InsurTech Amplified spoke to Yaron Dycian, the Chief Product and Strategy Officer at WINT a company specializing in IoT water management. We covered a range of topics related to WINT’s technology and its potential impact on buildings, insurance, and sustainability.
Yaron began by highlighting the significance of water management in buildings and the challenges posed by water leaks. WINT’s IoT devices are designed to monitor water flow patterns, detect anomalies, and provide early leak detection to prevent water damage and reduce wastage. We also discussed the intriguing possibility of branding buildings with IoT devices, similar to how Intel used to label PCs with “Intel Inside” stickers.
Moving on, we explored the environmental benefits of water management. Yaron emphasized that conserving water not only reduces waste and costs but also has a positive impact on carbon emissions associated with water treatment and transportation. This aligns well with the growing demand for sustainability in the construction industry.
Our conversation then shifted to the implications for insurance companies. Yaron highlighted the rising deductibles faced by insurers due to water leak losses and how WINT’s technology has led to reduced deductibles. In fact, some insurance providers are now mandating the implementation of water management systems to mitigate risks. We also discussed WINT’s recent partnership with a subsidiary of Munich Re, which offers a warranty product to protect construction projects from high deductibles.
Artificial intelligence (AI) also came into the spotlight during our discussion. While WINT utilizes AI, Yaron clarified that their focus is on learning normal water flow patterns and detecting anomalies, rather than engaging in chat-based AI models.
To conclude, we explored the future directions for WINT. Yaron predicted that water management systems will become standard features in new buildings within the next five to ten years. He also mentioned the potential application of similar IoT devices in optimizing other aspects of building management, such as energy usage and HVAC systems. Additionally, the automotive industry holds potential for utilizing IoT devices to predict system failures.
Some of the topics that Yaron discussed:
- The implications of water as an unmanaged asset
- People want sustainable buildings
- The impact on insurance for existing and new buildings
- How WINT collaborates with insurance companies
- Using artificial intelligence to identify normal water flow patterns and identify the anomalies
Some other titles we considered for this episode:
- What Is Normal and What Is Good?
- We Can Fingerprint That Location’s Normal
- Buildings, In General, Are Very Lightly Managed
- The Problem With Technology Is Always People
- Water Is an Unmanaged Asset