Ondo InsurTech takes another step into promising new sector
August 09, 2023 at 08:27 am EDT
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Ondo InsurTech PLC (LSE:ONDO) CEO Craig Foster speaks to Thomas Warner from Proactive after announcing a new pilot scheme with Southern Water to trial the use of LeakBot in reducing water leaks, with the aim of achieving similar water reduction results as the Portsmouth Water trial carried out earlier in the year.
Foster explains that Ondo was approached by Southern Water and have agreed to introduce the LeakBot device to around 1,000 homes as part of a pilot scheme, becoming the second water company to adopt Ondo's leak detection technology. He says that with water scarcity becoming a concern in the south of England, Ondo's technology presents an opportunity to conserve water and prevent leaks, benefiting both insurance and water companies.
Foster also highlights Ondo's continued expansion into the United States, following a recent deal signed with PURE Insurance. He also gives a summery of Ondo's recent financial results , highlighting reflected substantial growth in unit sales, registered customers, and revenue, showcasing its potential for further success in the market.
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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.