Ondo InsurTech signs "very material" five-year LeakBot deal in Sweden
July 11, 2023 at 06:30 am EDT
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Ondo InsurTech PLC (LSE:ONDO) CEO Craig Foster speaks to Thomas Warner from Proactive after announcing the signing of another contract to supply the company's Leakbot water leak detection device to a major insurer. The five-year deal with Sweden's Länsförsäkringar Trygghetstjänster (LFTT) follows a successful pilot scheme in the country and will run for five years. Foster says the deal is "very material" for Ondo Insurtech with "£30mln of revenue potential." He also highlights another deal signed recently with the IAG, the largest general insurer in Australia and New Zealand, to develop and supply a version of LeakBot that can work with the different plumbing systems used in Australasia and some other potentially significant markets. LeakBot is a patented self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via the LeakBot mobile app and provides access to a team of expert LeakBot engineers to 'find and fix' the problem. Water damage is the single biggest cause of home insurance claims, accounting for $17bn of claims every year in the USA and UK combined.
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Proactive UK Ltd
+44 20 7989 0813
uk@proactiveinvestors.com
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Copyright (c) 2023 TheNewswire - All rights reserved., source Press Releases
Ondo InsurTech plc is a United Kingdom-based company, which provides claims prevention technology for home insurers. LeakBot, its InsurTech system, is proven to reduce water damage claims costs by approximately 70%. LeakBot is an end-to-end, Internet of things (IoT) escape of water claims mitigation solution that has a proven commercial model and business case for insurers. Its Thermi-Q technology detects micro leaks using temperature change. LeakBot works 24/7, monitoring its customers homes for hidden leaks and bursts. Instant alerts are sent to its customers smartphones if there is a problem. When a leak is detected, the Company arranges an approved expert plumber to find and fix it. LeakBot is an end-to-end business to business to consumer (B2B2C) system, which includes more than 80% self-installation rate, micro-leak sensitivity, device and in-home service that can be offered for free to homeowners. LeakBot's app allows its customers to receive instant alerts.
ONDO INSURTECH PLC 
