Community engagement reveals innovative IoT solutions to help reduce insurance premiums
RS Components has announced the winners of the global LeakKiller Design Challenge, launched by the company and Legal & General, to find IoT solutions helping detect and warn homeowners of water leakage in their homes, helping bring down both premiums and excess and tackling a £900m problem.
The challenge was delivered via the RS DesignSpark platform, which reached out to its 600k-strong member base to invite entries to address an issue that is responsible for one in five household insurance claims. There were two category winners: Best Flow Detector went to electronics engineering graduate ElectricJosh for his smart-system design using Pycom’s novel IoT style hardware, while Best Leak Detector went to Adamsky for his proven system developed entirely for his personal use following a water leak in his home. There were Special Awards given to Robmarkcole for Best Innovator, Beata for Simplest Solution and Jade 7272 for Overall Performer. All winners bagged cash prizes between £3-6K.
Maarten Ectors, chief digital officer – GI at Legal & General, said: “We were delighted with the quality and quantity of submissions for the LeakKiller Challenge. DesignSpark brought together some of the best IoT innovators to propose inexpensive solutions to help avoid claims for escape of water. With a reported 4% rise in the average cost of water leakage claims over the last three years, according to the Association of British Insurers (ABI) - with nearly one in five claims made on buildings and contents insurance for damage caused by leaks - viable solutions are vital if homeowners are to avoid significant cost, disruption and stress caused by water leakage.”
Mike Bray, vice president of DesignSpark, added: “The response to the LeakKiller Challenge demonstrated that through community engagement, innovative solutions can be found to real-world problems. The winning designers should be commended on their entries for what was quite a complex challenge.”