WINT has been named a finalist in the Insurance Times’ Tech & Innovation Awards 2019, and we’re very proud to be recognized for our work in helping protect construction projects and newly built facilities from water-related damage.
Along with Aqualytics, our distribution partner in the U.K., we’ve been named a finalist in the “Best Use of AI – Claims” category. It’s an honor to be recognized for work that we’re passionate about — applying artificial intelligence and machine learning to solve real-world problems with major financial impact on contractors, developers and the insurance industry.
Water leaks aren’t just a pain point for insurance companies. They’re a source of economic trauma. Insurance companies pay out hundreds of millions of dollars each year for water-related damages in operational facilities and on construction sites. It’s so bad that some insurers have pulled out of the market altogether as it was unprofitable.
This hurts everyone involved. Insurers bleed money. Developers and construction companies have to struggle to secure insurance coverage for projects while premiums become a financial burden because of water-related risks.
Roots of the Problem
Part of the problem stems from a simple lack of awareness about just how damaging water leaks can be. Even small leaks, brought about by damaged pipes or substandard workmanship, can lead to big problems if unattended.
Contractors and facility managers have been making do with outdated water-management tools. There has been a lack of innovation in the space for decades. Old-fashioned technologies such as floor-based leak detectors are still common in many facilities. That’s where our AI-based tools come in to reduce water-damage risks to a fraction of their current level.
An AI Solution
WINT uses data analysis and machine learning to identify anomalies, leaks, and waste at the source, alerting construction site managers and shutting off water supplies when necessary. It’s a cost-effective way to reduce the risk of major property damage from burst pipes and undetected leaks, meaning insurers pay out less money in the long run and contractors or property managers have access to more affordable insurance coverage.
We want to thank Aqualytics for working with us to help solve these massive problems. They distribute our solutions in the U.K. and provide on-the-ground service to customers using WINT technology. We’re proud to be recognized by Insurance Times for helping the industry work toward eliminating this tremendous source of risk.