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IoT Loss Control Company

InsureTEK is a company that offers loss-control as a service to a wide range of property companies and REITs including multi-family resorts, hotels offices, and military properties. They source IOT sensors, and partners with Mastec – a Fortune 500 company – who perform local installations. Their services are provided via multi-year contracts.

We recently partnered with InsureTEK to develop an embedded insurance to include alongside their offering.

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Problem

Our client wanted to launch a water leak reimbursement warranty program to enhance their service offering to 1000s of properties throughout the US and Europe, but found that they were unable to find an insurer in the market who was willing to find similar coverage in the marketplace.

Illustration water detected by device

Implementation

The service warranty product was embedded into the monthly subscription cost of the IoT smart device product. Water loss/ damage reimbursement is then triggered when water is detected by the installed sensors. Customers are incentivized to choose our partner as their product comes with the added value of a service warranty to protect customers’ properties.

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