AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, and WINT Water, a provider of cutting-edge water management and leak-prevention solutions, Intelligence have announced the extension of their partnership to mitigate water damage in real estate.
The AXA XL-WINT partnership looks to offer an innovative, comprehensive solution that goes beyond traditional insurance and technology offerings and addresses critical issues in the construction insurance landscape.
WINT will be part of AXA XL Ecosystem, a curated network of innovative, risk-reducing solutions that offer preferred terms and discounts exclusively for the re/insurer’s clients.
WINT’s AI-based solution will help mitigate the risk of water damage on construction sites and in commercial and residential buildings.
The solution aims to protect general contractors, developers and owners from the rapidly rising costs and impact of water damage.
Water damage from leaks is one of the most common claims on both property and casualty and builder’s risk policies, with over 30% of builders’ risk payouts resulting from water escaping from pipes, according to WINT.
In a recent study, the solutions provider found that sites with WINT installed submitted 73% fewer claims and resulted in 90% fewer payouts relative to sites without this protection.
The WINT platform includes automated leak mitigation with real-time detection and auto shut-off; unparalleled anomaly detection and analytics powered by advanced AI algorithms; and global water management for operation in large and mid-sized facilities.
“Leaks and water damage are a major source of pain and stress across the built environment and are significantly impacting insurance carriers,” said WINT CEO Alon Geva.
Adding: “We are excited to extend this partnership from its original focus on construction to the full lifecycle of the building to leverage WINT’s proven water management technology with AXA XL’s unparalleled expertise in risk management. We’re proud to work together with AXA XL to deliver the best solution for a chronic issue confronting buildings.”
Rose Hall, Head of Innovation, Americas for AXA XL, added: “We’re committed to managing and reducing risk for our clients, and WINT’s ability to scale from construction through the operational phase makes it uniquely suited to meet our goals.
“WINT has proven to be an essential partner in our ecosystem, and we’re proud to continue and expand our collaboration to benefit general contractors and equip them with the innovative tools they need to meet the challenges of water risk.”
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