Lōtik can identify leaks, reduce the time it takes to respond to problems, and save money on water bills. Because of these increased operational efficiencies, it’s very likely that property damage is prevented. Which brings us to another benefit gained from installing Lōtik sensors in your building – potential rebates or premium reductions from your insurer.
This relatively recent move to use technology to add value to the insurance industry has coined its own term – insuretech – and is catching the eye of both consumers and the companies who insure them. From customer experience to claims reduction, insuretech startups are tackling problems that have gone largely unaddressed until now.
With this in mind, Lōtik recently attended the 2nd annual InsureTech Connect conference in Las Vegas, which attracted 3,800 attendees from around the world to showcase their products and connect with insurance partners and investors. Given that water damage is the second highest insurance claim by dollar amount each year, it was no surprise that several leak detection solutions were on display.
Lōtik was the only solution in that category focused on multifamily and commercial buildings, perhaps because home insurance has enjoyed quicker insuretech adoption to date than commercial insurance.
However, with help from building owners who are increasingly seeing the benefits of technologies like Lōtik, commercial adoption is bound to accelerate. Reducing claims is a win-win situation for everyone.
Property owners, it’s time to bring your insurer into the conversation. They are ready to talk.