Firemark Collective is the innovation and venturing arm of IAG, the largest general insurer in Australia and New Zealand, and has chosen LeakBot and Ondo. It chose the firm to help prevent water damage claims.
Plumbing in Australia is different to the UK in that the supply pipe and stop tap are external to the property.
Therefore, the testing and development of an outside version of LeakBot will be trialled over the next year. In addition, all IP created as part of the development will be owned by Ondo.
Craig Foster, Ondo CEO, said: “Australia was not part of our roadmap but when approached by one of the largest insurance companies in the region wanting to partner with us exclusively it makes perfect sense for us to stand-up this project. Beyond Australia, we can also see the applicability of this product version in other hot climatic regions like Southern Europe where the stop taps are also outside”.
Also in June 2023, Ondo InsurTech announced a one month pilot programme with G4S in Denmark to test Leakbot.
The rapid pilot programme will test whether G4S can use a free LeakBot to incentivise customers to accept an in-home security assessment visit.
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If it works, the offer will be marketed to the insurer’s customers at scale, becoming a crucial part of G4S’ growth strategy.