Can AI help identify and prevent potential water catastrophes?

Can AI help identify and prevent potential water catastrophes? | Insurance Business Canada

Environmental

Can AI help identify and prevent potential water catastrophes?

Canada exceeded $3 billion in insured damage from natural catastrophes and severe weather in 2023

Environmental

By
Emily Douglas

This article was produced in partnership with Moen.

In a recent interview with Nicole Panteloucos, of Insurance Business, Jerry Fairborn (pictured), Moen’s national sales manager, commercial, discussed the dangers of water damage, and how advanced technologies such as AI and machine learning can help consumers and insurers avoid these costly risks.

As artificial intelligence and emerging new technologies continue to dominate the insurance world, firms must move with the times – or they risk being left behind. According to research from WorldMetrics, 67% of insurance firms have already implemented AI in their organization in some form, with 88% of insurers adding that they believe this tech will improve underwriting speeds and efficiency.

Moen’s product line is reflective of these industry trends, with Jerry Fairborn, national sales manager, commercial, telling Insurance Business that their team continually integrates innovative tech in order to enhance the overall customer experience.

“The Moen Flo Smart Water Monitor and Shutoff attaches to the home’s main water supply line to monitor every drop of water flowing through the home. It leverages AI applications such as machine learning to monitor for potential water risks and leaks,” he told IB. “With its enhanced FloSense™ 3.0 Technology and MicroLeak™ Technology, the device learns water usage patterns and can sense leaks as small as one drop per minute with precision. If it detects an abnormality, it will automatically shut off the water supply.”

The Moen Flo Smart Water Monitor and Shutoff also integrates with Moen’s other smart products, including the Smart Shower and Smart Faucet, allowing homeowners to purge their water lines through the fixtures when necessary. This can help prevent pipes from bursting or reduce the risk of build-ups of stagnant water while homeowners are away for extended periods of time.

Fairborn also noted that the team at Moen is committed to enhancing the customer experience and providing outstanding support– something which is evident in its technology portfolio. So much so in fact, that by recommending Moen’s Smart Water Security products, Fairborn is confident that insurers can help provide their customers with peace of mind and protect homes from catastrophic water damage, saving homeowners and insurance companies money.

And, considering the current climate, it’s not a moment too soon. Data from the Insurance Bureau of Canada found that Canada exceeded $3 billion in insured damage from natural catastrophes and severe weather in 2023, with last year being the fourth worst year for insured losses across Canada.

“Water damage is one of the most common insurance claims, and over 10 years, one in every six homes will file a claim for water damage and freezing of an average amount of nearly CA$17,000, making it critical for insurers to offer their customers a solution,” added Fairborn.

This is where the Moen Flo Smart Water Monitor and Shutoff can really make an impact. The device can detect issues from small drips to runny toilets and burst pipes, with 60% of those who have used the device since its launch discovering a leak they didn’t know they had within 30 days.

And while the Flo Smart Water Monitor and Shutoff is the heart of Moen’s Smart Water Security system, the Smart Leak Detectors and Smart Sump Pump Monitor add an extra layer of protection to the home.

“The Smart Sump Pump Monitor turns any existing sump pump into a smart sump pump by tracking its water levels and performance in real time, proactively monitoring the sump pump for potential failures and will alert users before an overflow occurs,” said Fairborn. “Smart Leak Detectors are small sensors that can be placed in water-prone areas, like the basement, laundry room or garage, and if one senses the presence of water, extreme temperatures or high humidity, it will notify homeowners immediately.”

And while groundbreaking technology is essential when offering customers the best service possible, it’s paramount that insurers pair it with data protection. When it comes to tracking and storing customer information, Moen takes its responsibility seriously.

“Moen takes customer privacy seriously and is committed to using all reasonable efforts to maintain a secure platform,” explained Fairborn. “We have in-house teams dedicated to maintaining high security standards, along with outside firms that test our security protocols, ensuring we have the most up-to-date methods for protecting against potential threats. Moen recognizes the high degree of protection required by standards like PIPEDA and keeps in mind how these regulations relate to both insurers and their policyholders in Canada.”

So, if you want your customers to have both the peace of mind when it comes to home damage and data security, as well as the most up-to-date tech on the market right now, Moen is a clear, innovative, choice for your clients’ needs.