Water Intelligence signs new contract with 'leading' US insurer

Water Intelligence announced the signing and launch of a formal national contract between its American Leak Detection (ALD) subsidiary, and a “leading” United States insurance company on Wednesday.

The AIM-traded firm reported that, despite the disruptions of Covid-19, it was still growing its national insurance accounts.

The new contract was the fourth national contract for ALD with a top US insurance company, with the firm explaining that water-related damage claims by homeowners in the US remained “the leading problem area” for insurance companies, amounting to aggregate losses of more than $13bn (£9.81bn) annually.

Water Intelligence said it was executing its growth plan and to build scale as an ‘essential service provider’ for water and wastewater infrastructure, despite the challenges of the coronavirus pandemic affecting the broader marketplace.

“We are delighted to have the opportunity to work together with another industry leader,” said executive chairman Dr Patrick DeSouza.

“Our established business-to-business channel is attractive for insurance companies because we can leverage both our existing national sales footprint and our execution experience to deploy solutions anywhere and anytime to minimize damage from water-related claims.

“Our Salesforce implementation, announced earlier this year, is a value-add feature that is attractive for all of our national accounts.”

Dr DeSouza said it had been a busy quarter, which included additional franchise reacquisitions.

“Today's transaction will reinforce organic growth for both corporate and franchise locations.

“We continue to distinguish ourselves in the Covid-19 marketplace and reinforce our growth trajectory.

“Water is a precious strategic resource and we are on a mission to provide high quality water infrastructure solutions to meet increasing demand even during these challenging times.”

At 0924 BST, shares in Water Intelligence were up 2.85% at 325p.