HARTFORD, Conn.--(BUSINESS WIRE)--Specialty insurer HSB today announced it has signed an agreement to refer Flume’s flow-based home water leak detection service to HSB’s insurance clients.
The Flume Home Water Protection Service uses a single sensor to monitor water flow and detect leaks, which cause billions of dollars in property losses each year.
Under the agreement, HSB will recommend Flume’s innovative water leak program to insurance carriers and other HSB partners that can distribute Flume’s smart sensors to homeowners.
“We are pleased to add Flume’s leak detection service to HSB’s network of proprietary technologies and technology partners,” said John B. Riggs, chief technology officer for HSB, part of Munich Re, and senior vice president of HSB Applied Technology Solutions. “The addition of Flume’s water flow sensor system supports HSB’s mission to help customers use the latest internet-connected technologies to protect their property and possessions. Flume’s Home Water Protection Service gives homeowners peace of mind by helping to prevent and mitigate water leaks that can cause significant damage.”
Smart, Simple, Saves Money
Flume’s Home Water Protection Service provides 24/7 water flow monitoring across an entire home and property, utilizing Wi-Fi connectivity and a sensor easily connected to the existing water meter.
Using advanced algorithms to learn and evaluate water flow, Flume provides customers with insights on water usage and sends them alerts through a mobile app when a leak is detected.
“Flume is excited to partner with HSB to revolutionize how insurance clients mitigate water damage claims,” said Eric Adler, Flume chief executive officer and cofounder. “HSB is a pioneer in the ‘connect and protect’ movement within the insurance industry, making this collaboration an incredible opportunity. Non-weather related water damage is a costly challenge for both homeowners and insurers, with annual claims exceeding $8 billion1. Through our Home Water Protection Service, powered by a single Flume smart water sensor, we aim to dramatically reduce these claims while also providing a smart water management solution to policyholders.”
HSB’s Insurance and Tech Solutions
The agreement with Flume broadens HSB’s capability to provide connected technology solutions for homes, businesses, schools, municipalities, offices, and other commercial locations.
In addition to equipment breakdown insurance and other coverages, HSB offers a suite of proprietary sensor-based Internet of Things (IoT), and artificial intelligence (AI) backed technology services.
HSB also partners with leading Insurtech companies that provide technology for water and fire risks, equipment maintenance, and other loss prevention services.
Visit HSB’s website for more information about HSB’s technology services.
Learn more about Flume’s Home Water Protection Service at www.flumewater.com.
Hartford Steam Boiler (HSB)
HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management, and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history, HSB’s mission has been to help clients prevent loss, advance sustainable use of energy, and build deeper relationships that benefit business, public institutions, and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on LinkedIn, X and Facebook.
Flume
Flume is a highly technical team of about 20 individuals with headquarters in San Luis Obispo, on the Central Coast of California. Since 2015, the company has focused on providing homeowners with a simple, effective, and affordable tool for protecting their homes from water damage and managing their water use. To date, the company has deployed 200,000+ self-installed sensors across the U.S. Trillions of data points are captured each year and water damage is actively being prevented on thousands of homes. Flume has partnered with over 100 water utilities across the U.S., major Fortune 500 companies like P&G and Reckitt, and top tier homeowners insurance companies like Nationwide and PURE.
Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance, and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through Hurricane Ian in 2022. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies or cyberattacks. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
