It’s all systems go for the previously announced British Insurance Brokers’ Association (BIBA) member scheme from Magenta Insurance.
The latter, which is part of the inet3 Group, announced that the scheme’s Waterlock devices from Cambridge-based tech firm Green Energy Options (geo) are now available. Ready for BIBA 2019, the systems are the first units to be commercially available in the UK to the broking community.
“BIBA is determined to help our members take full advantage of the technology that will help them show their value to customers,” said BIBA’s technical services head Mike Hallam.
“Waterlock helps resolve the very real issue of helping customers with previous EOW (escape-of-water) claims find suitable insurance. This solution from Magenta is a perfect marriage of technology and customer need.”
Brokers will be able to register their interest by visiting Magenta Insurance at Stand D82, with the geo team on hand to demonstrate the leak detection technology.
Meanwhile Magenta Insurance managing director Tom Moger is happy with the collaborations.
“Brokers are at the heart of the community helping clients and society find solutions to problems that can affect us all,” he stated. “EOW is one of the costliest perils suffered in the home, and the ensuing issues suffered can take months or even years to resolve and clients’ lives are turned upside down in the process.
“We are delighted to offer our new solution and to bring it to the broker community in partnership with BIBA and geo.”
Adrian Colosso, chairman of the inet3 Group, sees it as a “very exciting development” for brokers to be the pioneers in offering this effective means to manage homes. Colosso believes this will help not only homeowners but insurers and brokers as well in addressing the risk.
