CPD Learnings Facilitated by BIBA

Learning Objectives – The Escape of Water Peril

What are the risks and threats to customers and our industry

Impact of ecological and insurance losses on pricing and society

How proactively using technology significantly reduces risks for customer, broker and insurer

How to seek better placement options and more competitive cover, after EOW losses

Our customer is at the heart of everything we do

Introduction

Specialists in Non-Standard property insurance for nearly 30 years

BIBA scheme facility for residential risks Part of the group

Historic experience with EOW risks and losses

MGA and Lloyd’s Broker

We help to find a solution for hard to place risks where others may fail

Catherine Bell

£1 Billion 2,500 £2.7 million Plus EOWAlmost £1bn is

spent by

insurers

every year

Escape of

Water losses

or c.£19m

every week

Spent

every day

Many property

owners pay for

losses

themselves

Accounts for

28% of claims

spend in the

UK

Catherine Bell

The Escape of Water problem – Our motivation

Environmental and Societal Impact

3.3 BILLION litres of treated water are lost EVERY day in the UK

Equates to the water needs of 21.5m people lost EVERY DAY

But we have the control – it’s our duty to educate the public

£22.1bn of wasted money on treated water EVERY year

20% of our daily usage is wastage from escape and leaks - 30% from homes

Environment agency -15% less water available

Do you know how many litres of treated water is lost in the UK every day?

Catherine Bell

7

Thank You!

Over to

April Stowers

We address issues that cause significant distress and financial loss

8

Introducing the solution -

April Stowers

• Wholly owned subsidiary of inet3 Group

• Sister company to magenta insurance

• Proactive Risk Management & Property Solutions

• Giving back control to brokers, insurers and clients

The first thing we addressed… A Proactive Escape of Water solution

RISK

REDUCTION

MONITORING

SWIFT ATTENTION

CLAIM

CONTROLENABLES BROAD

A RATED COVER

Our End to End EOW Solution

April Stowers

Waterlock Technology

April Stowers

TM

In partnership with geo of Cambridge

Professional installation

Easily switch off water when vacating property

Automatically shuts off water when leak detected

Send a message to your own phone, ios or Android

Send messages to others of your choice

Vulnerable customers

Waterlock - Installation

April Stowers

TM

Less than 1 hour

Suitable for new build and retro-fit

Can replace existing stopcock or fitted next to it

Suitable for 15mm or 22mm piping

Sensors located in areas of risk

Minimal maintenance required – has self maintenance intelligence built in

Slow Leaks – Accounts for 30% of losses

April Stowers

Our monitoring service

April Stowers

Notification to App

1Alerts

2

Cloud

Notified of Alert

3Assist

4Action

Home Emergency Policy

5

Increased Revenue

Benefits of a swift and excellent claims service

April Stowers

Improved customer service

Policyholder doesn’t even have to make one call

Fewer contact points for customers

Evidence of efficacy

All overseen by

Reduced life and cost of claim

Fewer complaints

Improved customer retention

Install Waterlock™

Use magenta capacity

Addressing the post EOW cover issues

April Stowers

Traditional Model

• Increased premium - 25%

• Lost NCD

• Increased excess

• EOW peril excluded

• Unable to find cover

• Lower risk

• Reduced premium

• Lower excess

• Full “A” rated cover back in

place

• Incentives for

MNW/HNW/Property

owner/clients/schemes

The New World

So, what are the benefits for a BIBA broker?

April Stowers

Price

• RRP for 3 sensors is £390

• BIBA members price £349*

• Offers for BIBA members as Early Adopters

• 25% commission on policies placed via magenta

• Ability to place difficult risks with “A” rated capacity

• Benefit from our EOW knowledge and preferential

underwriting terms

Placement

• Sell more property polices

• Improved premium rates

• Full perils v FLEE

• Promote Home Emergency Plus policies

• Value add services for clients

• Reduced stress and time spend on claims

• Reduced complaints

• Greater retention of customers

• Solving a genuine problem

Improved LoyaltyIncreased Revenue

Our end to end Escape of Water solution

April Stowers

Installation of Waterlock – pre and post loss

Monitoring service – enables preventative assistance and attendance of plumber

Partnership of professional claims specialists – a swift efficient customer centric claims service

Underwriting benefits – insurer discounts, no increased excess and funding

Cover availability for otherwise uninsured or hard to place risks

Deliver and monitor

the results

Improve the outcome

for customers

Deliver growth in a

hardening market

Training and support for your colleagues and clients

05 04

03

02

01

POSITIVE

INSURER

OUTCOME

POSITIVE

CUSTOMER

EXPERIENCE

BUILD MARKET

TRUST

BROKERS PLACE

MORE COVER

NEW REVENUES

SAVE WATER

The OutcomesApril Stowers

Taking Control

Promote the

product

to your clients

Buy the

products

and sell on

We can

provide

seminars and

webinars

See our niche

product offerings

Take control of

the known

costs

Get in contact for more information

Join our industry wide initiative now

April Stowers

Catherine Bellcatherine@magentainsurance.co.uk

April Stowersapril@magentaone.co.uk

Innovating to protect

EOW

Any Questions?0800 977 4001