How insurance companies and real estate owners can use IoT to prevent costly building damages
Talkpool Solution Insights
Talkpool’s solution revolutionizes the way building damages are handled by all stakeholders, resulting in cost-efficient and sustainable management of buildings.
One of the major cost posts in building management are building damages. The causes can be plentiful, the damages devastating. For insurance companies and real estate owners it is a never ending cat and mouse game, in a struggle to try to prevent costly building damages. With the introduction of Talkpool’s IoT solutions, a breakthrough is now being made in the prevention of building damages due to molding and water leakages.
Talkpool has developed a solution that monitors temperature and humidity in buildings, as those are 2 key indicators for the forming of molding. Especially in basements and attics, such damages due to bad indoor conditions lead to costly damages. Secondly, the solution is focused on water leakage damages in buildings. Together, these water damages amount up to 0,5 billion EUR in building damages annually, in Sweden alone (Bostadsrätterna, Swedish only). As announced previously, Talkpool and its partners released the world’s first smart floor drain, and Talkpool has developed smart water meters that detect leakages, among other benefits for real estate owners, which are now being massively rolled out. The data collected by these sensors is used to avoid costly building damages, through preventive maintenance.
The two main customers for this solution are real estate owners and insurance companies. They use the IoT solutions to benefit in two ways:
The customer can make their price policies more accurate, for example in the case of an insurance company this concerns the premium the end-customer has to pay, which will be a more accurate reflection of the risk that’s covered by the insurance. Most importantly, enormous building damages are prevented with the smart solution, resulting in huge savings.
By continuous monitoring of important parameters, part of the manual checks become obsolete, while the response time, in case of for example leakages, is drastically reduced by automated alarm functions.
“The insurance market did not initially embrace smart housing—primarily because the potential new market was too limited for technical reasons and the solutions available on the market were slow to meet technical standards.”(Mc Kinsey). With Talkpool’s IoT developments over the past years, the business case is now being made. Talkpool works closely with its customers, to close the gap between technology and business value. Contact us today to start smart damage prevention in your properties and save large costs.