WINT and AXA XL extend partnership to mitigate water damage in real estate

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Jun 13, 2024, 07:00 ET

Industry leaders continue transformation of risk across the built environment, from building construction to operations

NEW YORK, June 13, 2024 /PRNewswire/ -- WINT Water Intelligence, a leader in cutting-edge water management and leak-prevention solutions, announces that it is extending its partnership with AXA XL, the property & casualty (P&C) and specialty risk division of AXA, to offer an innovative, comprehensive solution that goes beyond traditional insurance and technology offerings and addresses critical issues in the construction insurance landscape.

As part of the AXA XL Ecosystem of curated technology solutions, WINT's AI-based solution mitigates the risk of water damage on construction sites and in commercial and residential buildings to protect general contractors, developers and owners from the rapidly rising costs and impact of water damage.

Water damage from leaks is one of the most common claims on both property and casualty and builder's risk policies, with over 30% of builders' risk payouts resulting from water escaping from pipes. A recent study shows that sites protected by WINT dramatically reduce the number and impact of water damage incidents. Sites with WINT installed were found to submit 73% fewer claims and resulted in 90% fewer payouts relative to sites without this protection.

"Leaks and water damage are a major source of pain and stress across the built environment and are significantly impacting insurance carriers," said WINT CEO Alon Geva. "We are excited to extend this partnership from its original focus on construction to the full lifecycle of the building to leverage WINT's proven water management technology with AXA XL's unparalleled expertise in risk management. We're proud to work together with AXA XL to deliver the best solution for a chronic issue confronting buildings."

By removing water-related risk during the building's construction and ongoing operations, WINT and AXA XL are transforming the dynamics of the property and construction insurance and contributing to a more stable insurance market. The extended partnership ensures WINT will continue to be applied beyond construction and throughout the operational phase of a building's lifecycle. Together, WINT and AXA XL also support important sustainability strategies by eliminating water waste and dramatically reducing a building's carbon emissions.

"We're committed to managing and reducing risk for our clients, and WINT's ability to scale from construction through the operational phase makes it uniquely suited to meet our goals," said Rose Hall, Head of Innovation, Americas for AXA XL. "WINT has proven to be an essential partner in our ecosystem, and we're proud to continue and expand our collaboration to benefit general contractors and equip them with the innovative tools they need to meet the challenges of water risk."

AXA XL is committed to helping its clients innovate, navigate the world's risks, and pursue sustainable business growth through partnerships and services. The AXA XL Ecosystem is a curated network of innovative, risk-reducing solutions such as WINT that offer preferred terms and discounts exclusively for our clients.

WINT equips contractors, developers, owners, and facility management teams with a cutting-edge solution for managing water throughout the lifecycle of a building, from construction to operation. The WINT platform includes automated leak mitigation with real-time detection and auto shut-off; unparalleled anomaly detection and analytics powered by advanced AI algorithms; and global water management for operation in large and mid-sized facilities.

WINT's multiple partnerships across the insurance landscape include carriers such as AXA XL, HSB and Munich Re, brokers such as Howden managing general agents and risk engineering firms. WINT's technology can be used throughout the lifecycle of a building, from the construction phase to operations. Numerous insurance carriers provide financial benefits to WINT-protected facilities through reduced deductibles and premiums, while others simply require WINT to be installed as a pre-requisite for coverage. WINT is used globally by customers including the Empire State Building, HP, PepsiCo, Suffolk Construction, as well as many other leading enterprises, general contractors (GCs) and facility owners.

About WINT
WINT Water Intelligence is dedicated to helping businesses reduce their environmental footprint by preventing the hazards, costs, waste, and environmental impact associated with water leaks and waste. Utilizing the power of artificial intelligence and IoT technology, WINT provides a solution for commercial facilities, construction sites and industrial manufacturers looking to cut water waste and its associated carbon emissions and to mitigate water-leak disasters. In 2023, WINT prevented more than 900 water damage incidents, saving customers tens of millions of dollars while conserving 652 million gallons of water and preventing 22,000 metric tons of carbon emissions. WINT has been recognized by Fast Company and CB Insights as one of the world's most innovative AI companies and has won multiple awards including "Next Big things in Tech" and Insurance Times' claims prevention technology award. It was also listed at the top 30% of Inc 5000 – the fastest growing companies in America. For more information about WINT, visit https://wint.ai.

MEDIA CONTACT:
Heather Ripley
Ripley PR
(865) 977-1973
[email protected]

SOURCE WINT