BRANCHVILLE, N.J. and LOS ANGELES, C.A., February 13, 2024 – Selective Insurance, a leading business, home, and auto insurer, today announced that it is working with Phyn, the leader in intelligent water solutions, to offer Phyn Plus, its award-winning smart water monitoring device to eligible homeowners policyholders. Phyn's innovative technology monitors a property's plumbing system to detect and mitigate leaks before they can cause extensive damage to homes and possessions.
Water damage is one of the most common home hazards, and each non-weather-related home claim generates an average of $13,000 in repair costs, per Selective's analysis of its 2022 claims data. Professionally installed on a home's main water line, Phyn Plus is designed to protect and monitor a property's entire plumbing system 24/7 to automatically detect all types of leaks, from pinhole and drip leaks to frozen pipe bursts. Phyn alerts homeowners in real-time when a leak is detected, helping to reduce the risk of costly water damage. If there is a catastrophic leak, Phyn can remotely and automatically shut off the property's main water supply. The Phyn mobile app also gives homeowners detailed insights into water use to help them conserve water and save money.
"Phyn Plus is the newest risk reduction solution we're offering our policyholders," said Allen Anderson, Senior Vice President of Personal Lines, Selective Insurance. "This value-creating technology helps reduce the risk of water-related property damage and limits the likelihood of inconvenience, disruption, and calamity to our eligible policyholders."
"We are thrilled to collaborate with Selective Insurance and for the opportunity to relieve policyholders from the financial and mental burdens often associated with water damage," added Ryan Kim, CEO of Phyn. "Phyn Plus stands as a proven and trustworthy solution, and we hope to empower homeowners with proactive measures that not only safeguard their investments but also pave the way for substantial long-term cost savings."
Phyn Plus is available to eligible Selective homeowners policyholders in select states. To learn more, customers can contact their Selective agent.
About Selective Insurance
Selective Insurance Group, Inc. (Nasdaq: SIGI) is a holding company for 10 property and casualty insurance companies rated "A+" (Superior) by AM Best. Through independent agents, the insurance companies offer standard and specialty insurance for commercial and personal risks and flood insurance through the National Flood Insurance Program's Write Your Own Program. Selective's unique position as both a leading insurance group and an employer of choice is recognized in a wide variety of awards and honors, including listing in Forbes Best Midsize Employers in 2023 and certification as a Great Place to Work® in 2023 for the fourth consecutive year. For more information about Selective, visit www.Selective.com.
Phyn is the leading intelligent water brand, bringing solutions to market that help people protect their homes, conserve water and save money. Built upon nearly a decade of research and patented technological innovation, Phyn is poised to change the way consumers interact with water and help solve the major challenges threatening the world's supply of clean, healthy water. Phyn has been widely recognized for its innovation, including honors from the Red Dot Awards, SXSW Innovation Awards, Core 77 Design Awards, IoT World Awards, CES Innovation Awards and GreenBuilder's Sustainability Awards, among others. To learn more, visit www.phyn.com.