Ondo InsurTech PLC (LSE:ONDO) announced a new contract award with Topdanmark, a Danish insurer, for installing its LeakBot devices.
The claims prevention technology company said 20,000 water damage detection devices will be rolled out across Denmark from March this year.
Based on the 46,000 LeakBot devices already in circulation, today’s contract is expected to generate growth exceeding 40%.
"We start 2023 with great news and a strong commitment to growing our business, by delivering LeakBots to more customers,” said Craig Foster, Ondo InsurTech chief executive.
“Increasing the number of households with a LeakBot in Denmark is key to our strategy and the Topdanmark rollout - alongside the previously announced rollout with LB Forsikring, will provide great opportunity for growth in 2023 and beyond."
Topdanmark is one of the largest insurance companies in Denmark, according to a statement, with over 15% share of the country's home insurance policies.
In 2019, the insurer became the first in Denmark to offer LeakBot devices, which resulted in a positive claim reduction experience, Ondo said.