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Water Intelligence Unit Signs Deal To Pinpoint Water Leaks In US.

LONDON (Alliance News) - Water Intelligence PLC on Thursday said its American leak detection subsidiary signed a formal national contract with an undisclosed insurance company in the US.

The stock was trading 11% higher on Thursday at 372.00 pence a share.

The environmental services and technology company said this contract represents the third national contract for American leak detection unit with the US insurance company.

Under the terms, American leak detection subsidiary will pinpoint water leaks and minimize collateral damage claims from residences and businesses.

"It was recently published that the problem for US insurance companies of water-damage claims is a USD13 billion problem and growing," said Executive Chair Patrick DeSouza. "We are well-positioned to provide solutions for this hot new area of InsureTech."

During 2018, American leak detection unit executed almost 50,000 pinpoint leak detections across the US arising out of its national channel structure, with the number further accelerating in the first quarter of 2019.

"Our established business-to-business channel is attractive for insurance companies as we can leverage both our existing national sales footprint and our execution experience to deploy solutions for the insurance industry," added DeSouza.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

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Publication:Alliance Newswire
Date:May 2, 2019
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