Bolt Unveils Innovative Prevention Technology to Minimize Water-Related Losses for Insurers
In a significant move to enhance the insurance landscape, Singapore-based InsurTech company bolt has unveiled a pioneering solution aimed at assisting insurance carriers and Managing General Agents (MGAs) in mitigating water-related losses. This innovative approach leverages real-time monitoring, automated policyholder engagement, and seamless system integration to address one of the most prevalent causes of homeowners’ insurance claims.
Understanding the Impact of Water Damage on Insurance Claims
Water damage remains a leading driver of insurance claims, accounting for nearly 24% of all property and casualty losses according to industry insights from FF News. Notably, non-catastrophic leaks contribute significantly to these figures, with the average claim exceeding $10,000, resulting in billions paid out annually. Recognizing the urgency of this issue, bolt has developed the Prevention Technology to effectively tackle these risks.
How bolt Prevention Technology Works
The innovative bolt Prevention Technology integrates IoT-enabled water sensors with the company’s advanced risk management capabilities. This system proactively detects leaks, allowing insurers to implement preemptive measures through real-time insights. Key benefits include:
- Early leak detection to prevent severe damage.
- Enhanced policyholder protection to avoid costly claims.
- Data-driven insights that improve risk management.
Proven Results and Benefits
According to an independent actuarial study, policies utilizing smart water sensors experienced a remarkable 39% reduction in water loss frequency and a 12% decrease in claims severity. These statistics underscore the effectiveness of proactive loss prevention strategies in reducing overall insurance costs.
Challenges Addressed by bolt’s Technology
One of the significant hurdles in the insurance sector has been engaging policyholders with sensor programs and effectively integrating risk data into carrier workflows. The bolt Prevention Technology addresses these challenges by:
- Embedding real-time monitoring directly into carrier systems.
- Automating engagement tools to ensure actionable insights.
- Tracking activation data and facilitating targeted follow-ups to enhance compliance.
Availability and Future Prospects
Currently, the bolt Prevention Technology is available to insurance carriers and MGAs throughout the United States. As bolt CEO Jon Walheim articulates, “Many sensor programs fail to drive policyholder engagement or integrate risk insights directly into carrier workflows. Our technology bridges this gap, enabling actionable prevention data that empowers homeowners to act swiftly in response to potential risks.”
For more information on how bolt is transforming the insurance industry, visit their official website or check out related articles on InsurTech News.
