Two key aspects for successful implementation are to engage early in the project and involve stakeholders from various perspectives. Collaboration during the building design phase can address communication challenges and reduce costs. Additionally, having multiple stakeholders aligned and incentivized is crucial for success.”
He further added, “By integrating the solution during construction and engaging with both the building owner and insurers, the transition to operational use becomes seamless.”
Concerning expenses, the question of who covers the costs of these technologies arises. Geva emphasized, “Leak detection is a broad term encompassing a wide range of technologies. Each one, like water sensors, offers specific benefits. However, the most comprehensive approach involves what we call in-line solutions. Implementing effective leak detection can significantly reduce deductibles from $200,000-$250,000 per event down to $10,000, offering substantial savings and protection for insurers.”
The Future Outlook for IoT in Water Management
As IoT adoption grows, especially in commercial buildings and multi-family residentials, automated systems like auto shut-off valves are becoming standard, heralding a new era in efficient water management and environmental conservation.
Geva mentioned, “We are implementing our systems globally. While Europe leads in such solutions, I foresee a similar trend emerging in the U.S., especially in public and commercial buildings with features like auto shut-off. This is just the beginning…”
Thank you to everyone that participated in the event and contributed to the discussion!
