Ondo InsurTech PLC (LSE:ONDO) has announced a new proof-of-concept pilot with Firemark Collective, the innovation and venturing arm of IAG, Australia's and New Zealand's largest general insurer.
Firemark Collective selected Ondo’s LeakBot device as its chosen solution 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.
Under this fully funded deal, the testing and development of an outside ‘All Weather’ version of the LeakBot product will be trialled over the next 12 months.
Ondo will own all intellectual property created as part of the development.
In a statement, Ondo chief executive Craig Foster 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.”