Water Intelligence plc (LON: WATR) announced today the signing and launch of a formal national contract between its American Leak Detection (ALD) subsidiary and one of the top insurance companies in the United States. ALD seeks to provide insurance companies and their adjusters with a trusted partner across the United States to pinpoint water leaks and minimize collateral damage claims from residences and businesses.
Water Intelligence plc Executive Chairman, Patrick DeSouza commented:
“It was recently published* that the problem for US insurance companies of water-damage claims is a $13 billion problem and growing. We are well-positioned to provide solutions for this hot new area of “InsureTech.” Our established business-to-business channel is attractive for insurance companies as we can leverage both our existing national sales footprint and our execution experience to deploy solutions for the insurance industry. We are delighted to have the opportunity to work together with such an industry leader.”
This contract represents the third national contract for ALD with a top US insurance company. ALD remains the only nationwide pinpoint leak detection specialist. During 2018, ALD executed almost 50,000 pinpoint leak detections across the US arising out of its national channel structure (as opposed to jobs arising through local demand). During Q1 2019, this number has only accelerated. Today’s contract is unique in terms of the additional work that the companies will also be doing on analytics.
* The Wall Street Journal, “American Homeowners and Their Insurers Face a Flooding Crisis From Within,” 7 March 2019.