London-listed Ondo Insurtech has struck an alliance with LB Forsikring to further the distribution of its LeakBot claims prevention technology in Demark.
LeakBot, designed to avert water damage claims, is a patented, self-install device that connects to home networks.
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It alerts homeowners about leaks via a mobile app and offers access to engineering support.
In the past 14 months, LB Forsikring, a Danish mutual insurance company, has rolled out nearly 10,000 LeakBot devices.
With the new deal, it has committed to an additional order of 7,500 LeakBot units for distribution in the first quarter of 2024.
According to Ondo, water damage is the leading cause of home insurance claims, with an annual cost of $17bn (£13.38bn) in the US and UK markets.
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By GlobalDataLB Forsikring innovation hub LBeta head Sune Bille Larsen said: “We continue to see a great opportunity with LeakBot to reduce the risk of escape of water claims for us and our members.
“Our members have been very engaged with LeakBot so far, with take-up rates exceeding our expectations. We are looking forward to providing more members with the added value of a LeakBot.”
Ondo InsurTech CEO Craig Foster said: “Our Danish clients continue to expand the roll out to their customers and this new order shows the commitment LB Forsikring has to distributing LeakBot to more of their members, following the excellent take-up rates demonstrated so far.
“We look forward to working with them on the roll out of these additional LeakBots in the coming months.”
In November 2023, Ondo reached a similar partnership with US insurer Nationwide.
Besides Nationwide and LB Forsikring, Ondo has entered tie-ups with insurance carriers such as Admiral, Direct Line Group, Hiscox, Länsförsäkringar and Topdanmark in the US and Europe.
