Kingstone Insurance Company Announces Innovative Partnership with Zojacks to Mitigate Water Damage Risks

Rhea-AI Summary

Kingstone Insurance Company, a subsidiary of Kingstone Companies, Inc., partners with Zojacks to offer innovative water leak detection solutions to policyholders. The partnership aims to enhance home protection and reduce water-related risks, providing peace of mind to customers. Through this collaboration, Kingstone policyholders can access cost-saving packages and insurance discounts with Zojacks technology installation.

Insurance Industry Analyst

The partnership between Kingstone Insurance Company and Zojacks introduces a strategic integration of technology into traditional insurance offerings. This collaboration is indicative of the insurance industry's shift towards leveraging tech to enhance customer value propositions. By incorporating Zojacks' water leak detection technology, Kingstone is positioning itself as a proactive player in mitigating home insurance risks, particularly those related to water damage, which is a common and costly claim for insurers.

From an industry perspective, the move could set a precedent for other insurers to follow, potentially leading to a broader adoption of smart home technologies. This could also influence underwriting processes and risk assessment models within the sector. The insurance discounts offered to policyholders who install Zojacks' technology could stimulate market demand for such innovations, while also potentially reducing claim frequencies and severities for Kingstone.

However, the success of this partnership will largely depend on policyholder adoption rates and the effectiveness of the technology in preventing water damage. It will be important to monitor customer feedback and claim data over time to assess the actual impact on Kingstone's loss ratios and customer retention.

Technology Adoption Expert

Kingstone's partnership with Zojacks represents a savvy move in the property and casualty insurance sector, reflecting an understanding that technology adoption can drive both customer satisfaction and operational efficiencies. The integration of smart home technology into insurance products is not just a value-added service; it can be seen as a proactive risk management tool that aligns with customer interests.

The user experience is critical in the adoption of such technologies. With Zojacks offering a user-friendly system and hassle-free installation, the barriers to adoption are lowered. The dedicated mobile app is a smart touch, as it aligns with the increasing consumer preference for digital engagement and self-service options. By simplifying the user experience, Kingstone and Zojacks may see higher uptake rates, which could lead to a new standard in the industry where tech-enabled insurance products become the norm.

However, the long-term success of this initiative will depend on the reliability and effectiveness of the technology. If Zojacks' system can reliably prevent significant water damage, the partnership could become a case study in successful tech integration within the insurance industry.

KINGSTON, NY, March 25, 2024 /PRNewswire/ - Kingstone Insurance Company, a subsidiary of Kingstone Companies, Inc. (Nasdaq: KINS), a Northeast regional property and casualty insurance holding company, today announced that it has partnered with Zojacks, a pioneering technology company specializing in water leak detection solutions. The partnership aims to offer enhanced protection to Kingstone policyholders, providing a solution to assist them in protecting their homes and mitigating risks associated with burdensome water-related claims.

Zojacks offers innovative technology that can monitor temperature and provide water leak detection, which will shut off the main water supply in the house, giving policyholders peace of mind when they are not at home. Through this partnership, Kingstone policyholders can benefit from cost-saving product packages offered by Zojacks and can also qualify for insurance policy discounts when the Zojacks technology is installed in their homes.

"We are pleased to announce our partnership with Zojacks as part of our ongoing commitment to providing innovative solutions to our valued policyholders," said Meryl Golden, Chief Executive Officer of Kingstone Companies, Inc. "By leveraging Zojacks' advanced technology, we can significantly mitigate the risks of water damage, offering our customers greater peace of mind."

As per the partnership agreement, Zojacks will oversee the execution process while Kingstone will provide benefits to their policyholders. This collaborative strategy will ensure a speedy and efficient deployment of the water leak detection systems to eligible policyholders, making the process streamlined and maximizing benefits, thus ensuring a seamless customer experience.

The Zojacks flood detection system is designed to be user-friendly, and the installation process is hassle-free, with Zojacks providing installation services. Furthermore, homeowners will receive guidance on how to use the solution through a dedicated mobile app, which will facilitate easy monitoring and management of potential water leaks.

"We are proud to join forces with Kingstone to help safeguard their policyholders from the devastating effects of water damage," said Nate Baldry, President and Founder of Zojacks. "Our user-friendly solution provides effective leak detection and ongoing protection for homeowners."

About Kingstone Companies, Inc.

Kingstone is a northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company ("KICO"). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. KICO is actively writing personal lines and commercial auto insurance in New York. Kingstone is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire and Maine.

About ZoJacks, Inc.

ZoJacks, a North American insurtech firm, specializes in flood prevention for both residential and commercial properties. Their primary aim is to minimize water claims and flood risks by partnering with insurance providers, particularly targeting high-risk demographics. Additionally, they collaborate directly with property ownership and management groups to mitigate the likelihood of unexpected water claim incidents. Their technology focuses on detecting leaks and extreme temperatures, automatically shutting off water to prevent damage. Homeowners are promptly notified through a professional monitoring service, and they can remotely see and control water flow to the home via a mobile app. ZoJacks' systems operate on cellular connections and backup batteries for uninterrupted communication, even during power outages. Trusted across North America, ZoJacks technology is recognized for its reliability. For more information on Zojacks technology and partnerships, visit www.zojacks.com.

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SOURCE ZoJacks Inc.

What company is partnering with Zojacks for water leak detection solutions?

Kingstone Insurance Company, a subsidiary of Kingstone Companies, Inc.

What type of technology does Zojacks specialize in?

Zojacks specializes in water leak detection solutions.

How will Kingstone policyholders benefit from the partnership with Zojacks?

Kingstone policyholders can access cost-saving product packages and qualify for insurance policy discounts with Zojacks technology installation.

Who is the Chief Executive Officer of Kingstone Companies, Inc.?

Meryl Golden is the Chief Executive Officer of Kingstone Companies, Inc.

Who will oversee the execution process according to the partnership agreement?

Zojacks will oversee the execution process while Kingstone will provide benefits to their policyholders.