Miami-based companies BlockRisk and LIKK Technologies have recently announced a collaborative venture aimed at enhancing insurance solutions for the water leakage prevention industry. The partnership leverages LIKK's IoT platform, known as LIKK h2o, with BlockRisk's blockchain ecosystem to introduce a novel automated gap insurance product named BlockRisk hydro.
Johnny Blatt, CEO and Co-Founder of BlockRisk, highlighted the synergies between LIKK's risk mitigating features and BlockRisk's decentralized technology, resulting in a groundbreaking insurance product. BlockRisk hydro operates on a peer-to-peer, blockchain-based model that utilizes risk distribution features among pool members to cover water damage claims deductibles. The product ensures automated payouts and offers a user-friendly online experience.
Scheduled to be available nationwide in the US market from January 2024, the collaboration's initial beneficiaries will be LIKK's existing clients. These clients collectively deploy over 50,000 smart water sensors actively monitoring more than 8 million square feet for potential water damage.
Ronald Kritzler, CEO and Co-Founder of LIKK Technologies, expressed enthusiasm for the partnership, viewing it as a significant endorsement of LIKK's effective approach to water damage risk management. LIKK's platform boasts a 95% effectiveness in early detection of water leaks, further strengthening the value proposition of the joint venture's products in the water leakage prevention and risk transfer segments.