Insurers on the right track to better prevent water damage: the process takes time

By March 20, 2018News

Insurers on the right track to better prevent water damage: the process takes time

The founding members of the Association for the prevention of water damage (PREVDEQ), namely Mathieu Lachaîne, Gilles Fréchette and Jean-Hugues LaBrèque | Photo: Réjean Meloche

The founders of PREVDEQ say they are convinced that insurers are doing their homework to approve the various water damage protection systems. It is a process that takes time, however.

“It’s a long time, but things are changing,” says Mathieu Lachaîne , president of Ubios , one of the three founding members of PREVDEQ. We have seen it in the last 18 months. They are thirsty for data . They tell us to install systems and that they will make their decisions based on the accumulated data. “

Actuarial science then comes into play, underlines Jean-Hugues Labrèque , president of Inflotrolix . “Insurers all have their innovation labs. They see it as market share that they couldn’t get before. There is therefore a prevention aspect to their subscription. Accumulating data allows them to test the performance of systems. It’s actuarial science. They see the benefits, but they want to see the cost versus the benefits. He tests the products to arrive at the right pricing. “

The establishment of rules for the sector will thus be beneficial, believes Mr. Lachaîne. “Rather than increasing the deductible, they can offer their client to look at what can be done in prevention. The industry will branch off there. It will be beneficial for the customer. Insurers will have no choice. The tools to manage their risks are becoming more and more legislated. “

 

Original Article: https://journal-assurance.ca/article/les-assureurs-sur-la-bonne-voie-pour-mieux-prevenir-les-degats-deau-le-processus-prend -du-temps /