bsurance forms a new partnership with Shayp, a Belgian scale-up focused on improving water efficiency standards in buildings, bringing embedded insurance to the future of water maintenance and preservation.
Imagine being able to limit exceptional water use in the buildings you manage, ensuring a sustainable environmental footprint.
What would that mean for your business?
It all starts with monitoring and understanding water usage in your buildings. This will help you identify excessive consumption early on and prevent your water bills from rising unnoticed. Essentially, it helps you conserve water, one of the most valuable resources on Earth. Water is no longer wasted, but used wisely and thus you only pay for what is actually used.
Shayp has decided not only to perfect such a solution, but to provide it with a guarantee for you and our planet.
We, at Shayp and bsurance, are pleased to introduce the world’s first fully integrated water insurance for buildings.
Embedded insurance for water leaks?
First, let’s explain what embedded insurance is.
Simply put, embedded insurance is insurance that can be purchased along with a product or service. Although the idea is not new, it has become popular in recent years. This is mainly because both the purchase processes and the confirmation of insurance have become much more digital. Today, we can see examples of this everywhere. They range from travel insurance when booking a ticket to protection against theft or damage when buying a new phone.
Now you may be wondering, what does this have to do with buildings and water efficiency?
bsurance and Shayp partnership will cater to embedded insurance solutions for the future of water maintenance and preservation.
We noticed a significant blind spot with a typical water insurance policy for buildings.
While a typical building insurance policy covers water damage, it typically does not include the cost of water leaks. However, water leaks increase the incidence of water damage. They also lead to water waste and put this valuable resource at risk. Ultimately, all of this leads to rising water bills.
In most cases, the increase in water consumption in buildings is due to undetected leaks rather than an increase in actual consumption. Shayp’s data on over 5,000 buildings shows that one in three buildings has leaks each year. On average, these leaks account for over 20% of water consumption. The city of Brussels, for example, lost 40% of its water consumption due to unreported or undetected leaking toilets, faulty pipes, HVAC systems, or even burst pipes.
Using data from networked water meters, Shayp uncovers water consumption anomalies in real-time and helps operators remedy the situation efficiently and quickly. Thanks to artificial intelligence (AI), Shayp has already helped many cities, hospitals, universities, major retailers and others quickly identify and fix leaks. As a result, customers have been able to improve their water efficiency by an average of 30%.
Now, thanks to bsurance, Shayp can insure these businesses against future undetected leaks.
Guaranteed environmental performance
Most technologies and services today promise benefits but are not held accountable if those benefits are not achieved. For example, we won’t hold a smoke detector accountable for fire damage or a car manufacturer accountable if we miss an appointment because our car broke down. The warranty may cover the functionality of the device, but it doesn’t guarantee its usefulness.
As Alexandre McCormack, CEO and co-founder of Shayp, puts it:
“Our goal at Shayp is to ensure the highest possible standard of water leak detection in buildings. We guarantee both the effectiveness of our technology and the results. The insurance built into our product means businesses never have to worry about undetected leaks or excessive water use again. We provide water efficiency as a service.”
The insurance is also a continuation of bsurance and Shayp’s sustainable philosophy. It is the first insurance that focuses on the preventive use of resources by preventing excessive water consumption and loss. In other words, the promise is that buildings equipped with Shayp will remain environmentally friendly.
And last but not least, how does the insurance work?
Embedded insurance is a simple and transparent way how to make insurance easy!
How the insurance works
Embedded water leak insurance is a simple and affordable way to protect your business from excessive water use.
Shayp has partnered with experts in the field, bsurance and Baloise, to offer the right embedded insurance. The insurance will be available to companies that choose to equip 100% of their buildings with Shayp devices. In the event that a device fails to report a leak, the insurance will cover the resulting excess water bill.
Would you like to learn more about Embedded Insurance and how it applies to your business? Contact us!