Biba selects Magenta for Escape of Water scheme - The Marketing Eye

The British Insurance Brokers’ Association (Biba) has announced it is working with Magenta Insurance to provide members with an Escape of Water (EOW) scheme.

According to Biba, Magenta, which is part of the inet3 Group, takes a two-pronged approach.

Firstly, it uses leak detection technology (Waterlock) to protect policyholders and help prevent claims. Secondly, it offers flexible underwriting of household insurance with discounts for customers using the technology.

Magenta Insurance gets BIBA nod for scheme - Insurance Business UK

Magenta Insurance has been tapped by the British Insurance Brokers’ Association (BIBA) to provide an escape-of-water (EOW) scheme to BIBA members.

Part of the inet3 Group, Magenta features leak detection technology WaterLock in its scheme and offers flexible underwriting of household insurance. Discounts are afforded to householders who install the WaterLock device, which not only detects leaks but also shuts off the water valve to prevent further damage.

“Escape of water is a peril that costs the industry millions of pounds, so we are delighted to be working with Magenta on a way to address this,” noted BIBA technical services head Mike Hallam. “Giving our members the opportunity to use cutting-edge technology for the benefit of their customer, shows how close collaborations can lead the way in insurance solutions.”

It’s been estimated that EOW claims amount to a daily figure of £2.5 million.

Biba adopts insurtech to tackle escape of water claims - Insurance Times

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