QBE Holdings Inc.
09/22/2021 | Press release | Distributed by Public on 09/21/2021 19:22
QBE Helps Homeowners Avoid Common Water Losses with AI-Assisted Technology
NEW YORK, NY, September 22, 2021-Water damage is the second most common (at 66 percent) type of non-weather loss experienced by homeowners, according to claims data from QBE North America. To help customers avoid the often-devastating effects of water damage to their property, QBE is building on their partnership with Flyreel, Inc., to offer in-home water-focused inspections for policyholders through the use of an app.
QBE partnered with Flyreel, Inc. in 2020 to provide self-service property inspections via an Artificial Intelligence (AI)-assisted application. This tool was useful for homeowners during the COVID-19 pandemic, offering valuable information that comes from an inspection, without requiring an outside person to physically come into their home.
Now, QBE is building on this strategic partnership to tackle the key causes of water damage in a home such as a burst pipe, a leaking water valve or a recalled appliance. QBE's data indicates that the average cost of a water damage or freezing claim is about $8,500 per claim. More than cost, a water event can displace homeowners for weeks or even months as mold mitigation work and high-demand construction contractors work to restore a home.
"Events like hurricanes and the Texas Freeze put a spotlight on the shocking effects of in-home water damage, but in reality, damage often happens without a natural disaster," said Mark McCormick, Vice President, Risk Solutions. "Flyreel's solution is very user friendly and provides important customized information about water loss risks with real-time tips and recommendations. As an example, it helps homeowners find and use the main water shut off valve, which can save significant time, money and heartache when there's a water issue."
"This process educates you as well. Plus, during the pandemic, this process allows you to do the inspection rather than someone coming into your home." - QBE Customer
Leveraging the AI-assistant tool, customers can document their appliances, plumbing updates, possible recalls and more, while getting instant notifications of ways to mitigate potential water damage. The identification of risks and hazards through Flyreel's self-guided inspections helps QBE quickly and efficiently support customers by improving the safety within their homes.
QBE North America's Risk Solutions teams are experts in risk and delivering loss prevention and loss protection services. Their focused commitment to service and technical acumen helps customers identify, evaluate, and reduce their potential for losses and business risk. By getting to know their customers, their business operations, priorities, and concerns, they can help deliver the best possible outcomes.
About QBE
QBE North America is global insurance leader focused on helping customers solve unique risks, so they can focus on what matters most. Part of QBE Insurance Group Limited, QBE North America reported Gross Written Premiums in 2020 of $4.775 billion. QBE Insurance Group's 2020 results can be found at www.qbe.com.
Headquartered in Sydney, Australia, QBE operates out of 27 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries. The actual terms and coverage for all lines of business are subject to the language of the policies as issued. QBE insurance companies are rated "A" (Excellent) by A.M. Best and "A+" by Standard & Poor's. Additional information can be found at www.qbe.com/us or follow QBE North America on LinkedIn and Twitter.
QBE makes no warranty, representation, or guarantee regarding the information herein or the suitability of these suggestions or information for any particular purpose. QBE hereby disclaims any and all liability concerning the information contained herein and the suggestions herein made. Moreover, it cannot be assumed that every acceptable risk transfer procedure is contained herein or that unusual or abnormal circumstances may not warrant or require further or additional risk transfer policies and/or procedures. The use of any of the information or suggestions described herein does not amend, modify, or supplement any insurance policy. Consult the actual policy or your agent for details about your coverage. QBE and the links logo are registered service marks of QBE Insurance Group Limited. © 2021 QBE Holdings, Inc.