27 November 2023 - London, UK. Early water leak detection solution provider LAIIER today announced that it has partnered with AXA XL, the P&C and specialty risk division of AXA, as part of the AXA XL Ecosystem.
The AXA XL Ecosystem aims to advance risk management and technology adoption through partnership, innovation and invention. LAIIER is now included in its suite of trusted technology solutions, carefully curated to help AXA XL’s customers better address business risks and meet innovation goals.
“For property claims, water damage continues to be the predominant cause of loss. While many water damage control solutions focus on water leaks from building piping, LAIIER can detect the presence of water anywhere, especially in odd shaped spaces, making it a useful tool for detection of water intrusion, as well as water release. It’s a great addition to our suite,” said Rose Hall, Head of Innovation for AXA XL in the Americas.
With approximately 30% of insurance claims attributed to water damage-related losses, there is significant opportunity for insurers to seek to reduce the risk of water leaks.
LAIIER’s early water leak detection solution significantly reduces both the risk of damage to commercial properties, as well as costs associated with repair, business interruption, and increased insurance premiums. Its high-sensitivity Severn WLD™ devices detect water leaks as small as two drops of water, while simultaneously offering the scale and cost-effectiveness required for commercial properties.
“Water leaks have a tremendous financial impact on businesses, costing North American insurers over US$2B in losses in the last 10 years alone,” commented Matt Johnson, Co-founder and CEO of LAIIER.
“Our focus on early water leak detection enables customers to detect leaks before there is significant damage, avoiding the high cost of repair and the associated business interruption.”
“AXA XL has an impressive depth of knowledge about both the sources and causes of water leak claims. We’re excited to be part of this journey, and look forward to supporting water leak damage claim mitigation both for AXA, and their customers.”
About LAIIER
LAIIER is a smart building monitoring and preventative maintenance solution, with a first use case of water leak detection to reduce business downtime and claims costs. Customers subscribed to LAIIER's full-stack solution which includes a unique sensor technology, connectivity and cloud services, providing a scale, precision, capability, and return on investment that competitors cannot match. LAIIER is already deployed with commercial insurance carriers, facilities managers and system integrators in the US and UK.
About AXA XL
AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit axaxl.com.