The Predict & Prevent™ Podcast Episode 3: How the Internet of Things Can Help Us Stem the Cascade of Water Damage Events
Smart sensors to detect water leaks are proving their worth at preventing small problems from becoming big losses for a commercial building owner, while offering an insurer a new way to serve customers with technology, according to our guests in “Preventing Catastrophic Water Damage,” the third episode of the new The Institutes podcast Predict & Prevent™.
Host Pete Miller, CPCU, discusses how these IoT sensors are delivering benefits for George Chedraoui, senior director, corporate risk & resilience for Highwoods Properties Inc., and for Sean Ringsted, executive vice president and chief digital business officer of Chubb Group.
In the first segment of the episode, Miller and Chedraoui talk about how a pilot rollout of the sensors quickly expanded to more than 50 buildings as the benefits of the technology became clear, how preventing a single water leak in a high-rise building will pay for the program, the advantages to partnering with an insurer on new technology, and advice to colleagues on adopting new technologies.
“You know, when you have a water leak that occurs on the 15th or 20th or 40th floor of a building, it doesn’t take a whole lot, you know, for a simple leak to turn into a major disaster. So, we wanted to focus on the larger buildings because that’s where the greatest potential for loss was,” said Chedraoui of Highwoods’ pilot rollout.
In the second segment of the episode, Miller and Ringsted examine opportunities to expand water peril mitigation, why Chubb acquired the StreamLabs water monitoring manufacturer, important lessons from deploying the sensors, and the benefits of embedding technology into insurance solutions.
“This idea of IoT starting to sort of help predict and prevent … it’s only going to accelerate further,” said Ringsted.
“I think there’s a significant impact on the insurance industry. And as I mentioned at the outset, what it does, it gets you to real-time exposure-based thinking around risk prevention and pricing and so on, which I think is incredibly, incredibly powerful and provides the right risk incentives for customers and it allows insurers to sort of help with mitigation.”
To listen to this and other episodes, visit predictandprevent.org, or look for Predict & Prevent on most podcasting platforms. New episodes come out every two weeks. &
Predict & Prevent™: Episode 3
Smart sensors to detect water leaks are proving valuable at preventing small problems from becoming big losses for a commercial building owner, while offering an insurer a new way to serve customers with technology, according to our guests in “Preventing Catastrophic Water Damage,” episode 3 of the Predict & Prevent podcast. Host Pete Miller, CPCU, the CEO of The Institutes, discusses how these IoT sensors are delivering benefits for George Chedraoui, Senior Director, Corporate Risk & Resilience for Highwoods Properties Inc., and for Sean Ringsted, Executive Vice President and Chief Digital Business Officer of Chubb Group. Listen now.