The National Association of Mutual Insurance Companies today presented the Award in Innovation at its virtual 2020 Management Conference to Mutual Assurance Society of Virginia headquartered in Richmond, Virginia. Mutual Assurance Society received the overall award for its innovative solution in helping prevent insureds from experiencing water damage and leaks in their homes by utilizing smart home technology.
“Receiving NAMIC's 2020 Award in Innovation was confirmation that we are doing the right thing,” said Jeff Wrobel, president and CEO of Mutual Assurance Society of Virginia. “If, by offering our members access to smart home technology, we saved even a few members the distress that comes from having to deal with a water loss, this project was worth doing.”
Mutual Assurance Society began this project to reduce preventable water damage by securing the most effective leak detection system on the market. During the company’s pilot program, homes with the Flo By Moen Smart Water Shutoff system had a 72 percent decrease in severity of claims while the claim severity in homes without the device remained constant.
“Ultimately, this very successful project proved to us that Flo By Moen's innovative device could not only reduce preventable loss but improve service to members and assist us in keeping premiums as low as possible,” said Wrobel. “This project was a win for everyone – our members, the Society, and the Flo by Moen Team. We are elated to win this year's Award in Innovation and excited to move forward with Flo By Moen for the benefit of our member policyholders.”
In presenting the award to Wrobel, Chuck Chamness, NAMIC’s president and CEO, remarked “Losses from water damage are often preventable expenses that significantly impact insurance consumers and the companies that serve them. Mutual Assurance Society of Virginia’s proactive approach in finding a solution to help prevent such losses speaks to its dedication both to its members and the industry as a whole. These innovative contributions propel the insurance industry forward and exemplify mutuality by keeping the needs of insureds front of mind.”
Other NAMIC member companies recognized as category winners were:
Article Posted: 07.01.20
Last Updated: 07.01.20