Significant Insurance National Account Win

RNS Number : 2447E

Water Intelligence PLC

06 July 2021

 

Water Intelligence plc

 Significant Insurance National Account Win

Water Intelligence plc (AIM: WATR.L) ("Water Intelligence" or "Group"), a leading multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water is pleased to announce that it has opened 2H with another insurance national account win, representing its fourth year-to-date.  The contract's mandate is the broadest yet to be provided by a national insurance carrier to American Leak Detection ("ALD"), the Group's core business subsidiary.

Under today's contract, ALD is formally designated as a "Preferred Contractor" and will have the right to handle all water leak and repair jobs across the United States from this insurance provider.  The broader designation advances the Group's strategy to grow its national account base and drives the continued expansion of customer jobs across ALD's significant execution footprint in the United States with no additional marketing expense.

Water-related claims are one of the largest sources of claims for the insurance market in the United States.  Insurance companies value not only ALD's precision, minimally-invasive water leak detection and repair solutions to help manage the size of insurance claims but also its execution capabilities "anywhere, anytime across the United States" as the only nationwide provider of such solutions. The national insurance carrier will be using ALD's centralized processing, scheduling and dispatch system, which is being further enhanced through the implementation of Salesforce.com's customer relationship management software.  The Group's technology-enabled services approach competitively differentiates ALD from localised providers of leak detection services.

Today's business-to-business account reinforces the sustainability of a strong organic growth trajectory for its ALD franchise System and corporate-operated locations.  As outlined in the Group's recent trading updates, through 30 April, the business-to-business insurance channel is growing at 25%, up from 20% for full-year 2020 versus 2019.  

Executive Chairman, Dr. Patrick DeSouza commented: "We are pleased to kick-off 2H with another national insurance win. This win is especially exciting because of the opportunity to receive all leak detection and repair work nationally for a leading insurance company.  We seek to capture more and more of the $13 billion insurance market for water-related claims.  Year to date, we have achieved strong growth across all of our business lines and we look to carry the momentum into the second half of the year."

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014

Enquiries :

Water Intelligence plc Patrick DeSouza, Executive Chairman	Tel: [phone]
RBC Capital Markets - Joint Broker Jill Li Elizabeth Evans	Tel: [phone]
WH Ireland Limited - NOMAD & Broker Adrian Hadden James Sinclair-Ford Matthew Chan	Tel: [phone]
Dowgate Capital Ltd - Broker  Stephen Norcross	Tel:  [phone]

 

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