Mutual Assurance Society Wins Prestigious National Award
2020 Overall Winner For Innovation
Mutual Assurance Society of Virginia in Partnership with Flo Technologies
“Mutual Assurance Society of Virginia was nominated by Flo Technologies for their alliance on an innovative new partnership. Mutual Assurance Society of Virginia partnered with Flo by Moen on a pilot program to implement the Flo by Moen Smart Water Shutoff, an industry-leading leak detection device that installs on the main water supply line. For the pilot program, six Mutual Assurance staff members were trained by Flo to be experts in the product, and Flo by Moen hired a professional installer for the Richmond area. The pilot program lasted 9 months and was a great success with a decrease in severity and claims, leading to approximately $250,000 in savings.” NAMIC
Water damage incidents are the leading cause of preventable homeowner insurance claims each year – with the insurance industry spending more than $2 billion on non-weather-related water damage claims last year alone.* Today, the National Association of Mutual Insurance Companies (NAMIC) recognized Mutual Assurance Society of Virginia (MASOV) with the 2020 Award in Innovation for developing a unique partnership to tackle this all-too-common – and expensive – problem through a creative pilot program with the Flo by Moen Smart Water Shutoff.
The Flo by Moen Smart Water Shutoff connects to the home’s main water line and calculates pressure, flow rate, and ambient temperature within the home’s water supply system – delivering data to the homeowner via the Flo by Moen smartphone app. This enables the device to monitor and help detect water leaks and other vulnerabilities. If an abnormality is detected, the device will notify the homeowner – who can turn off the water from the app – or the system can be set to automatically shut off water and prevent catastrophic damage.
MASOV and Flo by Moen’s pilot program aimed to help MASOV members prevent water leaks and damage in their homes – thereby reducing claims and lowering costs for all members. The program offered a select group of MASOV members the opportunity to install a Flo by Moen Smart Water Shutoff in their homes completely free of charge.
“Over the course of nine months, approximately a third of our select group of members chose to install a Smart Water Shutoff in their homes, and we’ve all been thrilled with the results,” said Jeffrey S. Wrobel, president and CEO, MASOV. “We estimate that the program has returned more than $250,000 in savings to our members so far, and the best part is, the devices will prevent water damage in the future as well, continuing to provide both protection to homeowners and cost savings to all our members. We are now rolling out the program to thousands more homes in our portfolio.”
The findings from this partnership reflect broader trends in the industry and further illustrate how taking preventative action is instrumental in reducing water damage claims.
“A recent study with Lexis Nexis* showed that one year following installation of the Flo by Moen Smart Water Shutoff, homes saw a 96 percent decrease in paid water leak claims compared to two years prior to installation – while control group home claims increased 10 percent in this same period,” noted Gabe Halimi, CEO and Co-Founder of Flo by Moen. “Data like this, as well as the results of our innovative partnership with MASOV, showcase how beneficial it is for the insurance industry to be proactive about preventing claims, and how using the latest trends and technology significantly can help prevent loss, reduce risk and lower insurance costs.”
We are delighted to have been nominated and recognized for our innovative approach in offering our members the best home insurance service and coverage available in Virginia.
To hear a recording of the award presentation, made virtually due to the COVID-19 pandemic, click here.