NEW YORK, Sept. 13, 2022 — In order to mitigate water damage and conserve water throughout Europe and the US, MIC Global and InsureTEK are partnering to bring innovative water sensor technology with embedded microinsurance to property companies and REITs.
InsureTEK recognised a requirement within the property industry for greater water protection and monitoring, with owners facing challenges sourcing the necessary equipment and data. In their endeavor to save gallons of water and reduce properties’ environmental impact, they developed an IOT Sensor Enabled Loss Control as a Service (LCaS) and ESG monitoring solution which includes sensors, financing, installation, warranty, monitoring, and mitigation.
MIC Global brings their highly relevant, affordable microinsurance products into InsureTEK’s platform, providing warranty coverage. In another exciting development, InsureTEK becomes the first policy to be provided via MIC’s Lloyd’s Syndicate 5183.
Steven Haase, President of STP Insurance Services says:
“InsureTEK’s large scale deployment of their LCaS platform was the perfect partner fit for us to launch our combination of technology and microinsurance products.”
Harry Croydon, President and CEO of MIC Global states:
“Many people are talking about how IoT can help the Insurance industry – we are actually doing it and rolling out insurance across thousands of devices globally.”
Michael P. Murphy KM, President and CSO at InsureTEK says:
“We strategically partnered with MIC on our innovative LCaS platform as they understood that the risk management and insurance markets needed to evolve to stay relevant and brought an entrepreneur’s spirit matched with technical expertise that has become a cornerstone of our business.”
Peter L. Piecuch, CRMO at InsureTEK adds:
“Underwriters can now access real-time data emanating from the risks they cover. Starting with water loss monitoring, MIC facilitates InsureTEK’s LCaS, delivering accurate, seamless data which lowers risk in a cost-effective platform. This advance in loss control underwriting technology also checks the ESG box for energy and water conservation, giving underwriters new tools for our policyholders.”
As of August 2022, InsureTEK has installed around 1000 devices which have detected water leaks resulting in thousands of dollars saved per year on the cost of water and reduced energy bills and environmental impact and footprint for properties.
For more information about MIC Global, visit https://www.micglobal.com.
For more information about InsureTEK, visit https://www.insuretek.com.