LocalTapiola will begin cooperation with Envera Oy, a Finnish company known for its Smartvatten remote monitoring system. The cooperation aims to increase water-leak awareness among LocalTapiola’s property insurance customers. Fast reaction enables the containment of leaks and reduces costs caused by water damage.
Around 100 cases of water damage occur in Finland each day. According to Finance Finland, Finnish insurers paid out EUR 174 million in compensation for water damage in 2016. Water-damage compensation reached record levels, exceeding the payout for fire damage.
Since 1 January 2018, LocalTapiola, a Eurapco partner, has retrospectively cancelled the deductible of all property insurance customers in cases where a remote monitoring device has alerted them to a leak in plumbing, and thereby limited the damage.
In addition, the company is piloting an operating model in the Helsinki region, lowering the threshold for adopting a remote monitoring service by paying part of the service charges for selected customers.
“Water damage on properties is an utter calamity. Leaks cause huge amounts of extra work and costs for our customers. As an insurance company, we want to be pioneers in the sector and enable our customers to adopt the Smartvatten remote monitoring system cost-effectively,” says Anu Koskenvuo, Director, Safety and Security in Non Life Business at LocalTapiola.
“The Smartvatten remote monitoring solution enables leak containment by providing early warnings. Remote monitoring detects all leaks displayed by the main water meter on a property, and alerts the user,” explains Henri Kajula, CEO of Envera Oy.
A report on water leaks by Finance Finland states that cold-water pipes are the second-most common cause of leaks. Over a third of the leaks studied occurred in a wall cavity. Such leaks are extremely difficult to detect without continuous monitoring of water consumption.