Singapore-based InsurTech bolt has launched a solution designed to help insurance carriers and Managing General Agents (MGAs) reduce water-related losses through real-time monitoring, automated policyholder engagement, and seamless system integration.
Singapore-based InsurTech bolt has launched a solution designed to help insurance carriers and Managing General Agents (MGAs) reduce water-related losses through real-time monitoring, automated policyholder engagement, and seamless system integration.
Water damage is one of the leading causes of homeowners’ insurance claims, with non-catastrophic leaks accounting for approximately 24 per cent of all property and casualty losses, according to FF News.
The average non-weather-related water damage claim exceeds $10,000, resulting in billions in claims paid annually. bolt developed Prevention Technology to help mitigate these risks by detecting leaks early, ensuring faster intervention, and reducing the likelihood of severe damage.
bolt Prevention Technology integrates IoT-enabled water sensors with the company’s risk management capabilities.
The technology proactively detects leaks, providing real-time insights that allow insurers to take preemptive measures. Additionally, policyholders benefit from smarter protection, helping them avoid costly damage before it turns into a claim.
An independent actuarial study found that policies equipped with smart water sensors saw a 39 per cent reduction in water loss frequency and a 12 per cent reduction in claims severity.
These results highlight the effectiveness of proactive loss prevention in reducing insurance costs and improving risk management.
A major challenge in the insurance industry has been policyholder engagement with sensor programmes and integrating risk data into carrier workflows.
bolt Prevention Technology addresses these issues by embedding real-time monitoring and automated engagement tools within carrier systems, ensuring that insights translate into actionable steps.
The system tracks activation data, enables targeted follow-ups, and improves compliance, leading to lower risks and optimised premiums.
bolt Prevention Technology is now available to insurance carriers and MGAs across the United States
bolt CEO Jon Walheim said, “Many sensor programs fail to drive policyholder engagement or integrate risk insights directly into carrier workflows. bolt Prevention Technology bridges this gap by embedding real-time monitoring and automated engagement tools within carrier systems, ensuring that prevention data is actionable. We act on insights gathered by our sensor partners to help homeowners prevent and respond earlier while allowing carriers to take proactive steps to minimise claims.”
