Ondo InsurTech PLC (LSE:ONDO) said that Swedish insurance group Länsförsäkringar has started to roll out its LeakBot service following a successful pilot in the Södermanland region.
LeakBot is a self-install solution that connects to the home wireless network and, if it detects a leak, notifies the customer via a mobile app.
Länsförsäkringar has approximately two million home insurance customers in Sweden, all of which are at potential risk from water damage claims.
Results from the pilot showed a 40% penetration of addressable policyholders and a 50% increase in new home insurance sales, in addition to validation of the expected claims savings.
Ondo said the rollout will start with a second of Länsförsäkringar’s regional businesses with the majority of Länsförsäkringar’s regional businesses expected to participate.
In a statement, Lena Högfeldt, chief executive of Länsförsäkringar Södermanland, said: "The activity in Södermanland has proven just how popular LeakBot is with our policyholders and we're pleased to already be seeing the benefits of introducing LeakBot on acquisition, retention and claims."
Craig Foster, Ondo InsurTec’s chief executive, added: "The pilot with Länsförsäkringar in Sweden has been one of our most successful to date.”